Sherwin-Williams Raises Dividend by 23.1%, Boosts Buyback Program
By Colin Kellaher
Sherwin-Williams Co. on Wednesday said its board raised the
quarterly dividend by 23.1%, to $1.65 from $1.34, and approved the
repurchase of up to an additional 15 million shares.
The new payout, equal to $6.60 a year, represents an annual
yield of about 0.93% based on Tuesday's closing price of $707.42,
up from 0.76%.
The Cleveland paint maker said the increased dividend is payable
March 12 to shareholders of record March 1.
Sherwin-Williams, which has about 90.8 million shares
outstanding, said the new buyback is in addition to shares
remaining under an October 2015 share-repurchase authorization. The
company noted that it will adjust the number of shares authorized
for repurchase to reflect the 3-for-1 stock split it declared
earlier this month, which will be paid on March 31.
Write to Colin Kellaher at firstname.lastname@example.org
(END) Dow Jones Newswires
February 17, 2021 13:13 ET (18:13 GMT)
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