Lennox International Inc (NYSE: LII), a leader in energy-efficient climate-control solutions, said this week its Board of Directors had authorized a quarterly dividend of $1.15 per share of common stock.
The latter represents a 4.5% increase compared to the previous quarterly dividend payment.
The dividend will be paid on July 15th to shareholders of record as of the close of business on June 28th 2024, the company said.
“Our latest dividend increase is a result of consistently executing our strategy, driving margin improvements and generating solid cash flow. Our investments in expanded manufacturing capacity and sustainable products enhance our performance and competitiveness in the marketplace,” Lennox International’s Chief Financial Officer Michael Quenzer said in a press release.
“We believe that our proactive growth and margin optimization strategies will continue to maximize value and deliver returns to our shareholders.”
Stock Performance
The shares of Lennox International Inc (LII) closed 0.49% ($2.43) higher at $493.35 in New York on Tuesday, as they extended the gain from the previous market session.
The company’s total market cap now stands at $17.575 billion.
The shares of Lennox International Inc (LII) went up 87.07% in 2023, compared with a 10.99% gain for the benchmark index, NYSE Composite (NYA).
The company’s shares have risen 10.24% so far this year.
Analyst stock price forecast and recommendation
According to TipRanks, at least 6 out of 11 surveyed investment analysts had rated Lennox International Inc’s stock as “Buy”, while 4 – as “Hold”. The median price target on the stock stands at $496.56, which translates into a 0.65% upside compared to the closing price on Tuesday.
The high point of the analyst forecast range stands at $550.00.
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