Mosaic Unveils $1.5 Billion Buyback, Raises Dividend

The Mosaic Co. shares rose in after-hours trade Thursday, after the producer of fertilizer announced a $1.5 billion share buyback and raised its quarterly dividend. Plymouth, Minn.-based Mosaic said it will execute an accelerated buyback of $500 million of shares, and buy the rest back in the next two to three years. The company raised its quarterly dividend to 27.5 cents a share from 25 cents. The new dividend is payable June 18 to shareholders of record as of close of trade June 4. Shares are down 13% in the year so far, while the S&P 500 has gained 3%.