Today, 3M (MMM) announced a 4.3% increase in the company's quarterly dividend. The first quarter 2007 quarterly dividend was increased to 48 cents per share versus 46 cents per share in the first quarter of 2006. The estimated payout ratio for 2007 essentially remains unchanged from the 2006 payout at 41%.
At the end of January, MMM reported 4Q earnings of $1.10 per share (excluding one time gain on sale of the pharmaceuticals business) that missed consensus estimate of $1.14. Total earnings for 2006 equaled $4.49 and 2007 estimate equals $4.68.
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