Specialty chemicals maker
) has replaced its traditional semi-annual cash dividend payment
practice for the first time in its 20-year dividend history and
will now be paying dividends on a quarterly basis.
Under the new quarterly dividend payment policy, the Board of
Directors of American Vanguard announced a cash dividend of 5
cents per share. The quarterly dividend is payable on Jul 19,
2013, to the shareholders of record as on Jul 5, 2013.
In addition, the Board also authorized American Vanguard to
repurchase its outstanding common shares.
The dividend policy and disciplined equity plan adopted by
American Vanguard testifies its commitment to boost shareholders'
value while retaining its strong financial position. The newly
adopted dividend policy will make way for shareholders to benefit
from the continuing expansion and financial success of the
American Vanguard makes specialty chemical products for
agricultural and commercial applications. The company develops
and markets an array of chemicals, including insecticides,
fungicides and herbicides, for crops, human and animal health
protection. American Vanguard has the largest assortment of corn
soil insecticides coupled with the most advanced dispensing
American Vanguard's first-quarter 2013 profit nearly doubled on
the back of strong market demand for its corn herbicide and
insecticide products. It posted a profit of $16.9 million in the
quarter, a 94% surge from a profit of $8.7 million recorded a
Revenues shot up 39% year over year to $121.5 million in the
reported quarter, buoyed by strong adoption of American
Vanguard's granular soil insecticides and Impact herbicide in the
domestic corn market.
American Vanguard is optimistic about 2013 and believes that it
is well placed to meet the increasing demand for soil
insecticides by maintaining full production of its products and
proprietary equipment systems. The company should also benefit
from its herbicide collaboration with
American Vanguard currently carries a Zacks Rank #1 (Strong
Other companies in the specialty chemicals industry with
favorable Zacks Rank are
OM Group Inc.
). While OM Group holds a Zacks Rank #1 (Strong Buy), Ferro Corp
retains a Zacks Rank #2 (Buy).
AMER VANGUARD (AVD): Free Stock Analysis
FERRO CORP (FOE): Free Stock Analysis Report
MONSANTO CO-NEW (MON): Free Stock Analysis
OM GROUP INC (OMG): Free Stock Analysis
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