In keeping with its strategy of consistently enhancing
) announced a new share repurchase program.
The share repurchase program spans over three years, worth a
total amount of $2 billion. The new initiative will commence from
Jul 1, this year. This program will follow the completion of the
previous $1 billion share repurchase, which was authorized by the
board of directors in July last year.
The July 2012 program commenced from Jan 14, 2013, subsequent
to the three year share repurchase program which commenced on Aug
24, 2010. After the repurchase of roughly $3 million shares in
Jan 2013, Monsanto had roughly $737.7 million worth of shares
left, which are authorized for repurchase under its share buyback
programs, as of Feb 28, 2013.
Last month, Monsanto also raised its fiscal 2013 earnings
guidance based on the latest developments. Monsanto now expects
its ongoing earnings for the fiscal to lie in the range of
$4.50-$4.55 per share, on the basis of its expectations that its
corn business will flourish in the coming quarters, especially in
Latin America. This new guidance translates into a 20%
year-over-year earnings increase for fiscal 2013.
Moreover, earnings per share expectations for fiscal third
quarter 2013 are expected to be in the range of $1.55-$1.60. In
addition, the company expects a lower year-over-year fiscal
fourth quarter loss.
In addition to this, Monsanto announced a quarterly dividend
per share of 37.5 cents, to be paid to shareholders as on Jul 5,
2013. The dividend will be paid on Jul 26, 2013.
Monsanto is expected to release its fiscal third quarter 2013
results on Jun 26. This agricultural solutions provider currently
carries a Zacks Rank #3 (Hold). Other stocks worth a watch in the
chemicals industry are
American Vanguard Corp.
OM Group Inc.
); each carrying a Zacks Rank #1 (Strong Buy), while,
) carries a Zacks Rank #2 (Buy).
AMER VANGUARD (AVD): Free Stock Analysis
COSAN LTD-A (CZZ): Free Stock Analysis Report
MONSANTO CO-NEW (MON): Free Stock Analysis
OM GROUP INC (OMG): Free Stock Analysis
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