Discover the consumer cyclical stocks with the biggest dividend increases last month, May
Dividends
June 18, 2023
Murphy USA Inc. (MUSA) recently announced a 3% increase in its quarterly cash dividend on the Common Stock, now standing at $0.38 per share or $1.52 per share annually. This decision by Murphy USA's Board of Directors reflects their commitment to rewarding stockholders and generating long-term value. The dividend increase signifies Murphy USA's confidence in its financial performance and future prospects. Recent developments and positive news surrounding Murphy USA likely contributed to this dividend boost.
Lowe's Companies, Inc. (LOW) has announced a quarterly cash dividend of $1.10 per share, payable on August 9, 2023, to shareholders of record as of July 26, 2023. This represents a 5% increase compared to the previous dividend of $1.05 per share. The decision to raise the dividend reflects Lowe's significant progress with its Total Home strategy, resulting in market share gains, enhanced loyalty from professional customers, accelerated online growth, and increased value for DIY customers. Marvin R. Ellison, Lowe's chairman, president, and CEO, emphasized their commitment to a top-notch capital allocation strategy focused on sustainable shareholder value. Lowe's has a long-standing history of paying quarterly dividends since its initial public offering in 1961, consistently increasing the dividend for over 25 years.
Pool Corporation (Nasdaq/GSM:POOL) has recently announced an increase in its quarterly cash dividend from $1.00 per share to $1.10 per share, marking the 18th time Pool Corporation has raised its dividend since 2004. This decision reflects Pool Corporation's commitment to returning cash to its shareholders and creating exceptional value for all stakeholders. Additionally, the Board of Directors has authorized an additional $413.6 million for Pool Corporation's share repurchase program, bringing the total authorization to $600.0 million.
Leggett & Platt's recent announcement of a 4.5% increase in its second quarter dividend to $.46 per share reflects Leggett & Platt's commitment to rewarding its shareholders. With a dividend yield of 5.7%, Leggett & Platt stands out as one of the Dividend Kings, boasting an impressive track record of 52 consecutive years of annual dividend growth.
Group 1 Automotive, Inc. (GPI), a leading Fortune 300 automotive retailer with 206 dealerships in the U.S. and U.K., recently appointed Charles Szews as the non-executive chairman of its Board of Directors, succeeding Stephen D. Quinn. Mr. Szews' extensive background in corporate finance, accounting, and operations makes him an excellent choice for the role. In recognition of Group 1 Automotive's commitment to growing the business and rewarding shareholders, Group 1 also declared a dividend of $0.45 per share, representing a 20% increase from the previous year's dividend rate.
Penske Automotive Group, Inc. (PAG), a leading global transportation services company and automotive retailer, recently announced an 8% increase in its quarterly dividend, raising it by $0.05 per share to $0.66 per share. The decision to boost the dividend was driven by Penske Automotive Group’s strong performance and continued robust cash flow. Additionally, management has been granted an additional $250 million in authority to repurchase outstanding securities, indicating their confidence in Penske Automotive Group's future prospects. This move demonstrates Penske Automotive Group's commitment to returning value to shareholders and optimizing their capital structure. The dividend is payable on June 1, 2023, to shareholders of record as of May 22, 2023. With its ongoing repurchase program and careful evaluation of market conditions and alternative capital uses, Penske Automotive Group aims to enhance shareholder value and capitalize on potential opportunities in the industry.
Havertys (HVT) recently announced a 7.1% increase in its quarterly dividend, raising it from $0.28 per share to $0.30 per share on Havertys' common stock. The dividend for the Class A common stock has also been increased from $0.26 to $0.28 per share. This decision by the board of directors demonstrates Havertys' positive long-term outlook, robust financial position, and dedication to its stockholders. The dividend will be payable on June 21, 2023, to stockholders of record as of June 6, 2023. Havertys has a rich dividend history, having paid cash dividends annually since 1935.
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