WCCO EYE4 LOGO WCCO Radio wcco-eye-red01, ww color red

Latest News

3M Boosts Dividend, Adds To Share Buyback Pool

View Comments
3M, generic, logo

(credit: Karen Bleier/AFP/Getty Images)

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up
Today's Most Popular Video
  1. 4 Things For April 18, 2014
  2. WCCO Viewers’ Choice For MN’s Best Fried Chicken
  3. Wis. Senior Bowls Perfect 300 ... Again
  4. Dozens Behind Bars After Largest MN Heroin Bust
  5. Morning Headlines From 04/18

MAPLEWOOD, Minn. (AP) — 3M Co., which makes Scotch tape, building supplies and other items, is increasing its dividend 8 percent and will add more money to a fund for share repurchases.

The new dividend, payable in March, will be 63.5 cents, up from 59 cents.

3M also said Tuesday that it will boost its share repurchase program to $7.5 billion, replacing an old pool that had $7 billion. That program had $3.2 billion that had not been used as of the end of September, according to an earlier 3M regulatory filing.

Buybacks can return profits to shareholders, giving them a bigger slice of the shares that remain. They also offset the effect of using shares to compensate employees.

Shares of the St. Paul, Minn., company rose 1.5 percent to $102.99 in aftermarket trading.

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

View Comments
blog comments powered by Disqus