ICL Group Ltd (NYSE:ICL) Plans Dividend Increase – $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 2.62%. The ex-dividend date of this dividend is Wednesday, March 12th. This is a positive change from ICL Group’s previous quarterly dividend of $0.01.

ICL Group has decreased its dividend by an average of 3.5% annually over the last three years. ICL Group has a payout ratio of 43.8% meaning 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 Trading Up 2.8 %

Shares of NYSE:ICL opened at $6.15 on Friday. The firm has a market capitalization of $8.07 billion, a price-to-earnings ratio of 19.82, a price-to-earnings-growth ratio of 7.10 and a beta of 1.23. The business’s 50 day moving average price is $5.65 and its 200-day moving average price is $4.79. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.56 and a quick ratio of 0.91. ICL Group has a 1 year low of $3.79 and a 1 year high of $6.57.

ICL Group (NYSE:ICL) last posted 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. The business had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.65 billion. ICL Group had a net margin of 5.83% and a return on equity of 8.31%. On average, equities research analysts forecast that ICL Group will post 0.37 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on ICL shares. StockNews.com lowered ICL Group from a “strong-buy” rating to a “buy” rating in a research note on Thursday. Barclays upgraded ICL Group from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $4.00 to $6.00 in a research report on Tuesday, January 21st. Finally, BMO Capital Markets raised their price objective on ICL Group from $6.00 to $6.50 and gave the company a “market perform” rating in a report on Thursday.

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.