Specialty ingredients, flavor and color manufacturer for the food and beverage industry Sensient Technologies Corporation (SXT) recently announced a quarterly dividend of 41 cents per share, up 5.1% from the previous dividend of 39 cents.
Following the news, shares of the company appreciated 4.8% to close at $96.21 on Friday.
The dividend will be paid on December 1, 2021, to shareholders of record as of November 1, 2021.
The company’s annual dividend of $1.64 per share now reflects a dividend yield of 1.8% based on Friday’s closing price.
Notably, the company has been raising its quarterly dividend consistently over the past eight years (except for 2020), making it an attractive choice for investors.
The CEO of Sensient Technologies, Paul Manning, said, “This increase raises our dividend payments to an annualized payout of $1.64 per share and reflects the ongoing confidence in the future of our business. With this increase, our quarterly dividend has risen by 37% over the past five years.” (See Sensient Technologies stock chart on TipRanks)
The stock has a Hold consensus rating based on 1 Hold. Two months ago, Robert W. Baird analyst Ghansham Panjabi reiterated a Hold rating on the stock with a price target of $90 (6.5% downside potential). Shares of the company have gained 41.2% over the past year.