On May 4, 2021, EnPro Industries (NYSE:NPO) declared a dividend payable on June 16, 2021 to its shareholders. EnPro Industries also announced that shareholders on the company's books on or before June 2, 2021 are entitled to the dividend. The stock will then go ex-dividend 1 business day(s) before the record date. EnPro Industries, which has a current dividend per share of $0.27, has an ex-dividend date scheduled for June 1, 2021. That equates to a dividend yield of 1.24% at current price levels.

Ex-dividend dates signal when company shares cease to trade with their current dividend payouts. There is a small intermission period before companies announce new dividends. Usually, a company's ex-dividend date falls one business day before its record date. Investors should keep this in mind when purchasing stocks because buying them on or after ex-dividend dates does not qualify them to receive the declared payment. Newly declared dividends go to shareholders who have owned that stock before the ex-dividend date. Typically, companies will announce and implement new dividend yields on a quarterly basis.

Over the past year, EnPro Industries has seen its dividend payouts climb upward and its yields trend downward. Last year on June 2, 2020 the company's payout sat at $0.26, which has since increased by $0.01. EnPro Industries's dividend yield last year was 2.29%, which has since decreased by 1.05%.
Companies use dividend yields in different strategic ways. Some companies may opt to not give yields altogether to reinvest in themselves. Other companies may opt to increase or decrease their yield amounts to control how their shares circulate throughout the stock market.