Altera Raises Dividend As Cash Flow Increases

Altera Corporation (ALTR: 41.08 +0.76%) announced yesterday that the company is increasing their quarterly dividend by 20% to $.06 per share.

 

Following the dividend increase, Altera shares will offer a 0.8% dividend yield.

 

Altera also announced second quarter revenue growth of 68%, while earnings came in $.05 above Wall Street’s consensus expectations.

 

The chipmaker can certainly afford to increase their dividend. The company finished the second quarter with $2.1 billion in cash and virtually no debt on their balance sheet. Even with the increased dividend, ALTR will only pay $72 million each year in dividend payments.

 

Altera shares have gained 25% since the beginning of the year and have easily outperformed the S&P 500 index in 2010.

 

The dividend will be payable on September 1, 2010 to shareholders of record as of August 10, 2010.

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