NN Reinstates Dividend
NN is back in the dividend saddle. The company has brought back its distributions, relaunching them with a $0.06 per share payout, to be paid on July 9 to shareholders of record as of June 25.
The company indicated that this will become a habit. In the press release announcing the news, NN quoted CEO Rich Holder as saying that "subject to declaration by the Board of Directors, we plan to continue to pay quarterly dividends at a rate that provides a meaningful return to our shareholders."
The company had suspended its distributions in late 2008.
The reinstated dividend annualizes to $0.24 per share. That yields 2.5% at NN's current stock price of $9.50.
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