Multi-manufacturer 3M Co. (MMM) announced a $12 billion buyback of shares yesterday, which sent MMM stock up in late trading yesterday.

MMM stock is up 1% pre-market today.

“Today’s announcement reflects our continued confidence in 3M’s future,” Chief Executive Officer Inge Thulin said in the statement. “Our plan allows us to increase investments in the business and reinforces our commitment of returning significant cash to shareholders.”

3M stock increased 2.4% to $129.70 in late trading yesterday — an addition from the 2.3% bump after the announcement. (via Bloomberg)

3M’s move built on a 35 percent dividend increase announced in December, when the company said it would spend as much as $10 billion on acquisitions through 2017 and repurchase as much as $22 billion of shares.

To investors, the move shows that 3M management sees a good future with the stock, and perhaps should be.

3M has paid a dividend for decades now, and raised the dividend for nearly the past 56 years straight. In the last 10 years, the company has returned $37 billion to shareholders via dividends and gross share repurchases, or 97% of reported net income.

For the buyback, however, it should be noted that there is no end period — meaning in effect it could be years and years before 3M has managed to buy back much of this stock.

However, that’s unlikely to happen.

Some speculate that 3M could repurchase its MMM stock within the next year or two, which is feasible given it strong financial footing.

With 3M leadership working hard to reward investors — and reaping gains itself — the stock could see very good days ahead.

MMM stock is up 24% in the past year.