Deere’s (NYSE:DE) board of directors has approved an increase to its quarterly dividend, marking the company’s eighth since 2004.
The maker of agriculture, forestry and construction products raised the dividend on Wednesday to 35 cents a share, up about 17% from its previous dividend of 30 cents.
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Deere CEO Samuel R. Allen said the Moline, Ill-based company has “consistently displayed” long-term value to shareholders.
"Today's announcement emphasizes that we remain confident in the future direction of the company as Deere sharpens its strategic focus and concentrates its resources on growing our core equipment businesses around the world," he said.
The dividend is payable Feb. 1 to stockholders of record on Dec. 31.