Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Logitech to Request 78-cent Dividend Payment

Logitech (LOGI) announced late Monday that it will ask its shareholders to accept a one-time dividend payout of about 78 cents per share (not to exceed $128.6M total value), or about 7.4 percent of current stock price, when the company holds its annual general meeting Sept.  in Lausanne, Switzerland.

Logitech International SA (USA) (NASDAQ:LOGI)

With the news, announced in the final moments of the U.S, trading day, Logitech stock spiked and closed up 4.3 percent to $10.53 per share after hovering below its $10.10 Friday closing price virtually all day.  If approved by the stockholders, the dividend would be paid out around Sept. 18 and would be based on the record date of Sept. 17, according the press release.

“Historically, we rewarded our shareholders with strong financial performance and growth in our share price,” said Guerrino De Luca, chairman and chief executive officer, in a press release from the company. ‘In FY 2012, we delivered poor financial performance and our share price declined significantly. In view of this, we determined that we could best reward our shareholders by taking advantage of our strong cash position to offer a one-time distribution that is not subject to Swiss withholding tax for any of our shareholders.”

Logitech is not well-invested by hedge funds, but  Ken Griffin’s Citadel Investment Group and Chuck Royce’s Royce & Associates likely saw a very quick boost in their values with this news. Royce was invested $4.8 million at the end of March, while Citadel was in for about $1.1 million at the end of the first calendar quarter.

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading...