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3M shares up ahead of dividend date

The Associated Press

3M Co.'s shares climbed to new annual trading highs Tuesday ahead of the company's dividend date this week.

Owners of shares as of the market close on Friday will be paid a dividend of 63.5 cents per share on March 12. 3M shares have climbed about 2 percent since it announced the dividend as investors bought more shares of the company that makes Scotch tape, building supplies and an array of other items.

3M's last dividend of 59 cents per share was paid in November.

Meanwhile the St. Paul, Minn.-based company said Tuesday that it has completed a key industry certification process for its first compressed natural gas tank. The tank is designed for light- and medium-duty pick-up trucks and corporate fleet vehicles that use natural gas for fuel. The tanks are lighter, bigger and cost less than similar tanks.

Shares of 3M rose 84 cents to close at $103.46, a new 52-week high.