PolyOne Corporation POL has announced its decision to increase its share repurchase authorization by 7.3 million. The company is now looking to buy back 10 million shares in aggregate.The company may execute this repurchase program through open market transactions or private deals. There is no time limit by which the program needs to be completed and it may be paused or stopped at any time, at the board’s discretion. The specialized polymer materials company reported earnings of 46 cents per share for the first quarter of 2016, up 35.3% from the prior-year quarter. Adjusted earnings came in at 56 cents per share, up 22% year over year, beating the Zacks Consensus Estimate of 48 cents. Revenues fell roughly 3% year over year to $847 million, but exceeded the Zacks Consensus Estimate of $841 million.The company bought back 1.5 million shares in the quarter. The company is committed to provide returns to shareholders through a combination of dividends and share buybacks. Thus, its board announced a quarterly dividend of 12 cents per share for the first quarter.PolyOne has raised its dividend at a compound annual growth rate of 25% since its dividend initiation in 2011. Over the same period, the company has bought back shares worth $650 million.The company’s shares rose roughly 1.2% in the trading session last Friday, closing the day at $36.63.PolyOne currently holds a Zacks Rank #2 (Buy).Some other well-ranked companies in the chemical space include Trinseo SA TSE and Sinopec Shanghai Petrochemical Co. Ltd. SHI, both sporting a Zacks Rank #1 (Strong Buy), and Rayonier Advanced Materials Inc. RYAM, carrying a Zacks Rank #2.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report SHANGHAI PETROC (SHI): Free Stock Analysis Report POLYONE CORP (POL): Free Stock Analysis Report TRINSEO SA (TSE): Free Stock Analysis Report RAYONIER ADV MT (RYAM): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research