Minnesota Mining and Manufacturing initially raised capital by selling stock at $1 per share in 1903. In the early years, it was essentially worthless as the company struggled. 3M paid its first quarterly dividend of 6 cents per share in 1916 and has paid a dividend every quarter since then.
In 1952, at the time of the company’s 50th anniversary, the story was told of the family who found 1,500 shares of 3M stock purchased in 1906. The initial $1,500 investment had grown to 48,000 shares through stock splits and reinvestments, worth $1.92 million. The total stock dividends were more than $340,000.
3M stock was first traded on the New York Stock Exchange on January 14, 1946.
The first employee stock purchase plan was offered in 1928 at $10 per share. Thirty-eight office and laboratory employees, seven factory employees, and thirty-three branch employees signed up.
In 1949, 3M introduced another employee stock purchase plan through payroll deduction and cash credit. The stock was priced at $71 per share. By the time of the company’s 75th anniversary, one share had become 48 shares through stock splits, worth a total of $2,400.