Ashland Inc. (ASH) announces a 15% increase in its quarterly cash dividend on common stock to $0.385 per share and $100 million stock buyback program
Buybacks
May 12, 2023
May 11, 2023
Ashland Inc. (ASH), a leading specialty chemicals company, recently announced a 15 percent increase in its quarterly cash dividend on the company's common stock. The announcement is great news for shareholders, who will now receive $0.385 cents per share, up from the previous quarter. The dividend will be payable on June 15, 2023, to shareholders of record on June 1, 2023.
The new dividend increase policy reflects Ashland's commitment to increasing its dividend annually. Ashland aims to maintain an annual dividend payout ratio of about 30 percent of adjusted income from continuing operations. Guillermo Novo, the chair and CEO of Ashland, expressed that the company recognizes the importance of consistency and growth in dividends to its shareholders. The new policy demonstrates Ashland's dedication to increasing its dividends annually, in line with the company's projected earnings growth.
In addition to the dividend increase, Ashland announced its intention to repurchase up to $100 million of its outstanding shares under its existing May 2022 evergreen share repurchase authorization. The new 10b5-1 program is expected to be completed during the June 2023 fiscal quarter. Ashland's CEO Novo expressed the board of directors' confidence in the company's ability to deliver consistent earnings and cash flow over time and its commitment to delivering shareholder value through disciplined capital allocation.
Ashland's robust balance sheet and financial performance have afforded the company increased flexibility to support its growth initiatives and return capital to shareholders. In the last three years, Ashland has returned approximately $950 million to its shareholders.
Members of LevelFields received the alert of this event on May 11, 5:40 PM ET
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