3M announced its quarterly dividend
On August 14, 3M (MMM) announced its latest quarterly dividend. The dividend will be paid to shareholders on the company’s outstanding shares. 3M declared a dividend of $1.36 per share. To be eligible for the dividend, investors should hold 3M shares as of the close on August 24. The dividend is expected to be paid on September 12.
3M has paid its quarterly dividend without interruption for more than 100 years. At the end of the second quarter, 3M had ~586.61 million outstanding shares. Assuming that there aren’t any buybacks before the record date, 3M would be paying ~$797.8 million as dividends. The current dividend rates signify a dividend yield of 2.63% as of August 17. Honeywell (HON), General Electric (GE), and Deere (DE) have dividend yields of 1.9%, 3.7%, and 1.96%, respectively.
In another development, Dambisa F. Moyo, Mildstorm’s founder and CEO, has been elected to be part of 3M’s board of directors as of August 12. Previously, Moyo has worked at Goldman Sachs and World Bank.
3M’s stock performance
3M stock gained 1.4% and closed at $204.77 for the week ending August 17. The gain in the stock price caused the trend reversal of 3M’s 100-day moving average. 3M is trading marginally above its 100-day moving average price of $203.90. On a year-to-date basis, the stock has declined 13.1%. 3M’s 14-day relative strength index of 53 indicates that the stock isn’t overbought or oversold.
Investors could hold 3M indirectly by investing in the SPDR Dow Jones Industrial Average ETF (DIA). DIA has invested 5.3% of its portfolio in 3M as of August 17.