Chicago Rivet & Machine announced on Monday that it plans to decrease its quarterly dividend from 22 cents per share to 10 cents per share. The reduced dividend will be payable to shareholders of record on September 5th, with a payment date of September 20th.
Despite the decrease in the dividend, the company assured investors that its financial condition remains stable. However, the board made the decision to lower the dividend in light of the company's recent operating performance.
Chicago Rivet is actively taking steps to improve its overall performance. This includes implementing initiatives to address rising operating costs associated with the current economic and labor market conditions. Additionally, the company is exploring opportunities to develop new customer relationships and strengthen existing ones in all markets it serves. Moreover, Chicago Rivet is investing in strategic human resources to support its efforts.
As a result of this news, Chicago Rivet shares experienced a 0.8% loss during the day's regular session, closing at $18.32 per share. The stock reached its lowest point in 52 weeks on August 16th, trading at $17 each. Year-to-date, the stock is down approximately 36%.