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Albemarle to join aristocrats

Lithium leader Albemarle Corporation (NYSE: ALB) is one of seven companies to be added to the S&P 500 Dividend Aristocrats index, effective from February 3.
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Albemarle produces lithium carbonate from Salar de Atacama in Chile

Staff reporter

No companies were deleted in the rebalance.

The index measures the performance of S&P 500 companies which have increased dividends every year for the past 25 consecutive years.

Albemarle had declared a dividend increase of 10% on February 26, 2019, and paid the fourth quarter of that dividend on January 2, marking 25 sequential years of dividend growth.

The index had 57 constituents at December 31 with industrial companies representing 23.1% and materials 10.7%.

"Albemarle is honoured to join the select group of companies that comprise the Dividend Aristocrats," CEO Luke Kissam said.

"Consistently increasing our annualised dividend from $0.10 in 1994 to $1.47 in 2019, a 22% annual growth rate, reflects our steadfast commitment to returning cash to shareholders.

"We are confident in Albemarle's future, will remain disciplined in our capital allocation, and will continue to prioritise dividend growth." 

The specialty chemicals company was also last week among the handful of resource companies included in the 2020 Bloomberg Gender-Equality Index.  

It's due to release its latest earnings after market close in New York on February 19.

Its shares have ranged from US$58.63-$93.14 over the past year and closed 1.6% higher yesterday to $80.20 to capitalise it at $8.5 billion.