Donaldson Boosts Dividend, Announces New Stock Buyback Program

(RTTNews) - Donaldson Co., Inc. (DCI) said Friday that its Board of Directors has approved an increase to its quarterly cash dividend and authorized a new share repurchase program.

The company declared a quarterly cash dividend of $0.17 per share, an increase of 3% from the previous quarterly cash dividend of $0.165 per share. The increased dividend is payable July 2 to shareholders of record as of June 16.

Additionally, Donaldson's board has authorized the repurchase of up to 14 million shares of its common stock, or about 10% of its outstanding shares. The new repurchase authorization replaces the existing authority that was approved in September 2013. Through the third quarter of fiscal 2015, the company has repurchased about 11.6 milion shares under the prior authorization of 15 million shares.