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Carlisle's (CSL) Board Approves 3% Hike in Quarterly Dividend

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Carlisle Companies Incorporated (CSL - Free Report) announced a reward for its shareholders in the form of a 3% increase in the quarterly dividend rate. The increment marks its 45th consecutive year of a dividend rate increase.

It is worth noting here that the company’s shares have gained 1.15% in the last two trading days. The closing trading price was $205.51 on Aug 6.

We believe that such shareholder-friendly policies are reflective of the company’s strong cash position.

Inside the Headlines

As revealed, the board of directors of Carlisle approved a hike of 1.5 cents per share in the quarterly dividend rate. The revised rate now stands at 54 cents per share. On an annualized basis, the dividend increased to $2.16 per share from the previous rate of $2.10.

Carlisle will pay out the revised dividend on Sep 1, 2021, to shareholders of record as of Aug 18.

Sound Shareholder-Friendly Policies

The company firmly believes in rewarding shareholders handsomely through dividend payments and share buybacks. In the last three years (2018-2020), its dividend payouts totaled $308.8 million and it bought back shares worth $1,224.3 million.

In the first half of 2021, its dividend payout was $56 million, the same as the year-ago period. Moreover, the company repurchased shares worth $265.6 million in the first half of 2021, higher than $191.8 million in the first half of 2020.

Zacks Rank, Earnings Estimate Trend and Price Performance

With a market capitalization of $10.7 billion, Carlisle currently carries a Zacks Rank #2 (Buy). The company benefits from strengthening medical business, growth in the U.S. reroofing market, product innovation and buyouts. However, challenges in the Carlisle Interconnect Technologies segment, and high costs and expenses are concerning.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

In the past three months, its shares have gained 5.7% compared with the industry’s growth of 4%.


Zacks Investment Research
Image Source: Zacks Investment Research


Currently, the Zacks Consensus Estimate for the company’s earnings is pegged at $9.16 for 2021 and $11.48 for 2022, marking increases of 4.2% and 6.1% from the respective 30-day-ago figures.

Other companies that hiked their quarterly dividend rate so far in 2021 are 3M Company (MMM - Free Report) , Illinois Tool Works Inc. (ITW - Free Report) and Stanley Black & Decker, Inc. (SWK - Free Report) .

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