adminBy Ben Glickman
Minerals Technologies doubled its quarterly dividend to 10 cents from 5 cents and approved a new $75 million share buyback program, which the company said reflected their confidence in its growth and recent financial performance.
The payout, equal to 40 cents a year, represents an annual yield of 0.8% based on Wednesday’s closing price of $50.14.
The New York-based company’s share repurchase program will last one year and authorizes the purchased of up to $75 million in shares.
Chief Executive Douglas Dietrich said the two moves were “consistent with our stated balanced approach and history of returning cash to shareholders while maintaining our ability to fund our inorganic growth strategies.”
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