Columbus McKinnon (CMCO) Raises Quarterly Dividend 20% to $0.06, 0.7% Yield; Authorizes New Share Buyback Up to $20M

March 26, 2019 6:33 AM EDT

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Columbus McKinnon (NASDAQ: CMCO) declared a quarterly dividend of $0.06 per share, or $0.24 annualized. This is a 20% increase from the prior dividend of $0.05.

The dividend will be payable on May 13, 2019, to stockholders of record on May 3, 2019, with an ex-dividend date of May 2, 2019.

The annual yield on the dividend is 0.7 percent.

Share Buyback

The Company also announced that its Board of Directors has approved a new stock repurchase program authorizing the repurchase of up to $20 million of the Company’s common stock.

Mark Morelli, President and CEO of Columbus McKinnon, commented, “We have produced compelling performance with our Blueprint for Growth strategy. Cash generation has been very strong while return on invested capital has also improved. We have measurably reduced debt resulting in a solid balance sheet that offers financial flexibility. Our financial strength and confidence in our future were central to the Board’s decision to increase our dividend 20%.”

He added, “While we are committed to continuing to reduce debt, we believe the new share repurchase plan is also an important element of a disciplined capital allocation strategy providing us another means to return capital to shareholders when prudent.”

For a dividend history and other dividend-related data on Columbus McKinnon (CMCO) click here.

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