CLEVELAND - NACCO Industries (NYSE: NC), a company involved in natural resources and environmental solutions, has announced an increase in its regular cash dividend. The Board of Directors has approved a rise from 21.75 cents to 22.75 cents per share on both Class A and Class B Common Stock. This change reflects an annual rate of $0.91 per share.
The upcoming dividend will be payable on June 17, 2024, to shareholders who are on record by the close of business on May 31, 2024. This decision by the NACCO Industries Board signifies a commitment to providing value to its shareholders and demonstrates confidence in the company's financial stability.
NACCO Industries has a diverse portfolio through its NACCO Natural Resources businesses, which include the delivery of aggregates, minerals, reliable fuels, and environmental solutions.
InvestingPro Insights
NACCO Industries (NYSE: NC) has shown a strong commitment to its shareholders by increasing its regular cash dividend, a move that is often seen as a signal of a company's financial health and future prospects. Here are some key metrics and insights from InvestingPro that provide a deeper look into the company's financials and performance:
Firstly, NACCO Industries' Market Cap stands at a modest $236.33 million, reflecting its size within the industry. Despite a negative P/E Ratio of -5.88, which typically suggests that the company is not currently profitable, the forward P/E Ratio for the last twelve months as of Q1 2024 is 21.29, indicating that investors may expect earnings to improve in the future.
Moreover, the company has demonstrated a commitment to returning value to its shareholders, as evidenced by the recent dividend increase. This is underscored by one of the InvestingPro Tips, which highlights that NACCO Industries has raised its dividend for 5 consecutive years. Additionally, the company boasts a notable Dividend Yield of 2.75%, which is particularly attractive to income-focused investors.
Despite these positive aspects, it is important to note that the company's Gross Profit Margin stands at 8.37%, which could be considered low and is reflected in another InvestingPro Tip, pointing out the company's weak gross profit margins. This may be an area for potential investors to watch, especially when considering the company's ability to maintain or increase dividend payments in the future.
For those interested in a more comprehensive analysis, InvestingPro offers additional tips on NACCO Industries, which can be accessed at https://www.investing.com/pro/NC. To enhance your InvestingPro experience, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. There are currently 6 additional InvestingPro Tips available that can provide investors with a more nuanced understanding of NACCO Industries' financial health and market position.
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