Bloomington, Minn.-based The Toro Co. this week announced that its board of directors declared a quarterly cash dividend of $0.14 per share, an increase from the previous quarterly dividend rate of $0.11 per share. This dividend is payable on Dec. 31, to shareholders of record on Dec. 21. This accelerated quarterly dividend replaces the dividend that would have been payable in January 2013.
The board also authorized the repurchase of an additional 5 million shares of common stock in the open market or in privately negotiated transactions.
The Toro Co. is a provider of turf, landscape, rental and construction equipment, and irrigation and outdoor lighting solutions.