Shares of Worthington Industries Inc. WOR, +4.57% rose 2.0% in morning trading Wednesday, after the Ohio-based industrial manufacturing company said it raised its dividend by 12% and more than doubled the number of shares it is authorized to repurchase. The company said the new quarterly dividend of 28 cents a share, up from 25 cents, will be payable June 29 to shareholders of record on June 15. Based on current stock prices, the new annual dividend rate implies a dividend yield of 1.71%, above the implied yield for the S&P 500 SPX, +0.63% of 1.47%, according to FactSet. Separately, the company said it added 5.62 million shares to its buyback authorization, bringing the total number of shares it is authorized to repurchase to 10.00 million shares, which represents 19.2% of the shares outstanding as of Dec. 31. The stock has run up 28.7% over the past three months, while the S&P 500 SPX, +0.63% has gained 6.0%.
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