Skip to Content
Global News Select

3M Cuts Dividend 54% After Spinoff

By Ben Glickman


3M slashed its dividend by more than half on Tuesday, making good on the company's promise to reduce its payout after the completed spinoff of its healthcare division.

The St. Paul, Minn.-based materials maker declared a dividend of 70 cents a share, compared with a previous dividend of $1.51 a share. The company telegraphed the dividend reduction late last month but didn't say what the new payout would be.

The new dividend, equal to $2.80 a share for the year, represents an annual yield of 2.8% based on the Tuesday closing price of $100.08.

3M's reduction bucks the company's multi-decade streak of raising its dividend every year.


Write to Ben Glickman at

(END) Dow Jones Newswires

May 14, 2024 16:45 ET (20:45 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

Market Updates

Sponsor Center