3M (MMM) To Go Ex-Dividend on November 15th

3M (NYSE:MMM) declared a quarterly dividend on Tuesday, November 5th, RTT News reports. Shareholders of record on Friday, November 15th will be given a dividend of 0.70 per share by the conglomerate on Thursday, December 12th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date of this dividend is Friday, November 15th.

3M has raised its dividend by an average of 0.7% per year over the last three years. 3M has a payout ratio of 35.3% indicating that its dividend is sufficiently covered by earnings. Analysts expect 3M to earn $7.89 per share next year, which means the company should continue to be able to cover its $2.80 annual dividend with an expected future payout ratio of 35.5%.

3M Stock Up 5.8 %

3M stock opened at $133.92 on Thursday. The company has a market capitalization of $72.93 billion, a PE ratio of 16.91, a PEG ratio of 2.03 and a beta of 0.95. 3M has a 12-month low of $75.40 and a 12-month high of $141.34. The firm’s fifty day moving average is $132.83 and its 200 day moving average is $116.09. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating the consensus estimate of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. During the same quarter in the prior year, the business earned $2.68 earnings per share. The business’s quarterly revenue was down 24.3% compared to the same quarter last year. As a group, sell-side analysts predict that 3M will post 7.28 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Wells Fargo & Company upped their price objective on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $110.00 to $150.00 in a report on Monday, July 29th. Citigroup lifted their target price on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. StockNews.com cut 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Finally, Morgan Stanley started coverage on shares of 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price for the company. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $139.27.

About 3M

3M Company provides diversified technology services in the United States and internationally. The company’s Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.