ICL Group Ltd (NYSE:ICL) Declares Dividend Increase – $0.04 Per Share

ICL Group Ltd (NYSE:ICL) declared a quarterly dividend on Thursday, February 27th, Wall Street Journal reports. Stockholders of record on Wednesday, March 12th will be paid a dividend of 0.0403 per share by the basic materials company on Tuesday, March 25th. This represents a $0.16 annualized dividend and a dividend yield of 2.62%. The ex-dividend date 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 payment by an average of 3.5% annually over the last three years. ICL Group has a dividend payout ratio of 43.8% meaning its dividend is sufficiently covered by earnings. Equities research 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 Up 2.8 %

Shares of NYSE ICL traded up $0.17 on Thursday, reaching $6.15. 1,086,958 shares of the company’s stock traded hands, compared to its average volume of 975,940. The company has a market cap 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 company has a quick ratio of 0.91, a current ratio of 1.56 and a debt-to-equity ratio of 0.30. The business’s 50 day simple moving average is $5.62 and its two-hundred day simple moving average is $4.78. ICL Group has a 12 month low of $3.79 and a 12 month high of $6.57.

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

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. StockNews.com upgraded shares of ICL Group from a “buy” rating to a “strong-buy” rating in a report on Tuesday, November 12th. Barclays upgraded ICL Group from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $4.00 to $6.00 in a report on Tuesday, January 21st. Finally, BMO Capital Markets raised their price objective on shares of ICL Group from $6.00 to $6.50 and gave the stock 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.