Food processing and air transport tech specialist John Bean Technologies (NYSE:JBT) announced yesterday its second-quarter dividend of $0.09 per share, a 29% increase over the $0.07-per-share payout it made last quarter.
The board of directors said the quarterly dividend is payable on June 11 to the holders of record at the close of business on May 28. The dividend increase marks the first hike by JBT since being spun off from FMC Technologies in 2008. Since becoming an independent public company in mid-2008, JBT Corp. has generated approximately $250 million of cash flow from operating activities and has returned more than $40 million to shareholders through dividends and share repurchases.
The regular dividend payment equates to a $0.36-per-share annual dividend yielding 1.7% based on the closing price of JBT's stock on May 16.