Plastic compounds and resins manufacturer A. Shulman (NASDAQ: SHLM ) announced today its third-quarter dividend of $0.20 per share, a 2.6% increase in the payout made to investors last quarter of $0.195 per share.
Commenting on the dividend increase and how it reflects the financial strength of the company, which has made a payout to investors every quarter since going public in 1972, A. Shulman Chairman, President, and CEO Joseph M. Gingo said, "We believe our dividend and share repurchase program combined with ongoing pursuit of strategic acquisitions and our organic growth initiatives, provides attractive returns to shareholders in spite of the current uncertain economic climate."
The specialty materials maker has $56.6 million remaining on its stock buyback program.
The board of directors said the quarterly dividend is payable on November 4 to holders of record at the close of business on October 28. The regular dividend payment equates to a $0.80-per-share annual dividend, yielding 2.6% based on the closing price today of A. Shulman's stock.