DALLAS - CSW Industrials, Inc. (NASDAQ:CSWI), a diversified industrial growth company, has announced an increase in its quarterly cash dividend. The Board of Directors declared a dividend of $0.21 per share, marking a $0.02 rise or approximately 10.5% from the previous quarter. Shareholders on record by April 26, 2024, will be eligible for the dividend, which is scheduled for disbursement on May 10, 2024.
The company's Chairman, President, and CEO, Joseph B. Armes, cited a robust balance sheet, strong cash flows, and profitability as the reasons for the dividend increase. Over the last five years, CSW Industrials has returned $143 million to its shareholders through dividends and share repurchases. During this period, the company has also achieved growth organically and through strategic acquisitions.
CSW Industrials operates across three segments: Contractor Solutions, Specialized Reliability Solutions, and Engineered Building Solutions, providing niche, value-added products known for performance and reliability. The company's brands are recognized in various markets, including HVAC/R, plumbing, general industrial, building products, energy, mining, and rail.
This financial move reflects the company's commitment to delivering value to its shareholders and confidence in its ongoing business performance. This information is based on a recent press release statement from CSW Industrials.
InvestingPro Insights
As CSW Industrials, Inc. (NASDAQ:CSWI) announces an uplifting dividend increase, the InvestingPro metrics and tips provide a deeper perspective on the company's financial health and market position.
InvestingPro Data highlights a robust market capitalization of $3.7 billion, underscoring the company's substantial presence in the industrial sector. The P/E ratio stands at a significant 38.15, suggesting a high valuation by the market relative to earnings. Furthermore, the latest revenue figure for the last twelve months as of Q3 2024 shows a healthy increase of 5.73%, indicating sustained growth.
Two InvestingPro Tips that stand out for CSW Industrials include the company's consistent track record of raising its dividend for 5 consecutive years, which aligns with the recent announcement. Moreover, CSW Industrials is trading near its 52-week high, with the price at 97.39% of this peak, reflecting investor confidence and a strong market performance.
For those interested in gaining more insights, InvestingPro offers an additional 14 tips for CSW Industrials, which can be accessed by visiting the InvestingPro website. Moreover, to enhance your InvestingPro experience, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
These insights and tips from InvestingPro provide investors with a comprehensive view of CSW Industrials' financial standing and market sentiment, complementing the positive news of the company's dividend increase and its strategic growth initiatives.
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