Orbital ATK (OA) Declares $0.30 Quarterly Dividend; Boosts Stock Buyback Authorization

November 2, 2016 8:32 AM EDT

Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.

Orbital ATK (NYSE: OA) declared a quarterly dividend of $0.30 per share, or $1.2 annualized.

The dividend will be payable on December 1, 2016, to stockholders of record on November 16, 2016, with an ex-dividend date of November 14, 2016.

The annual yield on the dividend is 1.6 percent.

Orbital ATK’s Board also authorized an expansion of the company’s stock repurchase program, increasing the aggregate amount of common stock that may be purchased under the program from the lesser of $250 million or 3.25 million shares to the lesser of $300 million or 4.0 million shares through the end of the first quarter of 2017. As part of its spinoff of Vista Outdoor on February 9, 2015, Orbital ATK is prohibited for two years from repurchasing its capital stock except under exceptions that have permitted the share repurchases to date. After February 9, 2017, the Board may, at its discretion, decide to expand and extend the share repurchase program for future periods.

“We are very pleased to announce that the Board has approved additional share repurchases through the first quarter of 2017 as we continue to execute our balanced capital deployment strategy that includes dividends, share repurchases, debt reduction and internal investments for future organic growth,” said David W. Thompson, Orbital ATK’s President and Chief Executive Officer.

Shares of common stock may be purchased in the open market, subject to compliance with applicable securities laws and regulations and the company’s debt covenants and other agreements, depending upon market conditions and other factors. The company currently repurchases shares through a pre-existing Rule 10b5-1 trading plan which expires in December 2016. There can be no assurance as to the amount or timing of any repurchases, including under the trading plan.

For a dividend history and other dividend-related data on Orbital ATK (OA) click here.

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Dividends, Management Comments, Stock Buybacks

Related Entities

Dividend, Stock Buyback

Add Your Comment