Why Logitech stock is down nearly 3% today

Investors haven’t exactly been neutral about the Swiss technology equipment specialist Logitech International (LOGS -2.67%) Wednesday. Looking at the voting results of the company’s annual general meeting (AGM), some of them sold out of the stock, putting it down 2.7% on the day. The decline eclipsed that of S&P 500 index, which fell 0.2% on the day.

Unfavorable on dividend declaration

On Wednesday morning, Logitech published the results of various votes at the AGM. He reported, no doubt happily, that all measures had passed.

As is its custom, the company has proposed an annual dividend for these voters and other shareholders. Management’s 1.16 Swiss francs ($1.19) per share were easily beaten.

But that probably disappointed the company’s many American shareholders. While the payout is 0.10 francs ($0.12) higher than its predecessor, in US terms it is virtually flat at $1.19 per share.

This is mainly due to the appreciation of the franc against the dollar; since the beginning of June, it has strengthened by 7%. This is not an isolated phenomenon; The euro also rose against the greenback.

On a slightly more hopeful note, Logitech said it plans to continue paying dividends and buying back shares to support its stock value. He did not provide details for any activity.

Payment is coming soon

Logitech has not set exact record and payment dates for the new dividend. He said he expects those to be September 24 and 25, respectively. At the stock’s most recent closing price, the payout would yield just under 1.4%.