RPM International hikes dividend for 43rd consecutive year
The raised dividend is payable on October 31, 2016, to stockholders of record as of October 17, 2016.
The coatings, sealants and specialty chemicals maker will increase its quarterly dividend to 30 cents per share.
This action marks RPM's 43rd consecutive year of increased cash dividends paid to its stockholders, which places RPM in an elite category of less than half of 1 percent of all 19,000 publicly traded U.S. companies.
"As noted in our fiscal 2016 annual report, RPM has outperformed the S&P 500 Index and its peer group in cumulative total return for the five- and ten-year periods ended May 31, 2016," stated Frank C. Sullivan, chairman and chief executive officer. "Consistently increasing our cash dividend has been critical to our ability to significantly outpace the market and deliver value to our shareholders."
The new dividend yield is 2.4% based on Thurday's closing price of $50.21.
Source: RPM International