Briggs & Stratton (BGG) Declares $0.135 Quarterly Dividend and Approves $50M Buyback
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Briggs & Stratton (NYSE: BGG) declared a quarterly dividend of $0.135 per share, or $0.54 annualized.
The dividend will be payable on June 30, 2016, to stockholders of record on June 17, 2016, with an ex-dividend date of June 15, 2016.
The annual yield on the dividend is 2.3 percent.
Also, at its regular quarterly meeting held today, the Board of Directors of Briggs & Stratton Corporation authorized $50 million in funds for use in the Company's stock repurchase program with an expiration of June 29, 2018. Briggs & Stratton will repurchase shares of common stock, using available cash, on the open market or in private transactions from time to time, depending on market conditions.
Todd Teske, Briggs & Stratton Chairman, President and Chief Executive Officer, said "The Board's actions today reflect continued confidence in our strategy, the long-term prospects of the business and our commitment to increase shareholder value. We continue to have a disciplined, balance approach to capital allocation which allows us to opportunistically repurchase common shares while maintaining the flexibility to make strategic investments in the business. We believe the business has significant upside potential as we continue to focus on innovation and margin expansion."
For a dividend history and other dividend-related data on Briggs & Stratton (BGG) click here.
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