Astec Industries, Inc. (NASDAQ:ASTE) announced that the Board of Directors has authorized the repurchase of up to an aggregate $ 150 million of the outstanding common stock.
The company also announced that it has declared a quarterly cash dividend of $ 0.11 per share of common stock, an increase of 10 percent compared to prior quarterly dividends. The dividend is to be paid on or after August 30, 2018 to the common shareholders of record as of August 13, 2018.
Benjamin G. Brock, CEO, stated, The announcement that we have initiated a stock buyback program and increased the dividend reflects our confidence in the Company’s core business and our commitment to enhancing shareholder value. We believe Astec represents an attractive investment opportunity, and our strong balance sheet and cash flow clearly provide flexibility to return capital to shareholders at this time.
The CEO, continued, Our Board and management will continue to make decisions we believe will support our long-term goals of increasing operational efficiency, reducing costs and improving profitability, enabling the Company to better serve its customers and allowing us to drive value for our shareholders.