CLARCOR Inc. (CLC), 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 Textron Inc. (TXT), Hutchison Whampoa Ltd. (HUWHY), and Macquarie Infrastructure Company LLC (MIC), each carrying Zacks Rank #2 (Buy). CLARCOR presently has a Zacks Rank #3 (Hold).
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