Stepan Declares 22 Cent Dividend, Authorizes 500,000 Share Buyback
The dividend is payable on March 13 to common stockholders of record on February 27. The board also declared a quarterly cash dividend on its five and one half percent convertible preferred stock at the quarterly rate of $0.34375 per share. Dividends are payable on February 27 to preferred stockholders of record on February 13.
The buyback authorization allows for the repurchase of up to 500,000 shares of the company's outstanding common stock, or the equivalent in Stepan preferred stock. It replaces a 300,000 share authorization approved in 2004, of which the remaining unutilized repurchase authorization of 111,256 shares is cancelled.
Stepan's repurchase authorization represents around 4.6 percent of the company's total shares of common stock outstanding.
Northfield, Illinois-based Stepan is a producer of specialty and intermediate chemicals used in household, industrial, personal care, agricultural, food and insulation-related products.
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