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Carlisle to Buy Back 5M Shares, Announces Quarterly Dividend

Zacks Equity Research

Carlisle Companies Incorporated CSL recently announced that its board has approved a new share repurchase program authorizing it to buy back up to an additional 5 million of its shares over an unspecified period of time. Under this program, the company is likely to make share repurchases from time to time in the open market at existing market prices.

Carlisle will carry out the repurchase program in privately negotiated transactions, or through block trades. Notably, this new share repurchase authorization will complement the company’s existing share repurchase authorization program announced in February 2018.

Moreover, the company’s board of directors approved the payment of a quarterly cash dividend of 40 cents per share. The dividend will be paid on Mar 1, 2019 to shareholders of record on Feb 20.

The company remains committed toward rewarding its shareholders handsomely through dividend payments and share buybacks. In this regard, in the first nine months of 2018, the company repurchased approximately $295.4 million of its shares. Such diligent capital deployment strategies boost shareholders' wealth.

Moreover, the company’s global footprint, diversified product portfolio and the ability to penetrate in different markets are commendable. In fact, it is one of the leading manufacturers of a complete range of roofing as well as waterproofing products for commercial and industrial buildings. Meanwhile, strength in aerospace as well as MedTech and SatCom markets has set the tone for future growth.

In the past three months, this Zacks Rank #2 (Buy) company has gained 9.1%, outperforming the industry’s growth of 1.3%.

Also, in light of the continued operational improvements, including cost savings from the Carlisle Operating System and overall positive market conditions, the company anticipates overall revenue growth to be of high-teens percent for 2018.

Other Stocks to Consider

Other top-ranked stocks in the same space include Griffon Corporation GFF, HC2 Holdings, Inc. HCHCand United Technologies Corporation UTX. While Griffon sports a Zacks Rank #1 (Strong Buy), HC2 Holdingsand United Technologies carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.

Griffon delivered average earnings surprise of 90.28% in the trailing four quarters.

HC2 Holdings’ earnings surprise in the last reported quarter was 111.90%.

United Technologies outpaced estimates in each of the trailing four quarters, the average positive earnings surprise being 14.87%.

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