N95 masks boost 3M’s sales

Article Excerpt

3M COMPANY $177 is a buy. The company (New York symbol MMM; Income Growth Dividend Payer Portfolio, Manufacturing & Industry sector; Shares o/s: 576.8 million; Market cap: $102.1 billion; Divd. yield: 3.6%; Dividend Sustainability Rating: Above Average; www.3m.com) raised its quarterly dividend up 5.9% in March 2020, to $1.47 a share, from $1.44. The new annual rate of $5.88 yields a solid 3.3%. In response to the COVID-19 outbreak, 3M continues to ramp up production of N95 respirator masks (they block 95% of very small particles, including those containing the virus). Higher sales of masks and medial gear partially offset lower demand from industrial customers. In the third quarter of 2020, sales rose 4.5% to $8.35 billion from $7.99 billion a year earlier. Partly due to a higher tax rate, earnings in the quarter fell 5.8% to $2.43 from $2.58. 3M is still a buy. buy…