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CMC Materials raises dividend by 4.5%, boosts stock buyback program

CMC Materials Inc. said Wednesday it will raise its quarterly dividend by 4.5%, to 46 cents a share from 44 cents, and has increased its stock repurchase program to $150 million. Shares of the supplier of materials used by semiconductor makers were still inactive in the premarket. The company said the new dividend will be payable on or about April 23 to shareholders of record on March 23. Based on Tuesday’s stock closing price of $168.53, the new annual dividend rate implies a dividend yield of 1.09%, compared with the implied yield for the S&P 500 of 1.49%, according to FactSet. The stock has rallied 15.8% over the past three months, while the PHLX Semiconductor Index has advanced 13.1% and the S&P 500 has gained 5.6%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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