Celanese Corp (CE) will raise its quarterly dividend by 9.7 percent to 68 cents per share in 2021. This follows a dividend hike of 14.8 percent to $0.62 per share in the second quarter of 2019. Celanese did not announce a dividend increase in 2020. However this marks the 12th consecutive year of dividend increases by the specialty materials company based on total dividends paid in each calendar year.
The next dividend is payable on February 23, 2021 to stockholders of record as of February 9, 2021. A new annualized rate of $2.72 per share yields 2.2% at a stock price of $123.
“We accelerated the typical timing of the increase to our quarterly dividend this year in light of anticipated earnings growth in 2021 and the strength of our cash generation. We intend to continue growing our quarterly dividend in line with future earnings growth as a foundational component of our total shareholder value creation,” said Lori Ryerkerk, chairman and chief executive officer in the company's press release dated January 28, 2021 announcing this dividend hike.
Celanese Corporation is a technology company specialized in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications. It's segments include Advanced Engineered Materials, Consumer Specialties, Industrial Specialties, Acetyl Intermediates and Other Activities. Celanese has operations in North America, Europe and Asia. Celanese Corporation has paid a dividend to shareholders every year since 2005.