Brunswick boosts dividend by 14%, stock jumps toward 11-month high

Tue, 15 Oct 2019 15:54:12 GMT


Brunswick Corp. said Tuesday it has raised its quarterly dividend by 14%, to 24 cents a share from 21 cents a share. The boat and engines maker said the new dividend will be payable Dec. 13 to shareholders of record on Nov. 19. The stock rose 1.6% in midday trading, putting them on track to close at the highest level since Nov. 26, 2018. Based on current prices, the new annual dividend rate implies a dividend yield of 1.76%, compared with the implied yield for the S&P 500 of 1.97%. The company said it has now increased its dividend for seven consecutive years. "The strong and steady profitability of our Parts & Accessories business and its aftermarket revenue, along with our focus on product leadership, operational excellence, and the structural changes we've made to leverage our scale across our marine businesses position us well for the future," said Chief Executive David Foulkes. The stock has run up 17% year to date, while the S&P 500 has climbed 20%.

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