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Alberto Abaterusso
Alberto Abaterusso
Articles (2281) 

2 Long-Term Payers Announce Dividends

They have a consistent history of payments and growth

June 03, 2020 | About:

Greif Inc (NYSE:GEF) and Myers Industries Inc (NYSE:MYE) announced quarterly dividends on Tuesday, June 2. These companies are also loyal payers, as they have been paying dividends for three decades or more.

Greif Inc

The Delaware, Ohio-based producer and seller of industrial packaging products and services to companies worldwide announced that on July 1, it will distribute a quarterly cash dividend of 44 cents per common share, which is on par with the prior payment. In order to benefit from the distribution, shareholders must be on the company’s books no later than June 18. The ex-dividend date is scheduled for June 17.

Based on Tuesday’s closing share price of $33.91, the quarterly dividend generates a forward dividend yield of 5.19% versus the S&P 500's 1.93%. Greif has been paying dividends for more than three decades and increased them at a compound annual growth rate of 0.93% over the past five years.

The company sustains the payment of the quarterly dividend with more than $90 million available in cash on hand and cash flows of approximately $415 million to $425 million from yearly operating activities.

Over the past year, the share price has fallen 12.5%, determining a 52-week range of $23.65 to $50.37. The stock has a market cap of around $1.73 billion, a price-earnings ratio of 11.57 versus the industry median of 14.06 and a price-sales ratio of 0.37 versus the industry median of 0.61.

Wall Street sell-side analysts recommend a hold rating for shares of Greif Inc and have produced an average target price of $38.17 per share.

Myers Industries Inc

The Akron, Ohio-based manufacturer and seller of polymer products announced that on July 2, it will pay a quarterly cash dividend of 13.5 cents per common share, which is on par with the previous distribution. The dividend will be paid to shareholders of record as of June 12. The ex-dividend date is scheduled for June 11.

Based on Tuesday’s closing share price of $13.94, the quarterly dividend produces a forward dividend yield of 3.87%, while the S&P 500 index yields 1.93%. Myers Industries has been distributing dividends for more than 30 years. The company has increased its dividends at a CAGR of 0.8% over the past five years.

The company funds the payment of the quarterly dividend through cash available on hand of approximately $73.2 million as of the most recent quarter, which ended on March 30. Operating activities for the prior 12 months generated cash flows of $46 million.

Over the past year, the share price has fallen 23.4%, determining a 52-week range of $6.91 to $19.55. The stock has a market cap of $498.60 million, a price-earnings ratio of 14.52 versus the industry median of 14.06 and a price-sales ratio of 1 versus the industry median of 0.61.

Wall Street sell-side analysts recommend a hold rating for shares of Myers Industries Inc and have established an average target price of $14 per share.

Disclosure: I have no positions in any securities mentioned.

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About the author:

Alberto Abaterusso
I am a contributor at GuruFocus. I primarily write about gold, silver and precious metals mining industries. My articles have also been widely linked by popular sites, including MarketWatch, Financial Times, 24hGold, Investopedia, Financial.org, CNBS, MSN Money, Zachs, Reuters and others. I hold a Master's Degree in Business Administration from Università degli Studi di Bari (Italy), Aldo Moro. I am based in The Netherlands.

You can follow me on Twitter at https://twitter.com/AAbaterusso

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