), an industrial goods manufacturer, recently declared a second
quarter fiscal 2013 dividend of 13.5 cents per share or 54 cents
on an annualized basis, representing a 12.5% year-over-year
increase. The dividend is payable on Apr 19 to shareholders of
record as of Apr 8.
Based on the closing price of $52.38 on Mar 28, 2013, the
dividend affirms a yield of 1.03%. 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.
The company also has a share repurchase program in place, under
which it had $161,122 worth of shares remaining under its
$250,000 stock repurchase program as of Mar 2, 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,
Tennessee, 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.
Despite its niche market, CLARCOR faces stiff competition from
other players in the industry such as
Hutchison Whampoa Ltd.
Macquarie Infrastructure Company LLC
), each carrying Zacks Rank #2 (Buy). CLARCOR presently has a
Zacks Rank #3 (Hold).
CLARCOR INC (CLC): Free Stock Analysis Report
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