Valspar increases dividend 15% to 23c per share, authorizes 15M share repurchase The Valspar Corporation announced its board has declared a quarterly dividend of 23c per share, payable December 28 to all common stockholders of record on December 17. This dividend payment accelerates the corporation's regular quarterly dividend, which is normally paid in January. The payment represents a 15% increase over last quarter's payment. The board has also authorized the repurchase of 15M shares of outstanding common stock. This authorization is effective immediately, replaces the previous repurchase authorization of October 2010, and has no expiration date.
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Valspar upgraded to Conviction Buy from Neutral at Goldman Goldman Sachs upgraded Valspar to Conviction Buy from Neutral citing the valuation discount peers, the recovery in the U.S. housing market and momentum in the company's Australian business. The firm raised its price target for shares to $97 from $83.