Potash Corp. of Saskatchewan Inc. more than doubled its quarterly cash dividend and approved a stock divided, giving every holder another two shares for every one they own. Shares were up 3% at $173.71 in New York after hours. The stock has climbed 53% in the last 12 months through the close.
Before the three-for-one stock split, Potash's quarterly cash dividend will rise to 21 cents from 10 cents a share. After the split, it will be 7 cents a share.
Before the three-for-one stock split, Potash's quarterly cash dividend will rise to 21 cents from 10 cents a share. After the split, it will be 7 cents a share.
The cash dividend increase will cost the company about $32 million.
Chief Executive Bill said Wednesday The doubling of our dividend reflects the confidence we have in the long-term drivers of our business and further commitment to using our strong cash flow to create value for our shareholders."
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