Check out these 9 consumer cyclical companies that recently raised their dividends last quarter Q2 FY 2023, signaling their commitment to rewarding shareholders
Dividends
July 17, 2023
Ethan Allen Interiors Inc. recently reported strong financial and operating results for the fiscal 2023 third quarter. Despite a slight decrease in net sales, the company achieved a gross margin of 59.9% and an operating margin of 15.5%, resulting in a net income of $22.4 million. Encouraged by these positive figures and confident in their future investments, Ethan Allen's Board of Directors approved a 13% increase in the regular quarterly cash dividend, now set at $0.36 per share. This dividend increase reflects the company's robust balance sheet and consistent growth.
In addition to their financial performance, Ethan Allen recently had a grand reopening of their flagship design center in Danbury, CT. This event positions the company as a leading interior design destination, showcasing their product programs that combine classic designs with a modern perspective. Furthermore, the company plans to refresh most of its 172 design centers in North America over the next six months, aligning them with the Danbury center's style and offerings.
Ethan Allen Interiors Inc. is a leading interior design company and home furnishings manufacturer and retailer, operating in the United States, Mexico, Honduras, and Canada. With two segments, Wholesale and Retail, the company offers a wide range of products including beds, dressers, tables, chairs, sofas, window treatments, lighting, and more. Their products are marketed and sold under the Ethan Allen brand through various retail channels, including their website and a network of approximately 302 design centers. Founded in 1932 and headquartered in Danbury, Connecticut, Ethan Allen continues to provide high-quality home furnishings to customers across North America.
Murphy USA Inc. has announced an increase in its quarterly cash dividend on Common Stock by 3%, bringing it to $0.38 per share, or $1.52 per share on an annualized basis. This move reflects the company's commitment to rewarding its stockholders and underscores its positive financial performance. The dividend is scheduled to be paid on June 1, 2023, to stockholders of record as of May 15, 2023.
This dividend increase is a result of Murphy USA's continued growth and success in its operations. The company's Board of Directors recognizes the importance of providing attractive returns to its shareholders and acknowledges the confidence it has in the company's future prospects. The decision to raise the dividend demonstrates Murphy USA's commitment to maximizing shareholder value and capitalizing on its strong financial position.
Murphy USA Inc. engages in the marketing of retail motor fuel products and convenience merchandise. The company operates retail stores under the Murphy USA and Murphy Express brand names. As of December 31, 2019, it operated 1,489 gasoline stores, including 1,161 Murphy USA and 328 Murphy Express stores principally in the Southeast, Southwest, and Midwest United States. The company was founded in 1996 and is headquartered in El Dorado, Arkansas.
Lowe's Companies, Inc. has announced a 5% increase in its quarterly cash dividend. The company's board of directors declared a dividend of $1.10 per share, up from the previous dividend of $1.05 per share. This dividend will be payable on August 9, 2023, to shareholders of record as of July 26, 2023.
The decision to increase the dividend reflects Lowe's success in executing its Total Home strategy, which has resulted in market share growth, enhanced Pro loyalty, accelerated online expansion, and added value for DIY customers. Marvin R. Ellison, Lowe's chairman, president, and CEO, expressed the company's commitment to delivering sustainable shareholder value through a best-in-class capital allocation strategy.
Lowe's has a long-standing track record of consistently paying dividends since its initial public offering in 1961. Moreover, it has raised its dividend for over 25 consecutive years. This history of dividend growth underscores Lowe's financial strength and the confidence it inspires in investors.
Lowe's Companies, Inc. is a leading home improvement retailer operating in the United States, Canada, and Mexico. They offer a comprehensive range of products for construction, maintenance, repair, remodeling, and decorating. Their extensive inventory includes appliances, décor, paint, hardware, millwork, lawn and garden, lighting, lumber, flooring, kitchens and bath, plumbing, electrical, seasonal items, and tools. Additionally, they provide installation services, extended protection plans, and repair services. With nearly 2,000 home improvement and hardware stores, Lowe's caters to homeowners, renters, and professional customers. They also facilitate online sales through their websites and mobile applications. Founded in 1946, Lowe's is headquartered in Mooresville, North Carolina.
Pool Corporation has recently announced an increase in its dividend and expanded its share repurchase program. The Board of Directors has approved a 10% increase in the quarterly cash dividend, raising it from $1.00 to $1.10 per share. This decision reflects the company's commitment to returning cash to shareholders and its continued success in creating value.
