Alcoa (AA) Initiates $0.10 Quarterly Dividend; Approves New $500 Million Buyback
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Alcoa (NYSE: AA) declared a quarterly dividend of $0.10 per share, or $0.4 annualized.
The dividend will be payable on November 19, 2021, to stockholders of record on October 29, 2021, with an ex-dividend date of October 28, 2021.
The annual yield on the dividend is 0.8 percent.
Alcoa Corporation (the “Company”) announced today the initiation of a quarterly cash dividend on its common stock and a new $500 million share repurchase program.
The Board of Directors declared the first quarterly cash dividend of $0.10 per share of the Company’s common stock, to be paid on November 19, 2021 to stockholders of record as of the close of business on October 29, 2021.
“The Company’s decision to return cash to our stockholders through our first-ever quarterly cash dividend program and a new share repurchase program is a result of the significant work that Alcoans have completed to improve our Company’s financial position,” said Alcoa President and CEO Roy Harvey. “These new programs are consistent with our capital allocation framework and reflect our confidence in the strength of our Company and cash generation ability.”
Harvey continued: “Based on our view of markets and expected cash flows, we believe these programs can be sustained through the commodity cycle.”
Alcoa Executive Vice President and Chief Financial Officer William Oplinger said: “The share repurchase program will be financed by operating cash flows and cash on hand, as the balance sheet has continued to strengthen with proportional adjusted net debt is at its lowest level since the inception of our Company in 2016.
“Today, we have no substantial debt maturities until 2027, and our expected cash pension funding requirements are at their lowest levels,” Oplinger said.
For a dividend history and other dividend-related data on Alcoa (AA) click here.
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