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Columbus McKinnon boosts dividend by 20%

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Columbus McKinnon Corp. said Tuesday it will raise its quarterly dividend by 20%, to 6 cents a share from 5 cents. The motion control products maker's new dividend will be payable May 13 to shareholders of record on May 3. Based on Monday's stock closing price of $33.35, the new annual dividend rate implies a dividend yield of 0.72%, compared with the implied yield for the S&P 500 of 2.03%, according to FactSet. Separately, the company approved a new $20 million stock repurchase program. The stock, which was still inactive in premarket trade, has gained 10.7% year to date while the S&P 500 has climbed 11.6%.

 

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