The dividend payment will be made on May 31, 2023, to stockholders of record on May 17, 2023. With 39,041,377 shares of common stock outstanding, this dividend increase demonstrates Pool Corporation's dedication to rewarding its shareholders. This marks the 18th time since 2004 that the company has raised its quarterly dividend, highlighting its consistent growth and commitment to shareholder value.
Moreover, Pool Corporation has authorized an additional $413.6 million for its existing share repurchase program, allowing the company to buy back its common stock in the open market at prevailing prices. Combined with the remaining $186.4 million from the previous authorization, the total available amount for share repurchases is now $600.0 million. This expansion reflects the Board's confidence in the company's future prospects and its commitment to utilizing excess capital efficiently.
Pool Corporation is a leading distributor of swimming pool supplies, equipment, and leisure products worldwide. They offer a wide range of maintenance products, including chemicals and accessories, as well as repair and replacement parts for pool equipment. Additionally, they provide fiberglass pools, spas, and packaged pool kits for both in-ground and above-ground pools. They also specialize in irrigation systems and professional lawn care equipment, along with building materials such as concrete, plumbing components, and decking materials for pool installations and renovations. Their commercial offerings include heaters, safety equipment, and pumps for businesses serving hotels, universities, and community recreational facilities. Pool Corporation caters to a diverse customer base, including pool remodelers, retailers, repair businesses, and landscape contractors. With 373 sales centers, the company has been serving the industry since its establishment in 1993 and is headquartered in Covington, Louisiana.
Sonoco has announced a 4 percent increase in its quarterly common stock dividend. The new dividend of $0.51 per share, up from $0.49 per share, reflects the company's commitment to rewarding its shareholders. This dividend increase marks the 40th consecutive year that Sonoco has raised its dividend, a testament to its long-standing track record of consistent growth and shareholder value creation.
Sonoco's decision to increase its dividend can be attributed to its strong financial performance and confidence in its future prospects. The company's President and CEO, Howard Coker, emphasized that this dividend increase is in line with Sonoco's commitment to delivering consistent returns to its shareholders. With the annualized dividend payout now at $2.04 per share, Sonoco offers an attractive dividend yield of approximately 3.3 percent, which is twice the dividend yield of the S&P 500 Index.
Sonoco Products Company is a global manufacturer and seller of industrial and consumer packaging products. With a presence in North and South America, Europe, Australia, and Asia, the company operates through four segments: Consumer Packaging, Display and Packaging, Paper and Industrial Converted Products, and Protective Solutions. They offer a wide range of packaging solutions, including rigid containers, flexible packaging, displays, paper amenities, and protective packaging. Serving diverse industries such as paper, textile, food, chemical, packaging, construction, and wire and cable, Sonoco Products Company has a rich history since its founding in 1899 and is headquartered in Hartsville, South Carolina.
Leggett & Platt recently announced a 4.5% increase in their second quarter dividend, raising it by $.02 to $.46 per share. This move demonstrates the company's commitment to rewarding its shareholders and maintaining a strong dividend history. With an annual indicated dividend of $1.84 per share, the current yield stands at an impressive 5.7%, based on the closing stock price of $32.25 per share.
Leggett & Platt's consistent annual dividend growth over the past 52 years speaks volumes about the company's stability and success. This impressive track record has earned them a place among the prestigious group of Dividend Kings. Investors seeking reliable dividend income may find Leggett & Platt an appealing choice due to its consistent dividend hikes and attractive yield.
Leggett & Platt, Inc. is a global company that designs and produces engineered components and products across multiple industries. They offer a diverse range of solutions, including innersprings, wire forms, specialty foams, machinery, fabrics, flooring underlayment, and more. Serving manufacturers, retailers, and distributors, their products are used in bedding, furniture, packaging, filtration, and construction. They also supply components for automotive and aerospace industries. Founded in 1883, Leggett & Platt operates worldwide through sales representatives and distributors from its headquarters in Carthage, Missouri.
Group 1 Automotive, Inc has elected Charles Szews as its non-executive chairman of the Board of Directors. Szews, a director since 2016, brings extensive experience in corporate finance, accounting, and operations to the role. He replaces Stephen D. Quinn, who served as chairman for six years. The transition follows the board's governance policy of rotating the non-executive chairman position. Daryl Kenningham, Group 1's President and CEO, expressed gratitude to Quinn for his valuable contributions to the company.
