Harris Corp. Increases Dividend 13.5%
IT company Harris Corp. today announced plans to increase its quarterly cash dividend. The new payout is 13.5% higher than the company's most recent quarterly payment, at $0.42 per share versus the prior $0.37.
The amount will be made payable on Sept. 24 to shareholders of record as of Sept. 10. The company has paid a dividend since 1948.
Annualized, Harris' dividend adds up to $1.68 per share of common stock. As of the market's close on Aug. 23, the company was trading at $56.97, which means its dividend currently yields 3%.
Additionally, the company's Board of Directors has approved an additional share repurchase authorization of $1 billion. Harris currently has $62 million left in buyback authorization from a previous authorization and plans to repurchase up to $200 million in shares in fiscal 2014. Since the beginning of 2013, Harris Corporation has seen its price per share rise from $48.96 unadjusted close on Dec. 31, 2012, to $56.55 adjusted close on Aug. 22, 2013, which is a 15% increase.
The article Harris Corp. Increases Dividend 13.5% originally appeared on Fool.com.Fool contributor Caroline Bennett has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not 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.
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