Stepan hikes dividend for 49th consecutive year
The surfactants and polymers maker will raise its quarterly dividend to $0.205 per share. The dividend is payable on December 15, 2016, to common stockholders of record on November 30, 2016.
The increase marks the forty-ninth consecutive year in which the quarterly dividend rate on the Company's common stock has increased.
Stepan, a small cap stock with a current market cap of $1.7 billion, gained 7.5% today and touched an intraday all time high of $77.62 following strong quarterly results.
The new dividend yield for Stepan is 1.2%. Last year Stepan raised its dividend by 5.6%.
Stepan Company is a manufacturer of specialty and intermediate chemicals. Stepan produces surfactants, which are the key ingredients in consumer and industrial cleaning compounds and in agricultural and oilfield solutions. The Company is also a supplier of Polyurethane polyols used in the thermal insulation market, and C.A.S.E. (Coatings, Adhesives, Sealants, and Elastomers) industries.