ICL Group Ltd (NYSE:ICL) Increases Dividend to $0.04 Per Share

ICL Group Ltd (NYSE:ICL) announced a quarterly dividend on Thursday, February 27th, Wall Street Journal reports. Stockholders of record on Wednesday, March 12th will be given a dividend of 0.0403 per share by the basic materials company on Tuesday, March 25th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date of this dividend is Wednesday, March 12th. This is a 203.0% increase from ICL Group’s previous quarterly dividend of $0.01.

ICL Group has decreased its dividend payment by an average of 3.5% per year over the last three years. ICL Group has a dividend payout ratio of 45.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect ICL Group to earn $0.42 per share next year, which means the company should continue to be able to cover its $0.21 annual dividend with an expected future payout ratio of 50.0%.

ICL Group Stock Down 0.6 %

Shares of NYSE ICL opened at $6.04 on Monday. ICL Group has a 12-month low of $3.79 and a 12-month high of $6.57. The stock has a market cap of $7.93 billion, a PE ratio of 19.47, a P/E/G ratio of 7.10 and a beta of 1.21. The company has a current ratio of 1.56, a quick ratio of 0.91 and a debt-to-equity ratio of 0.30. The company has a 50-day moving average of $5.78 and a 200 day moving average of $4.87.

ICL Group (NYSE:ICL) last announced its quarterly earnings data on Wednesday, February 26th. The basic materials company reported $0.08 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.08. ICL Group had a net margin of 5.83% and a return on equity of 8.31%. The company had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.65 billion. As a group, sell-side analysts predict that ICL Group will post 0.37 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Barclays increased their price target on shares of ICL Group from $6.00 to $7.00 and gave the company an “equal weight” rating in a research note on Wednesday, March 5th. StockNews.com cut shares of ICL Group from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 27th. Finally, BMO Capital Markets increased their price target on shares of ICL Group from $6.00 to $6.50 and gave the company a “market perform” rating in a research note on Thursday, February 27th.

About ICL Group

ICL Group Ltd, together with its subsidiaries, operates as a specialty minerals and chemicals company worldwide. It operates in four segments: Industrial Products, Potash, Phosphate Solutions, and Growing Solutions. The Industrial Products segment produces bromine out of a solution that is a by-product of the potash production process, as well as bromine-based compounds; produces various grades of potash, salt, magnesium chloride, and magnesia products; and produces and markets phosphorous-based flame retardants and other phosphorus-based products.