Discover the materials stocks with the biggest dividend increases last quarter, Q1 2023
Dividends
June 25, 2023
DuPont, a premier multi-industrial company, recently reported its financial results for the fourth quarter and full year of 2022. Despite challenging global macro conditions, DuPont demonstrated its portfolio's strength and ability to overcome market headwinds. DuPont's revenue and operating EBITDA results met expectations, thanks to its leading market positions, disciplined pricing actions, and focus on execution. DuPont has increased its dividend by 9 percent, reflecting its commitment to a balanced capital allocation approach and the completion of $5.0 billion in share repurchase programs and dividends, along with the retirement of $2.5 billion in long-term debt in 2022. DuPont's strategic portfolio transformation, which enhances its position as a premier multi-industrial company, has led to a stronger balance sheet and increased financial flexibility.
Hawkins, Inc. (HWKN) recently announced a 7% increase in its quarterly cash dividend to $0.15 per share. Hawkins's Board of Directors made this decision during their meeting on February 1, 2023. With a dividend payment history dating back to 1985, Hawkins has demonstrated a consistent commitment to rewarding its shareholders.
Olympic Steel Inc. (ZEUS) recently announced a significant increase in their regular quarterly cash dividend, raising it from $0.09 per share to $0.125 per share. As a prominent national metals service center, Olympic Steel has consistently paid a regular quarterly dividend since March 2006. The decision to raise the dividend stems from Olympic Steel's exceptional performance in the past two years, and their commitment to sharing this success with shareholders. The increased dividend is a testament to Olympic Steel's financial strength and confidence in its future prospects. Shareholders can expect this elevated dividend to be maintained, subject to Board approval. Olympic Steel plans to release its fourth-quarter and full-year 2022 results on Thursday, Feb. 23, followed by a quarterly earnings webcast on Friday, Feb. 24, providing further insights for investors.
Reliance Steel & Aluminum Co. announced its financial results for the fourth quarter and full year ended December 31, 2022. Despite metal price volatility and economic uncertainty, Reliance Steel & Aluminum achieved record financial performance in 2022. Net sales reached a record $17.03 billion, driven by solid demand in most end markets and sustained higher metals pricing. Reliance Steel & Aluminum's product diversification and focus on servicing small order sizes with quick turnaround contributed to a strong gross profit margin of 30.8% for the year. Reliance reported record annual non-GAAP pretax income of $2.44 billion and non-GAAP diluted earnings per share of $30.03. Reliance Steel & Aluminum increased its dividend by $0.61 per share, reflecting its strong financial performance and cash flow generation. Recent developments include strong demand in non-residential construction, toll processing services, and commercial aerospace. Reliance remains optimistic about the demand outlook in these key areas and continues to invest in capacity expansion.
The Mosaic Company, a global producer and marketer of concentrated phosphate and potash crop fertilizers, has recently announced an increase in its shareholder dividend yield to 1.6% in 2023. This move reflects The Mosaic Company's solid potential as a dividend stock, according to Simply Wall Street. MOS is set to announce its Q4 and full year 2022 fiscal results on February 22, with an earnings conference call scheduled for February 23. Analysts at Zacks note that MOS has experienced an 8.4% gain in the past month, potentially indicating a 12.1% sales gain year-over-year. Simply Wall Street also highlights MOS's consistent growth in earnings per share, suggesting effective reinvestment in the business. MOS predicts a strong year ahead for nutrient application, supported by healthy crop prices and grower economics. With a low PE ratio of 4.86 and a market cap of $17.0 billion, MOS presents an enticing opportunity. Notably, The Mosaic Company reported a significant increase in sales, reaching $5.35 billion for the three months ending September 30, 2022, compared to $3.4 billion in the same period the previous year. This surge in sales can be attributed to disruptions in fertilizer and agricultural commodities caused by the war in Ukraine, as well as Chinese reductions in phosphate exports impacting the global fertilizer market.
Steel Dynamics, Inc. (STLD) recently announced a first quarter cash dividend of $0.425 per common share, marking a 25 percent increase from the previous year. Steel Dynamics's board of directors made this decision to showcase their confidence in the robust cash generation capabilities of the organization. Mark D. Millett, the Chairman, President, and Chief Executive Officer, emphasized that the dividend growth aligns with their structural growth initiatives, maintaining a solid cash dividend growth profile. Steel Dynamics's strong cash generation and capital foundation enable them to pursue significant organic and transactional strategic growth initiatives while ensuring consistent shareholder distributions and investment grade credit ratings.
Warrior Met Coal, Inc. (HCC) recently made a move by increasing its regular quarterly cash dividend by 17%. Warrior Met Coal's board of directors approved this decision, aiming to reward its loyal stockholders. The dividend increase was specifically declared on February 9, 2023, with a value of $0.07 per share. Shareholders of record as of the close of business on February 20, 2023, were entitled to receive the increased dividend, which was subsequently paid on February 27, 2023. This positive development reflects Warrior's commitment to enhancing shareholder value and underscores its financial strength and confidence in future prospects. The dividend increase may have been influenced by various factors, such as robust financial performance, favorable market conditions, and management's optimistic outlook for Warrior Met Coal's growth potential.
All data was sourced from LevelFields AI
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