H.B. Fuller Co (FUL) will raise its quarterly dividend by 13.4 percent to 19 cents per share in 2022. This follows a dividend hike of 3.1 percent to $0.1675 per share in 2021 and marks the biggest increase since 2014 by FUL. The specialty chemicals company has now raised its dividend 53 consecutive years. The company also announced that its Board of Directors authorized a share repurchase plan of up to $300 million of the Company’s outstanding common shares for a period of up to five years.
The first increased dividend of $0.1675 per share of common stock is payable on May 5, 2022 to shareholders of record at the close of business on April 21, 2022. The new annual dividend of 76 cents per share yields almost 1.1% at a stock price of $67.55 for H.B. Fuller.
“Raising our dividend by 13% reflects our confidence for continued growth of our global adhesives business,” said Jim Owens, H.B. Fuller president and chief executive officer. “The diversity of the materials we purchase, the agility in our global operations, and our expertise as formulators and application scientists enables us to deliver adhesive solutions our customers need in today’s supply-constrained environment, and innovation that is essential for tomorrow’s products. Increasing our dividend for 53 consecutive years is a solid demonstration of our financial strength and the resiliency of our cash flow through more than five decades of different economic conditions and cycles.”
With more than 25 consecutive years of dvidend increases AND a double digit increase just announced H.B. Fuller is one of the 2022 dividend hike stars.
H.B. Fuller Company is a formulator, manufacturer and marketer of adhesives, sealants and other specialty chemical products. Industrial adhesives represent the company's core product offering. . Customers use the company's adhesives products in manufacturing common consumer and industrial goods, including food and beverage containers, disposable diapers, windows, doors, flooring, roofing, appliances, sportswear, footwear, multi-wall bags, water filtration products, insulation, textiles, automobiles, recreational vehicles, buses, trucks and trailers, marine products, solar energy systems, electronics and products for the aerospace and defense industries. H.B. Fuller operates worldwide with businesses in North America, Europe, Latin America, the Asia Pacific region, India, the Middle East and Africa. The company was founded in 1887 and incorporated as a Minnesota corporation in 1915.