Tecnoglass, Inc. Announces 36% Increase in Quarterly Dividend to $0.15 Per Share
Tecnoglass, Inc. Announces 36% Increase in Quarterly Dividend to $0.15 Per Share
Tecnoglass announces a 36% quarterly dividend increase to $0.15, reflecting strong cash flow and growth confidence.
Quiver AI Summary
Tecnoglass, Inc. has announced a 36% increase in its quarterly dividend, raising it from $0.11 to $0.15 per share, which translates to an annualized dividend of $0.60 compared to the previous $0.44. This decision, approved by the Board of Directors, reflects the company's confidence in its strong cash flow and business trajectory. Shareholders recorded by December 31, 2024, will receive the new dividend on January 31, 2025. Santiago Giraldo, the CFO, emphasized that the increase underscores the company's commitment to prudent financial management and delivering shareholder returns while maintaining flexibility for growth initiatives. Tecnoglass is a prominent manufacturer of high-end windows and architectural glass, primarily serving the U.S. market from its facility in Barranquilla, Colombia.
Potential Positives
- Approval of a 36% increase in the quarterly dividend demonstrates the Board's confidence in the company's strong cash flow generation capabilities.
- The new annualized dividend rate of $0.60 per share reflects significant growth from the previous rate of $0.44 per share, which is likely to attract more investors.
- This dividend increase signifies Tecnoglass' commitment to delivering superior shareholder returns while maintaining financial flexibility for strategic growth initiatives.
- The company holds a significant position as the second largest glass fabricator serving the U.S. market and is the #1 architectural glass transformation company in Latin America, highlighting its strong market presence.
Potential Negatives
- Relying heavily on the U.S. market, which accounts for 95% of total revenues, exposes Tecnoglass to significant economic risks and potential volatility if there are downturns in this key market.
- The statement includes multiple forward-looking statements that carry inherent uncertainty, indicating that actual results may vary materially, which could undermine investor confidence.
- While the increase in dividend might signal strong cash flow, it could also indicate that the company is prioritizing short-term shareholder returns over long-term strategic investments, which may affect future growth potential.
FAQ
What is the percentage increase in Tecnoglass' quarterly dividend?
Tecnoglass announced a 36% increase in its quarterly dividend, raising it from $0.11 to $0.15 per share.
When will Tecnoglass pay the new dividend?
The new dividend of $0.15 per share will be paid on January 31, 2025, to shareholders of record as of December 31, 2024.
What are Tecnoglass' primary products?
Tecnoglass produces high-end aluminum and vinyl windows and architectural glass for residential and commercial markets.
Where is Tecnoglass located?
Tecnoglass is located in Barranquilla, Colombia, and serves customers in North, Central, and South America.
What does Tecnoglass' Board of Directors say about the dividend increase?
The Board's decision to raise the dividend reflects confidence in the company's strong cash flow and business trajectory.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$TGLS Insider Trading Activity
$TGLS insiders have traded $TGLS stock on the open market 3 times in the past 6 months. Of those trades, 0 have been purchases and 3 have been sales.
Here's a breakdown of recent trading of $TGLS stock by insiders over the last 6 months:
- JULIO A. TORRES sold 30,520 shares.
- HOLDING CORP ENERGY sold 1,432,120 shares.
- A LORNE WEIL sold 88,173 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$TGLS Hedge Fund Activity
We have seen 90 institutional investors add shares of $TGLS stock to their portfolio, and 103 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- AMERICAN CENTURY COMPANIES INC removed 596,714 shares (-42.0%) from their portfolio in Q3 2024
- WELLINGTON MANAGEMENT GROUP LLP added 447,647 shares (+29.5%) to their portfolio in Q3 2024
- BROAD BAY CAPITAL MANAGEMENT, LP added 420,933 shares (+inf%) to their portfolio in Q3 2024
- CLEARBRIDGE INVESTMENTS, LLC added 351,337 shares (+inf%) to their portfolio in Q3 2024
- ADAGE CAPITAL PARTNERS GP, L.L.C. removed 341,640 shares (-100.0%) from their portfolio in Q3 2024
- WEISS ASSET MANAGEMENT LP removed 170,667 shares (-100.0%) from their portfolio in Q2 2024
- ALLIANCEBERNSTEIN L.P. removed 156,872 shares (-27.9%) from their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
Miami, FL, Dec. 11, 2024 (GLOBE NEWSWIRE) -- Tecnoglass, Inc. (NYSE: TGLS) ("Tecnoglass" or the "Company")
, a leading producer of high-end aluminum and vinyl windows and architectural glass for the global residential and commercial end markets, today announced that its Board of Directors has approved a 36% increase in the quarterly dividend on its ordinary shares, to $0.15 per share from $0.11 per share. At the new rate, the dividend on an annualized basis will be $0.60 per share compared to the previous rate of $0.44 per share. Shareholders of record as of the close of business on December 31, 2024 will be paid a dividend of $0.15 on January 31, 2025.
Santiago Giraldo, Chief Financial Officer of Tecnoglass, commented, "The decision to raise our quarterly dividend reflects the Board's continued confidence in our strong cash flow generation capabilities and the trajectory of our business. We remain focused on prudent balance sheet management and delivering superior shareholder returns while maintaining the financial flexibility to execute on our strategic growth initiatives."
About Tecnoglass
Tecnoglass Inc. is a leading producer of high-end aluminum and vinyl windows and architectural glass serving the multi-family, single-family, and commercial end markets. Tecnoglass is the second largest glass fabricator serving the U.S. and the #1 architectural glass transformation company in Latin America. Located in Barranquilla, Colombia, the Company's 5.6 million square foot, vertically integrated, and state-of-the-art manufacturing complex provide efficient access to nearly 1,000 customers in North, Central and South America, with the United States accounting for 95% of total revenues. Tecnoglass' tailored, high-end products are found on some of the world's most distinctive properties, including One Thousand Museum (Miami), Paramount (Miami), Salesforce Tower (San Francisco), Via 57 West (NY), Hub50House (Boston), Aeropuerto Internacional El Dorado (Bogotá), One Plaza (Medellín), Pabellon de Cristal (Barranquilla). For more information, please visit
or view our corporate video at
.
Forward Looking Statements
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth and future acquisitions. These statements are based on Tecnoglass' current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of Tecnoglass' business. These risks, uncertainties and contingencies are indicated from time to time in Tecnoglass' filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. Further, investors should keep in mind that Tecnoglass' financial results in any particular period may not be indicative of future results. Tecnoglass is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events and changes in assumptions or otherwise, except as required by law.
Investor Relations:
Santiago Giraldo
CFO
305-503-9062
investorrelations@tecnoglass.com
