General Cable Reinstates Dividend
For the first time in nearly 10 years, General Cable will reward its stockholders with a quarterly dividend. The company has declared a distribution of $0.18 per share of its common stock, to be handed out on June 28 to shareholders of record as of June 10.
The company last declared a dividend in August 2002. That payout was $0.05 per share.
The new dividend annualizes to $0.72 per share. That yields 2.1% at General Cable's current stock price of $34.00.
The company also announced an extension of its $125 million stock repurchase program launched last October. It was originally slated to expire after one year but will now run until the end of 2013.
The article General Cable Reinstates Dividend originally appeared on Fool.com.Fool contributor Eric Volkman has no position in General Cable. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.