PolyOne (POL) Raises Quarterly Dividend 29.6% to $0.175, 1.7% Yield; Announces 3-Yr Dividend Plan

PolyOne (NYSE: POL) declared a quarterly dividend of $0.175 per share, or $0.7 annualized. This is a 29.6% increase from the prior dividend of $0.135.

The dividend will be payable on January 10, 2018, to stockholders of record on December 15, 2017, with an ex-dividend date of December 14, 2017. The annual yield on the dividend is 1.7 percent.

Three-Year Plan

"In the last six months we have taken important steps to strengthen our portfolio as we divested DSS and reinvested the proceeds to fund the acquisitions of Rutland and Mesa," said Robert M. Patterson, chairman, president and chief executive officer, PolyOne Corporation. "With the sale of DSS, we can now entirely focus on accelerating growth in our four core segments. Our cash flow generation, financial profile and earnings potential have never been stronger, and we are very well positioned to deliver double digit EPS growth in 2018 and beyond."

"We initiated our dividend in 2011, and we have increased it annually ever since," Mr. Patterson added. "With the structural improvements in our portfolio and increased confidence in our future earnings growth, we are pleased to announce this latest increase, which is our largest ever. It is the first in a plan that we anticipate will increase our dividend 60% or more cumulatively over the next three years."

"We view the increased payouts as a balanced element of delivering value to our shareholders, as our payout ratio remains modest at approximately 30%. As we look ahead, the preponderance of our cash flow will continue to go toward funding organic growth initiatives and acquisitions that accelerate our specialty growth. We will also be opportunistic with respect to buying back shares," Mr. Patterson further stated. "We are very excited about our growth opportunities and remain fully committed to investing in our businesses through innovation, commercial and technical resources and M&A, as we execute our four-pillar strategy to serve our customers."

For a dividend history and other dividend-related data on PolyOne (POL) click here.

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