Harman Doubles Dividend

Audio components maker will pay out new rate starting in September.

By Rich Duprey – Jun 26, 2013 at 2:14PM EST

Consumer audio components manufacturer Harman International Industries (HAR +0.00%) announced today its fiscal 2014 first-quarter dividend of $0.30 per share, double the payout it made last quarter of $0.15 per share.

The board of directors said the first quarterly payment at the new rate will be made in September. The audio components maker has made quarterly payouts to investors since 1994.

"Our company’s performance and our strategy for continued growth and cash generation gives us the confidence to substantially increase our dividend and move our payout ratio and yield solidly in line with the S&P500,” said CEO Dinesh C. Paliwal.

The regular dividend payment equates to a $1.20-per-share annual dividend, yielding 2.5% based on the closing price of Harman International Industries' stock on June 25.

HAR Dividend data by YCharts. Chart does not reflect new, higher dividend announcement.

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Rich has been a Fool since 1998 and writing for the site since 2004. After 20 years of patrolling the mean streets of suburbia, he hung up his badge and gun to take up a pen full time. Having made the streets safe for Truth, Justice, and Krispy Kreme donuts, he now patrols the markets looking for companies he can lock up as long-term holdings in a portfolio. His coverage reflects his passion for motorcycles, booze, and guns (though not enjoyed all at the same time...usually), but his writing also covers the broader sectors of consumer goods, technology, and industrials. So follow along as he tries to break down complex topics to make them more understandable and useful to the average investor. Have a story idea? Contact Rich here. I may not be able to respond to every suggestion, but I do read them all! Does an article needs a correction? Reach Rich here.

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Harman Doubles Dividend

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