Cabot Microelectronics (CCMP) Initiates Qtr. Dividend at 18c/Share; Doubles Buyback to $150M

Cabot Microelectronics (NASDAQ: CCMP) has initiated a quarterly dividend of $0.18 per share, or $0.72 annualized.

The dividend will be payable on April 15, 2016, to stockholders of record on March 17, 2016, with an ex-dividend date of March 15, 2016.

The annual yield on the dividend is 1.7 percent.

The Board also authorized an increase in the company’s existing share repurchase program to $150 million, from the approximately $75 million that was available as of December 31, 2015.

David Li, President and CEO of Cabot Microelectronics, stated, “Over more than fifteen years as a public company, we have achieved a track record of strong profitability and cash flow generation. During this period we have invested in increasing our capabilities and expanding our international footprint. This has enabled us to serve our customers on a global basis, and has positioned our company as a leader in our industry. We believe that our initiation of a quarterly dividend, coupled with our expanded share repurchase program, demonstrates our confidence in our future cash generation capabilities, enabling us to distribute capital to our shareholders on a regular basis, and representing a continuation of our historical commitment to capital deployment.”

Over the last twelve years, the company has distributed approximately $695 million to its shareholders, approximately $345 million through share repurchase programs, and nearly $350 million in 2012 through a leveraged recapitalization with a special cash dividend.

For a dividend history and other dividend-related data on Cabot Microelectronics (CCMP) click here.

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