3M Co. Declares Dividend, Authorizes $10 Bln Share Buyback Program

(RTTNews) - 3M Co. (MMM) Tuesday declared a dividend of $1.36 per share for the fourth quarter. The dividend is payable December 12, 2018, to shareholders of record at the close of business on November 23, 2018.

The board also authorized the repurchase of up to $10 billion of 3M's outstanding common stock, replacing the company's existing repurchase program.

"The strength of 3M's business model - which includes strong cash generation - enables us to consistently deploy capital in a way that creates the greatest value for our customers and shareholders," said Mike Roman, 3M chief executive officer. "Our first priority remains investing in our business, and we will also continue to return significant cash to our shareholders."

As of September 30, 2018, 3M had 582,287,135 common shares outstanding and 76,693 shareholders of record.