Eaton Corporation (ETN) announced today that the company is offering a 2-for-1 stock split and increasing their quarterly dividend by 17% to $.68 per share.
The dividend hike will increase the current yield on Eaton shares to 2.6% based on yesterday’s closing price.
Eaton has now paid dividends to their shareholders for every year since 1923. Last July, the company announced a 16% dividend increase.
Alexander M. Cutler, Eaton chairman and chief executive officer said in a statement, “In light of our strong 2010 results and our outlook for 2011, we are increasing our quarterly dividend by 17 percent. In addition, due to the handsome growth in our stock price, which has risen by more than 60 percent since the start of 2010, we are announcing a two-for-one stock split.”
The 2-for-1 stock split will result in every shareholder as of February 7, 2011 receiving an additional share of common stock. Eaton shares will begin trading on March 1, 2011 on a post-split basis.
The dividend will be payable a pre-split basis on February 25, 2011 to shareholders of record as of February 7, 2011.
Disclosure I am long ETN shares.
Another company on a roll
ReplyDelete