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Harris Board Approves $1B Share Buyback Plan, 42-Cent Dividend

Harris w-BorderHarris Corp.’s (NYSE: HRS) board of directors has approved a plan to buy back $1 billion in shares in addition to an existing program that has $62 million left in unused authorizations.

The board has also declared a quarterly cash dividend of 42 cents per share to shareholders of record as of Sept. 10, 13.5 percent higher than the previous dividend, Harris said Monday.

With this increase, the company’s annualized cash dividend rate is $1.68 per share and the board has made 12 consecutive annual dividend increases.

Nearly $200 million in share repurchases are planned for the company’s 2014 fiscal year.

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