Archer Daniels Midland Co. (NYSE: ADM) on Monday increased its regular quarterly cash dividend to 24 cents a share from 19 cents.
“Our continued strong cash flow generation and our confidence in the future earnings power of our company allow us to significantly increase our quarterly dividend,” ADM chairman and CEO Patricia Woertz said in a news release.
She said the company aims to distribute to shareholders between 25 percent and 30 percent of earnings going forward, up from a range of between 20 percent and 25 percent.
The company also announced it intends to buy back from its shareholders 18 million shares of its stock by the end of 2014. The buyback is valued at $725 million based on current share prices.
The Decatur-based food processing giant is considering moving its headquarters from central Illinois to Chicago.
Hat tip: online.wsj.com