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Agrium: Significant Dividend Growth Expected For This Agricultural Company

Agrium Inc. (NYSE:AGU), an agricultural products and services company, recently caught our eye when the company announced several shareholder friendly initiatives. These included raising its dividend payout ratio to 40-50% of free cash flow from its earlier targeted payout of 25-35%, and plans to repurchase up to 5% (around 7.2 million) of its current outstanding shares over the next 12 months. Both of these actions not only increase shareholder value, but also demonstrate management's optimism for the company's…