RPM International Inc. announced at its annual meeting of stockholders that its board of directors declared a regular quarterly cash dividend of $0.38 per share, payable on Oct. 30, 2020, to stockholders of record as of Oct. 19, 2020.
This payment represents a 5.6 percent increase over the $0.36 quarterly cash dividend paid at this time last year.
This action marks RPM’s 47th consecutive year of increased cash dividends paid to its stockholders, which places RPM in an elite category of less than half of 1 percent of all publicly traded U.S. companies.
Only 41 other companies, besides RPM, have consecutively paid an increasing annual dividend for this period of time or longer, according to the Mergent Handbook of Dividend Achievers.
During this timeframe, the company has returned approximately $2.6 billion in cash dividends to its stockholders. At a share price of $85, RPM's dividend yield would be 1.8 percent.
“One of the primary ways we continuously reward our shareholders is by annually increasing our cash dividend,” said Frank C. Sullivan, RPM chairman and CEO. “Increasing the dividend, combined with an appreciating stock price, is key to our ability to consistently deliver long-term value and outperform the cumulative total return of the broader market.”
At the meeting, four directors were elected to serve in Class III with three-year terms expiring at the annual meeting of stockholders in 2023.
They included Julie A. Lagacy, VP of global information services and chief information officer of Caterpillar Inc.; Robert A. Livingston, retired president and CEO of Dover Corporation; Frederick R. Nance, global managing partner of Squire Patton Boggs (US) LLP; and William B. Summers Jr., retired chairman and CEO of McDonald Investments Inc.
