ST. PAUL, Minn. - 3M Company (NYSE:MMM), a diversified technology company, announced a quarterly dividend of $0.70 per share for the second quarter of 2024 today. This dividend is due to be paid on June 12, 2024, to shareholders who are on record by the close of business on May 24, 2024.
This declaration continues 3M's long-standing tradition of delivering dividends to its shareholders, which has been consistent for over a century. The company's commitment to providing shareholder returns is underscored by this regular dividend payment.
As of March 31, 2024, 3M reported having 553,361,257 common shares outstanding and 59,380 shareholders of record. The company is known for its focus on science and innovation, aiming to leverage these to address the needs of customers and communities while also considering the environmental impact.
The information for this report is based solely on a press release statement issued by 3M. The company's complete financial statements and investor relations contacts are available for those interested in more detailed information regarding 3M's financial performance and strategic direction.
InvestingPro Insights
3M Company's (NYSE:MMM) recent announcement of their quarterly dividend is a reflection of their ongoing commitment to shareholder returns. Looking at the company’s financial health and performance metrics from InvestingPro, we can see a broader picture of its current market position.
As of the first quarter of 2024, 3M has an adjusted market capitalization of $55.37 billion USD, indicating its significant presence in the market. Despite a challenging environment, the company has maintained a strong gross profit margin of 44.55% over the last twelve months as of Q1 2024, showcasing its ability to manage costs effectively.
Investors may also take interest in the company’s dividend yield, which stands at a compelling 6.06% as of the 135th day of 2024. This is particularly notable for those seeking income-generating investments. Moreover, the company's stock has experienced a positive trajectory in recent times, with a 1-month price total return of 9.11% and a robust 3-month price total return of 31.08%, reflecting growing investor confidence.
An InvestingPro Tip suggests that the PEG ratio, which is currently at a low 0.03, could imply that the company's stock price is undervalued based on its earnings growth potential. Another InvestingPro Tip highlights the company's recent price performance, which is at 88.45% of its 52-week high, suggesting that there may still be room for growth before it reaches its peak valuation.
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