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17.09.2019 14:18:23

Masco boosts dividend, sets new $2 billion stock repurchase program

Masco Corp. said Tuesday it approved a new $2 billion stock repurchase program, and declared a quarterly dividend of 13.5 cents a share, which is up from the previous dividend of 12 cents a share. The home improvement and building products company's new dividend will be payable Nov. 12 to shareholders of record on Oct. 11. Based on Monday's stock closing price of $42.72, the new annual dividend rate implies a dividend yield of 1.26%, compared with the implied yield for the S&P 500 of 1.95%. And at Monday's closing price, the new stock repurchase program, which cancels the previous program, could represent 46.8 million shares, or about 16% of the shares outstanding. Masco's stock, which was unchanged in premarket trading, has run up 46% year to date, while the S&P 500 has gained 20%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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