Global Brass And Copper Holdings Declares Regular Cash Dividend Of $0.0375 A Share

Global Brass and Copper Holdings, Inc. BRSS revealed that its Board declared a quarterly cash dividend of $0.0375 a share on its common stock for the first quarter of 2016. The company indicated that the dividend would be paid on May 26 to its eligible stockholders. For that purpose, the company has set a record date of May 16.

Global Brass and Copper indicated the declaration and payment of any future dividend would be subject to the discretion of its Board of Directors and would depend on a number of factors. That included its financial condition and results of operations, as well as contractual restrictions, like the restrictive covenants contained in its indenture governing its 9.50 percent senior secured notes and in its credit agreement governing its asset-based revolving loan facility.

The current dividend provided a yield of only 0.6 percent while the dividend payout ratio worked out to only 9 percent. It has been paying a dividend since 2013.

The stock traded 0.64 percent higher on Wednesday.