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Precision Castparts Maintains Dividend, Boosts Buyback Program

Friday - 8/16/2013, 2:26pm  ET

Precision Castparts is making a two-barreled effort to support its stock price. The company has declared its latest quarterly common stock dividend, which will be $0.03 per share paid on September 30 to shareholders of record as of September 6. That amount matches all of the firm's preceding disbursements stretching back to December 2000.  

The distribution annualizes to $0.12 per share, yielding 0.1% at Precision Castparts' most recent closing stock price of $217.58.

The company also announced an expansion of its existing share repurchase program. An additional $750 million has been authorized by the board, effective immediately and to be in force through June 2015. The existing program has roughly $400 million remaining from the previous authorization.

At the moment, Precision Castparts has 146.3 million shares outstanding.

This article was originally published as Precision Castparts Maintains Dividend, Boosts Buyback Programon Fool.com

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