Shares of 3M led the Dow Jones industrial average Tuesday after the company said it will raise its quarterly dividend by 35 percent.
3M, which makes products including Post-it notes, reflective coatings for signs, and glues and adhesives, said it is raising its dividend to 85.5 cents per share from 63.5 cents per share. The dividend will be paid on March 12 to shareholders of record on Feb. 14. The company had about 665.2 million outstanding shares as of Nov. 29.
Looking ahead, the company also announced that it expects 2014 earnings of $7.30 to $7.55 per share. Analysts polled by FactSet predict earnings of $7.40 per share. Longer term, 3M is looking for earnings per share to rise 9 percent to 11 percent in the 2013 to 2017 period.
Total returns through Dec. 17
Source: FactSet Associated Press
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