Comtech cuts dividend by 66.7%

Comtech Telecommunications Corp (CMTL) will lower its quarterly dividend from $0.30 to $0.10 per share.

The dividend is payable on February 17, 2017, to shareholders of record at the close of business on January 18, 2017. The dividend is the Company’s twenty-sixth consecutive quarterly dividend.

The Board is currently targeting that future quarterly dividends for fiscal 2017 will be $0.10 per common share. Future dividends remain subject to compliance with financial covenants under the Company's Secured Credit Facility as well as Board approval.

Comtech Telecommunications Corp. designs, develops, produces and markets innovative products, systems and services for advanced communications solutions.

The new $0.40 annual dividend translates into an estimated yield of 3.5% at a stock price of $11.48.

Recent headlines

Sturm Ruger cuts dividend by 21%