Nordson Raises Dividend, Launches New Share Buyback Program
Aug 18th 2013 6:15AM
Updated Aug 18th 2013 6:20AM
Nordson has announced two moves aimed at supporting the value of its stock. The company declared a dividend of $0.18 per share, to be handed out on Sept. 10 to shareholders of record as of Aug. 27. That amount is $0.03, or 20%, higher than the preceding distribution of $0.15 dispensed in June.
In the press release announcing the news, the company pointed out that this is the 50th consecutive year it has increased its payout.
The new dividend annualizes to $0.72 per share. That yields just over 1% at Nordson's most recent closing stock price of $70.34.
The company's board also authorized a fresh stock repurchase program for up to $200 million worth of shares. That replaces a previous $100 million initiative, under which $41 million in stock had been purchased.
At the moment, Nordson has roughly 64.2 million shares outstanding.
The article Nordson Raises Dividend, Launches New Share Buyback Program originally appeared on Fool.com.Fool contributor Eric Volkman has no position in Nordson. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.