3M Corp Stock Price, News & Analysis

3M held its Annual Meeting of Shareholders on May 11, 2021, emphasizing its response to the pandemic, strong financial performance, and commitment to sustainability. CEO Mike Roman highlighted the company’s efforts in innovation and productivity while navigating COVID-19 uncertainties. Shareholders elected 12 directors, ratified PricewaterhouseCoopers as the independent public accounting firm, and approved executive compensation. Proposals for target amounts for CEO compensation and transitioning to a public benefit corporation were not approved. Final voting results will be disclosed in a Form 8-K with the SEC.

The 3M Board of Directors declared a quarterly dividend of $1.48 per share for Q2 2021, payable on June 12, 2021, to shareholders of record by May 21, 2021. This marks over 100 years of uninterrupted dividend payments to its shareholders. As of March 31, 2021, 3M had approximately 579.7 million common shares outstanding and 67,849 shareholders of record.

3M (NYSE: MMM) announced two upcoming investor events. The first is the Goldman Sachs Industrials & Materials Conference on May 13, 2021, where CFO Monish Patolawala will speak at 8:50 a.m. EDT. The second event is the Wolfe Research Global Transportation & Industrials Conference on May 26, 2021, with Patolawala presenting at 10:20 a.m. EDT. Both events will be webcast live and available for replay on 3M's Investor Relations website.

3M (NYSE: MMM) reported strong first-quarter 2021 results, with sales increasing by 9.6% year-on-year to $8.9 billion. The company achieved a 23% increase in GAAP earnings per share, reaching $2.77. Growth was observed across all business segments, particularly in Safety and Industrial, which saw a 13.7% sales increase. Additionally, 3M generated $1.7 billion in operating cash flow and returned $1.1 billion to shareholders. The company remains committed to ambitious sustainability goals, including achieving carbon neutrality by 2050.

3M has won a legal case against MA MicroGrind GmbH for infringing on its German Utility Model and European Patent regarding precision grinding technology. The Mannheim District Court ordered MicroGrind to cease manufacturing and selling the infringing grinding wheels and to compensate 3M for economic losses. The ruling, issued on March 5, 2021, is not final as MicroGrind can appeal. 3M emphasizes its commitment to protecting its intellectual property in abrasive technology.

3M has launched a new Brainstorming Session feature on its Post-it® App, enhancing virtual collaboration. This feature allows users to create a shareable digital canvas where physical and digital Post-it® Notes can be uploaded, arranged, and organized in real-time. The app is designed to mimic in-person collaboration, promoting seamless idea exchanges. Users can digitize notes of various sizes and utilize handwriting-to-text conversion. The app is available for free on multiple platforms, including Android, iOS, and macOS.

3M (NYSE:MMM) announced a sustainability goal on Earth Day, aiming to reduce its reliance on new plastic made from petroleum by 125 million pounds by 2025. This initiative focuses on innovation in product and packaging design, utilizing recycled materials, and bio-based plastics. The Scotch-Brite® Greener Clean Non-Scratch Scrubber exemplifies these efforts, made with 75% post-consumer recycled plastic. The company emphasizes the importance of transitioning toward a circular economy, collaborating with various stakeholders to drive sustainable practices.

3M Food Safety has secured a contract from the U.S. Department of Agriculture Food Safety and Inspection Service to use its 3M™ Molecular Detection System for detecting Campylobacter in poultry. This makes the 3M system the primary detection method for Campylobacter, complementing its previously established role for Salmonella and Listeria monocytogenes. The system allows for efficient testing, enabling up to 96 tests in a single run, thus enhancing food safety standards in poultry processing.

3M, in partnership with the University of Texas at Austin and Nobel Prize Outreach, announced the Nobel Prize Inspiration Initiative (NPII) virtual event on April 21-22, 2021, aimed at inspiring future innovators. This free event will feature three Nobel Laureates: Elizabeth Blackburn, Andrew Fire, and Robert Grubbs, and is open to the public, including students from the Austin Independent School District. The initiative, which has been ongoing since 2016, emphasizes the importance of science in addressing global challenges and enhancing educational opportunities for students.