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Donaldson (DCI) Rewards Shareholders With 8% Dividend Hike
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In a shareholder-friendly move, Donaldson Company, Inc. (DCI - Free Report) has announced a hike in its dividend payout. The company increased its quarterly dividend by 8% to 27 cents per share (annually: $1.08). The new dividend will be paid out on Jun 28, 2024, to shareholders of record as of Jun 17.
The move underscores DCI’s sound financial health as it utilizes free cash flow to enhance its shareholders’ returns. This marks Donaldson’s 28th consecutive year of annual dividend increase. It has been paying dividends every quarter for the last 68 years. Prior to this, it had hiked its dividend by 8.7% to 25 cents per share in May 2023.
Strong cash flows allow Donaldson to effectively deploy capital for making acquisitions, repurchasing shares and paying out dividends. Dividend payments totaled $60.3 million in the first six months of fiscal 2024 (ended January 2024) and $114.4 million in fiscal 2023 (ended July 2023). The company bought back shares worth $87.1 million in the first six months of fiscal 2024 and $141.8 million in fiscal 2023. We believe such disbursements highlight the company’s operational strength and commitment to enhance shareholders’ wealth.
Zacks Rank & Price Performance
Donaldson currently carries a Zacks Rank #2 (Buy). DCI is well-positioned to benefit from its focus on innovation, growth investments and a healthy demand scenario in the quarters ahead. Continued strength in dust collection sales and power generation project timing within the industrial filtration solutions business bode well.
Image Source: Zacks Investment Research
In the past six months, the company’s shares have gained 19.1% compared with the industry’s growth of 21%.
The Zacks Consensus Estimate for its fiscal 2024 earnings is pegged at $3.28 per share, which remained stable from the 60-day-ago figure.
Other Stocks to Consider
Some other top-ranked stocks from the same space are discussed below.
Image: Bigstock
Donaldson (DCI) Rewards Shareholders With 8% Dividend Hike
In a shareholder-friendly move, Donaldson Company, Inc. (DCI - Free Report) has announced a hike in its dividend payout. The company increased its quarterly dividend by 8% to 27 cents per share (annually: $1.08). The new dividend will be paid out on Jun 28, 2024, to shareholders of record as of Jun 17.
The move underscores DCI’s sound financial health as it utilizes free cash flow to enhance its shareholders’ returns. This marks Donaldson’s 28th consecutive year of annual dividend increase. It has been paying dividends every quarter for the last 68 years. Prior to this, it had hiked its dividend by 8.7% to 25 cents per share in May 2023.
Strong cash flows allow Donaldson to effectively deploy capital for making acquisitions, repurchasing shares and paying out dividends. Dividend payments totaled $60.3 million in the first six months of fiscal 2024 (ended January 2024) and $114.4 million in fiscal 2023 (ended July 2023). The company bought back shares worth $87.1 million in the first six months of fiscal 2024 and $141.8 million in fiscal 2023. We believe such disbursements highlight the company’s operational strength and commitment to enhance shareholders’ wealth.
Zacks Rank & Price Performance
Donaldson currently carries a Zacks Rank #2 (Buy). DCI is well-positioned to benefit from its focus on innovation, growth investments and a healthy demand scenario in the quarters ahead. Continued strength in dust collection sales and power generation project timing within the industrial filtration solutions business bode well.
Image Source: Zacks Investment Research
In the past six months, the company’s shares have gained 19.1% compared with the industry’s growth of 21%.
The Zacks Consensus Estimate for its fiscal 2024 earnings is pegged at $3.28 per share, which remained stable from the 60-day-ago figure.
Other Stocks to Consider
Some other top-ranked stocks from the same space are discussed below.
Luxfer Holdings (LXFR - Free Report) presently carries a Zacks Rank #2. It has a trailing four-quarter average earnings surprise of 122.5%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for LXFR’s 2024 earnings has increased 13.5% in the past 60 days.
Crane Company (CR - Free Report) presently carries a Zacks Rank of 2. It delivered a trailing four-quarter average earnings surprise of 15.2%.
In the past 60 days, the Zacks Consensus Estimate for CR’s 2024 earnings has risen 3.1%.
Tetra Tech, Inc. (TTEK - Free Report) currently carries a Zacks Rank of 2. TTEK delivered a trailing four-quarter average earnings surprise of 11.1%.
In the past 60 days, the Zacks Consensus Estimate for its 2024 earnings has inched up 2.1%.