Donaldson (DCI) Declares Buyback Authorization & Cash Dividend
Donaldson Company, Inc.’s DCI board of directors recently announced the authorization to buy back a maximum of 12 million shares of its common stock, or approximately 10% of the company’s outstanding shares. This program will substitute DCI’s May 2019 buyback program, under which around 11 million shares were repurchased from an available 13 million.
Donaldson’s board of directors also approved a quarterly cash dividend of 25 cents per share, payable to shareholders on Dec 5, 2023, of record as of Dec 2, 2023. The company has paid a cash dividend consecutively for 68 years and calendar year 2023 will mark its 28th consecutive year of annual dividend increases.
Donaldson Company, Inc. Price
Donaldson Company, Inc. price | Donaldson Company, Inc. Quote
DCI is committed to rewarding its shareholders handsomely through dividend and share buybacks. Dividend payments totaled $114.4 million in fiscal 2023 (ended Jul 31, 2023) and $110.1 million in fiscal 2022 (ended Jul 31, 2022). It is worth noting that its quarterly dividend was last hiked 8.7% in May 2023. The company bought back shares worth $141.8 million in fiscal 2023 and $171 million in fiscal 2022.
Zacks Rank & Stocks to Consider
Donaldson currently carries a Zacks Rank #4 (Sell).
Some better-ranked companies from the Industrial Products sector have been discussed below.
Graco Inc. GGG presently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
GGG delivered a trailing four-quarter average earnings surprise of 7.2%. In the past 60 days, the consensus estimate for Graco’s 2023 earnings has increased 1.7%. The stock has risen 14.8% in the past year.
Applied Industrial Technologies, Inc. AIT presently carries a Zacks Rank of 2. It has a trailing four-quarter average earnings surprise of 13.9%.
The consensus estimate for AIT’s fiscal 2024 earnings has gained 3.7% in the past 60 days. Shares of Applied Industrial have jumped 25.4% in the past year.
A. O. Smith Corporation AOS currently carries a Zacks Rank of 2. The company delivered a trailing four-quarter average earnings surprise of 14%.
In the past 60 days, the consensus estimate for A. O. Smith’s 2023 earnings has improved 5%. The stock has risen 24.4% in the past year.
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Donaldson Company, Inc. (DCI) : Free Stock Analysis Report
