Oxford Industries Hikes Dividend
Oxford Industries, Inc. (OXM) recently announced a quarterly dividend of $0.42 per share, an increase of 14% from its previous dividend of $0.37 per share. The dividend will be paid on July 30, 2021 to shareholders of record as of July 16, 2021.
The company’s annual dividend of $1.68 per share now reflects a dividend yield of 1.6%, based on Tuesday’s closing price of $103.29.
Oxford, which is a leading apparel maker, has a long history of paying dividends. In fact, the company has hiked its quarterly dividend occasionally over the past eight years. (See Oxford Industries stock chart on TipRanks)
On June 10, KeyBanc analyst Edward Yruma reiterated a Buy rating on the stock and raised price target from $103 to $135 (30.70% upside potential).
According to Yruma, Oxford remains well poised to gain from the unlocking of the economy and the subsequent rise in travel and public gatherings. Also, the analyst believes that Oxford’s direct-to-consumer sales of almost 72% lends it considerable operating strength and saves it from the headwinds in the department store space.
The Street is cautiously optimistic on the stock with a Moderate Buy consensus rating, based on 2 Buys and 2 Holds. The average analyst Oxford price target of $121.75 implies 17.9% upside potential from current levels. Shares have gained 130.6% over the past year.
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