Kaydon Improves Dividend by a Penny

Investors in Kaydon Corporation (KDN: 37.80 +2.77%) will start seeing a slightly higher dividend in October.

 

The company announced today that they are increasing their quarterly dividend by 6% to $.19. Following the dividend increase, KDN shares will yield 2.1% based on yesterday’s closing price.

 

This marks the fourth consecutive year that Kaydon has increased their dividend.

 

James O’Leary, Chairman and Chief Executive Officer commented, “The Board of Directors of Kaydon shares management’s confidence in the fundamental strength of the Company’s businesses. Our businesses’ demonstrated cash generating ability, together with our strong balance sheet, are reflected by this enhanced return to our shareholders.”

 

Kaydon shares have gained 3% since the beginning of the year and have outperformed the S&P 500 index. KDN shares were up nearly 3% in early morning trading on the dividend increase and strong second quarter earnings results.

 

The increased dividend will be payable on October 4, 2010 to shareholders of record as of September 13, 2010.

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