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3M Boosts Quarterly Dividend By 35 Percent

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(credit: Karen Bleier/AFP/Getty Images)

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ST. PAUL, Minn. (AP) — 3M is raising its quarterly dividend by 35 percent, sending its share price higher in premarket trading.

The company, which makes items 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.

3M Co. had about 665.2 million outstanding shares as of Nov. 29.

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.

It is looking for earnings per share to rise 9 percent to 11 percent for the 2013 to 2017 period.

3M’s stock gained $2.84, or 2.2 percent, to $130.50 in premarket trading about 20 minutes before the market open.

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 This material may not be published, broadcast, rewritten or redistributed.)

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