Global Brass And Copper Holdings, Inc. Announces Initiation Of Quarterly Cash Dividends
Global Brass and Copper Holdings, Inc. (NYSE:BRSS) (“GBC” or the
“Company”) today announced that its Board of Directors has approved the
initiation of a regular quarterly cash dividend to stockholders.
Global Brass and Copper Holdings, Inc. (NYSE:BRSS) (“GBC” or the “Company”) today announced that its Board of Directors has approved the initiation of a regular quarterly cash dividend to stockholders. The third quarter dividend of $0.0375 per share will be paid on December 6, 2013, to stockholders of record on the close of business on November 19, 2013. This is the first dividend paid to stockholders in the Company’s history as a public company. “The initiation of a quarterly dividend, shortly after our initial public offering, demonstrates our commitment to enhancing shareholder value and underscores our positive outlook for our future performance,” said John Walker, Global Brass and Copper’s Executive Chairman and CEO. The declaration and payment of any future dividend will be subject to the discretion of the Board of Directors and will depend on a variety of factors, including the Company’s financial condition and results of operations, contractual restrictions, including restrictive covenants contained in the Company’s indenture to its 9.50% senior secured notes and in its credit agreement governing it asset-based lending facility. About Global Brass and Copper Global Brass and Copper Holdings, Inc. through its wholly-owned principal operating subsidiary, Global Brass and Copper, Inc., is a leading, value-added converter, fabricator, distributor and processor of specialized copper and brass products in North America. We engage in metal melting and casting, rolling, drawing, extruding and stamping to fabricate finished and semi-finished alloy products from processed scrap, copper cathode and other refined metals. Our products include a wide range of sheet, strip, foil, rod, tube and fabricated metal component products that we sell under the Olin Brass, Chase Brass and A.J. Oster brand names. Our products are used in a variety of applications across diversified end markets, including the building and housing, munitions, automotive, transportation, coinage, electronics/electrical components, industrial machinery and equipment and general consumer end markets.
A look at the weighted underlying holdings of the First Trust RBA American Industrial Renaissance ETF (AIRR) shows an impressive 11.2% of holdings on a weighted basis have experienced insider buying within the past six months. START SLIDESHOW:10 ETFs With Stocks That Insiders Are Buying » Global Brass & Copper Holdings Inc , which makes up 2.10% of the First Trust RBA American Industrial Renaissance ETF (AIRR), has seen 5 directors and officers purchase shares in the past six months, according to the recent Form 4 data.