In addition to the leadership change, Group 1 also announced an increased dividend. The board of directors declared a $0.45 dividend per share, payable on June 15, 2023, to stockholders of record as of June 1, 2023. This dividend aligns with the Company's previous announcement of a 20% increase in its annualized dividend rate, rising from $1.50 per share in 2022 to $1.80 per share in 2023. Kenningham emphasized that growing the business and returning capital to shareholders remain key priorities, supported by the company's robust cash flow and strong balance sheet.
Group 1 Automotive, Inc., through its subsidiaries, operates in the automotive retail industry. The company sells new and used cars, light trucks, and vehicle parts, as well as service insurance contracts; arranges related vehicle financing; and offers automotive maintenance and repair services. It operates primarily in the metropolitan areas in 15 states in the United States; 33 towns in the United Kingdom; and 3 states in Brazil. As of February 5, 2020, the company owned and operated 186 automotive dealerships, 242 franchises, and 49 collision centers that offer 31 brands of automobiles. Group 1 Automotive, Inc. was founded in 1995 and is headquartered in Houston, Texas.
Penske Automotive Group, Inc. recently made an exciting announcement regarding its dividend. The company's Board of Directors has approved an increase in the quarterly dividend by $0.05 per share, representing an 8% growth to $0.66 per share. Additionally, management has been granted an extra $250 million to repurchase the company's outstanding securities. This decision reflects Penske Automotive Group's robust performance and sustained strong cash flow.
Robert Kurnick, Jr., President of Penske Automotive Group, expressed his satisfaction with the company's performance and affirmed their commitment to delivering value to shareholders. This increase in the cash dividend and the additional repurchase authority further demonstrates their dedication to returning value to shareholders as market conditions and other factors permit.
The dividend, set at $0.66 per share, is scheduled to be paid on June 1, 2023, to shareholders of record as of May 22, 2023. The company's repurchase authority, which already had $135.8 million remaining outstanding as of May 10, 2023, is not subject to any expiration date. Notably, in 2023, Penske Automotive Group has already repurchased 1.45 million shares of its common stock, equivalent to approximately 2.1% of the outstanding shares at the beginning of the year, at a total cost of $188.4 million.
Penske Automotive Group, Inc. is a diversified transportation services company that operates automotive and commercial truck dealerships. With four segments, including Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments, the company engages in the sale of new and used motor vehicles, along with related products and services. They offer vehicle repair services, finance and lease contracts, insurance products, and aftermarket items. Additionally, Penske Automotive Group operates used vehicle supercenters, heavy and medium-duty truck dealerships, and imports and distributes various truck brands and parts. Headquartered in Bloomfield Hills, Michigan, the company has a wide network of retail franchises, used vehicle centers, and commercial truck dealerships across the United States and internationally. Founded in 1990, they continue to provide comprehensive transportation solutions to customers worldwide.
HAVERTYS recently announced a 7.1% increase in its quarterly dividend, demonstrating the company's positive outlook and commitment to its stockholders. The dividend for the company's common stock has been raised from $0.28 per share to $0.30 per share, while the dividend for Class A common stock has increased from $0.26 to $0.28 per share. The dividend will be payable on June 21, 2023, to stockholders of record as of June 6, 2023.
According to Clarence H. Smith, the chairman and CEO of Havertys, this decision is driven by the company's strong financial position and long-term perspective. The increase in the dividend reflects their dedication to providing value to their stockholders. Havertys has a remarkable track record of paying dividends since 1935, highlighting its commitment to rewarding its investors.
Haverty Furniture Companies, Inc. operates as a specialty retailer of residential furniture and accessories in the United States. The company offers furniture merchandise under the Havertys brand name. It also provides custom upholstery products; and mattress product lines under the Sealy, Tempur-Pedic, Serta, Stearns & Foster, Beautyrest Black, and Scott Living names, as well as private label Skye name. The company sells home furnishings through its retail stores, as well as through its Website. As of April 01, 2020, it operated 120 showrooms in 16 states in the Southern and Midwestern regions. Haverty Furniture Companies, Inc. was founded in 1885 and is headquartered in Atlanta, Georgia.
All data was sourced from LevelFields AI
Join LevelFields now to be the first to know about events that affect stock prices and uncover unique investment opportunities. Choose from events, view price reactions, and set event alerts with our AI-powered platform. Don't miss out on daily opportunities from 6,300 companies monitored 24/7. Act on facts, not opinions, and let LevelFields help you become a better trader.