Industrial goods manufacturer
) recently hiked its fourth quarter fiscal 2013 dividend to 17
cents per share from 13.5 cents, representing a 25.9%
year-over-year increase. The news probably helped the stock to
rise 0.87% to $55.53 on close of trading on Sep 30.
The increased dividend is payable on Oct 18 to shareholders of
record as of Oct 11 and affirms a yield of 1.22%. A steady
dividend payout is part of the long-term strategy of CLARCOR to
provide attractive risk-adjusted returns to its stockholders. In
addition, decent dividend increases at periodic intervals have
been one of the company's most attractive features.
CLARCOR had earlier raised the quarterly dividend payout from 12
cents to 13.5 cents per share or from 48 cents to 54 cents on an
annualized basis in Oct 2012. Prior to that, CLARCOR raised its
quarterly dividend in Oct 2011 from 10.5 cents to 12 cents and in
Oct 2010 from 9.8 cents to 10.5 cents per share.
Although CLARCOR has steadily increased its dividend each year
over the last 30-year period, the current dividend hike is the
largest of its kind in the last two decades. Despite the
phenomenal increase in its quarterly dividend payout, management
remained bullish to continue pursuing strategic acquisitions and
investments in capital projects to fuel further growth, driven by
its strong cash flows.
The company also has a share repurchase program in place, under
which it had $244,841 worth of shares remaining under its
$250,000 stock repurchase program as of Aug 31, 2013. Over the
years, CLARCOR has consistently returned significant cash to its
shareholders through dividends and share repurchases.
Founded in 1904, CLARCOR manufactures filtration products,
filtration systems and services, and consumer and industrial
packaging products worldwide. Headquartered in Franklin, Tenn.,
the company operates in three principal segments: Engine/Mobile
Filtration, Industrial/Environmental Filtration and Packaging. In
addition to direct marketing to the end-use customers, CLARCOR
distributes its products through independent distributors, OEM
(original equipment manufacturers) dealers, retail stores, and
internal sales force.
CLARCOR presently has a Zacks Rank #4 (Sell). Other players in
the industry worth reckoning include
LSB Industries Inc.
), each carrying Zacks Rank #2 (Buy).
CLARCOR INC (CLC): Free Stock Analysis Report
DANAHER CORP (DHR): Free Stock Analysis
ITT CORP (ITT): Free Stock Analysis Report
LSB INDS INC (LXU): Free Stock Analysis
To read this article on Zacks.com click here.