Commercial Metals (CMC) Announces $350M Share Buyback; Increases Quarterly Dividend to $0.14
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Commercial Metals Company (NYSE: CMC) today announced that its Board of Directors has authorized a common stock repurchase program of up to $350 million. This program will cancel and replace the Company's existing plan, which had $27 million remaining under its authorization as of August 31, 2021.
CMC's Board of Directors also declared a regular quarterly cash dividend of $0.14 per share of CMC common stock, an increase of $0.02, or 17%, per CMC common share. CMC's 228th consecutive quarterly dividend will be paid on November 10, 2021 to stockholders of record as of the close of business on October 27, 2021.
"Today's announcement reflects a well-balanced capital allocation strategy that will continue to fund value-accretive growth, while returning a meaningful portion of CMC's free cash flow to shareholders," said Barbara R. Smith, Chairman of the Board, President and Chief Executive Officer. "This action was made possible by the strategic transformation carried out over the last several years, which has greatly enhanced our Company's earnings capability and cash flow profile. Looking ahead, we believe CMC is well-positioned to achieve our key strategic goals of identifying, funding and executing on attractive growth opportunities, maintaining strong returns over the economic cycle and providing shareholders with attractive cash returns, while maintaining a high-quality balance sheet."
CMC intends to repurchase shares from time to time for cash in open market transactions or in privately-negotiated transactions in accordance with applicable federal securities laws. The timing and the amount of repurchases, if any, will be determined by the Company's management based on its evaluation of market conditions, capital allocation alternatives and other factors. The new share repurchase program does not require the Company to acquire any dollar amount or number of shares of CMC common stock and may be modified, suspended, extended or terminated by the Company at any time without prior notice.
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Create E-mail Alert Related CategoriesCorporate News, Dividend Hike, Dividends, Stock Buybacks
Related EntitiesDividend, Stock Buyback, Earnings, Definitive Agreement
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