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Carlisle's (CSL) Board Okays 5% Hike in Quarterly Dividend

Zacks Equity Research

Carlisle Companies Incorporated CSL yesterday announced a reward for its shareholders in the form of an increase in the quarterly dividend payout rate. The increment marks its 44th consecutive year of a dividend rate increase.

We believe that such shareholder-friendly policies are reflective of the company’s strong cash position.

Inside the Headlines

As revealed, the board of directors of Carlisle approved a hike of 5% or 2.5 cents per share in the quarterly dividend rate. The revised rate now stands at 52.5 cents per share. On an annualized basis, the dividend increased to $2.10 per share from the previous rate of $2.00.

Carlisle will pay out the revised dividend on Sep 1, 2020, to shareholders of record as of Aug 18.

Sound Shareholder-Friendly Policies

The company firmly believes in rewarding shareholders handsomely through dividend payments and share buybacks. In the last three years (2017-2019), its dividend payouts totaled $288.5 million and it bought back shares worth $1,110.3 million.

In the first half of 2020, its dividend payout was $56 million, higher than $46.2 million in the year-ago comparable period. Moreover, the company repurchased shares worth $191.8 million in the first half of 2020.

Zacks Rank, Earnings Estimate Trend and Price Performance

With a market capitalization of $6.6 billion, Carlisle currently carries a Zacks Rank #3 (Hold). Amid the pandemic-induced difficulties, the company stands to benefit from solid backlog, strengthening medical and the U.S. reroofing market, acquired assets and cost-saving measures.

In the past three months, its shares have gained 1.1% compared with the industry’s growth of 12.8%.




 

Currently, the Zacks Consensus Estimate for the company’s earnings is pegged at $5.62 for 2020 and $7.44 for 2021, marking declines of 3.3% and 0.1% from the respective 30-day-ago figures.

Carlisle Companies Incorporated Price, Consensus and EPS Surprise

 

Carlisle Companies Incorporated Price, Consensus and EPS Surprise
Carlisle Companies Incorporated Price, Consensus and EPS Surprise

Carlisle Companies Incorporated price-consensus-eps-surprise-chart | Carlisle Companies Incorporated Quote

Also, earnings estimates for the third quarter have moved down from $2.00 to $1.74 in the past 30 days.

Stocks to Consider

Some better-ranked stocks in the industry are Griffon Corporation GFF, Danaher Corporation DHR and Macquarie Infrastructure Company MIC. While Griffon sports a Zacks Rank #1 (Strong Buy), both Danaher and Macquarie Infrastructure carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

In the past 30 days, earnings estimates for these companies improved for the current year. Further, earnings surprise for the last reported quarter was 391.67% for Griffon, 35.85% for Danaher and 15.22% for Macquarie.

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