) recently approved a new share repurchase program for the
repurchase of up to $12 billion worth of stock. The new share
buyback authorization replaced the existing share repurchase
3M had earlier declared a dividend of 85.5 cents per share for
the first quarter of 2014, up 35% year over year. The increased
dividend is payable on Mar 12, 2014, to shareholders of record on
Feb 14. The company has continuously paid dividends to its
shareholders for more than 97 years and this is the 56th
consecutive year of dividend increase.
3M has consistently returned significant cash to its shareholders
through share repurchase and dividends. The company had
reportedly returned $37 billion to its shareholders in the last
10 years through a combination of dividends and share repurchase
transactions, accounting for about 97% of the reported net
3M expects to further leverage its balance sheet to provide
higher returns to shareholders. During 2013-2017, share
repurchases are expected to be in the range of $17 billion to $22
billion, up from its previous guidance of $7.5 billion to $15
3M continues to deliver sustainable increases in sales, earnings
and free cash flow, benefiting from its long-term strategy of
accelerating investment in high-growth programs. The recent
dividend hike also follows strong quarterly and annual results.
3M, together with its subsidiaries, operates as a diversified
technology company with manufacturing operations spread over 70
countries. The company aims to deliver innovative security
solutions to businesses and governments worldwide, thus
maintaining the security of people and documents.
3M currently has a Zacks Rank #2 (Buy). Other stocks that look
promising and are worth a look include
Carlisle Companies Inc
Hutchison Whampoa Ltd.
Magna International, Inc
), each carrying a Zacks Rank #2 (Buy).
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3M CO (MMM): Free Stock Analysis Report
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