Pall Corporation (PLL - Analyst Report), a leading provider of filtration, separation and purification solutions, announced a 10% quarterly dividend increase. The quarterly dividend was increased from 25 cents a share to 275 cents per share.
Pall Corporation has a consistent track record of not only paying quarterly dividends but also increasing the same every year, since 2004. The latest hike brings the forward annual dividend yield, as of Sep 24, 2013, to 1.4%.
The increased quarterly dividend will be paid on Nov 8, 2013, to stockholders of record as of Oct 8. The current rise comes exactly after a year of its prior dividend increase declared on Oct 10, 2012, when dividend was increased from 21 cents to 25 cents per share.
The company’s commitment toward increasing shareholders’ return reflects its free cash flow generating capability, sound liquidity position and defined future prospects. Exiting the year, Pall’s cash and cash equivalents were $936.9 million compared with $500.3 million in the prior-year quarter.
The company’s long-term debt was at $467.3 million as on Jul 31, 2013 compared with $490.7 million as on Jul 31, 2012. Further, the company’s debt to capitalization ratio declined from 24.5% in 2012 to 20.5% in fiscal 2013, which also indicates good debt management.
In fiscal 2013, Pall repaid $358 million to its shareholders, which included $108 million for dividend payments and $250 million for share repurchases.
Pall Corporation continues to invest and focus on growth strategies, new products, markets, applications and regions. The Company is witnessing an economic recovery in its end markets and is focused on deriving benefits from the emerging markets, especially in Asia. The company is benefiting from its close-knit business and well equipped management team while delivering encouraging results.
Pall currently has a Zacks Ranks #3 (Hold). However, some other socks operating in the same industry which are worth reckoning at the moment are Progressive Waste Solutions Ltd. (BIN - Snapshot Report), which carries a Zacks Rank #1 (Strong Buy), Casella Waste Sytems Inc (CWST - Snapshot Report) and Energy Recovery Inc (ERII - Snapshot Report), both having a Zacks Rank #2 (Buy).