The industrial company's payout ratio suggests it can grow the dividend aggressively, but investors should think twice. It's been a while, but 3M (MMM 0.38%) finally and formally cut its dividend recently, approving a dividend of $0.70 for the second quarter, down from the previous quarterly payment of$1.51. Annualizing the dividend means $2.80 per share for the full year, implying a dividend yield of 2.8% using Wednesday's closing price. 3M's dividend cut It was no secret that 3M would cut its dividend si ...