DryShips Inc. (NASDAQ: DRYS) is having an overwhelmingly strong day in the market today, and for good reason. The company not only announced a dividend, but it also announced a stock repurchase plan. Of course, this is leading to excitement among investors, sending the stock screaming for the top. Today, we’ll talk about the news, what we’re seeing from DRYS, and what we’ll be watching for ahead.
DRYS Announces Dividend And Stock Repurchase Program
As DryShips management continues to work to align itself with investors, we’re seeing some good news out of the company today, and it’s sending the stock flying. The news is that the Company’s Board of Directors has declared a quarterly cash dividend and announced that it will be moving forward with a stock repurchase plan.
When it comes to the dividend, the Board of Directors has declared a cash dividend in the amount of $2.5 million. This dividend will be paid on or about March 8, 2018 and will be dispersed to shareholders of record as of February 20, 2018. Based on the current number of shares, it is expected that the dividend per share will come to a total of $0.024.
Also, DRYS announced that it is moving forward with a stock repurchase program. According to the announcement, the Board of Directors have approved a stock repurchase plan under which it will purchase up to $50 million of its outstanding common shares over the course of 12 months. Under the plan, DRYS may repurchase shares in privately negotiated or open-market purchases in accordance with applicable securities laws and regulations. The repurchase program will begin after the financial statement release for the quarter ending on December 31.
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