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Chicago Rivet & Machine announces quarterly dividend

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NAPERVILLE, Ill. – The Board of Directors of Chicago Rivet & Machine Co. (NYSE American: CVR) has declared a regular quarterly dividend of 10 cents per share. This dividend is to be paid on September 20, 2024, to shareholders who are on record as of the close of business on September 5, 2024.

The announcement, made today, reflects the company’s commitment to providing returns to its investors. Dividends are typically issued by companies to distribute a portion of their earnings to shareholders and can be indicative of a company’s financial health and stability.

Chicago Rivet & Machine Co., which trades under the ticker symbol CVR on the NYSE American exchange, has not disclosed any additional details regarding its financial performance in this statement. The declaration of dividends is a common practice among publicly traded companies and is subject to change based on the company’s profitability, cash flow, and financial needs.

Today’s press release statement from Chicago Rivet & Machine Co. provides this information without additional context regarding the company’s market position or future prospects. It is a straightforward announcement of the dividend declaration, which is a key piece of information for current and potential investors.

The payment of dividends can be an important factor for investors when evaluating a company’s stock, as it may influence the stock’s yield and perceived value. However, the declaration of a dividend does not necessarily provide insight into the company’s long-term performance or strategy.

Investors interested in Chicago Rivet & Machine Co.’s stock will mark September 5, 2024, as the record date to be eligible for the upcoming dividend payment. The company’s actions in regularly paying dividends may be seen as a sign of confidence in its ongoing operations and financial stability.

In other recent news, Chicago Rivet & Machine Co. has announced the closure of its Albia, Iowa manufacturing facility by October 1, 2024. This decision, affecting 19 full and part-time employees, is part of the company’s plan to consolidate operations into its Tyrone, Pennsylvania facility. The Albia site has been a key supplier of tooling for the company’s range of riveting machines. The Board of Directors views this consolidation as a chance to streamline processes, improve delivery times, and reduce costs. Despite incurring one-time termination benefits and other associated costs, the company does not foresee these expenses significantly affecting its operations. Chicago Rivet & Machine has cautioned that its forward-looking statements regarding the facility closure are subject to risks and uncertainties, including potential higher costs or delays in the closure process, and the ability to effectively merge Albia’s operations into the Tyrone facility.

InvestingPro Insights

The recent dividend declaration by Chicago Rivet & Machine Co. underscores its longstanding commitment to shareholder returns. Notably, the company has maintained dividend payments for 54 consecutive years, a testament to its dedication to consistent shareholder value despite the financial ebbs and flows that may occur over such an extended period. This is particularly significant for income-focused investors who prioritize steady dividend income.

InvestingPro data reveals a mixed financial picture for the company: it has experienced a revenue decline of 4.86% in the last twelve months as of Q2 2024. Gross profit margins also appear to be under pressure, with a negative figure of -4.79% in the same period. These metrics suggest that while the company has been able to sustain dividend payments, it does so in a challenging profitability environment.

On a brighter note, the company’s stock has shown significant returns, with a 21.62% total price return over the last week and an impressive 19.28% return over the past month. These movements in share price may reflect market reactions to broader economic factors or company-specific news beyond the dividend declaration itself.

For investors seeking a deeper dive into Chicago Rivet & Machine Co.’s performance and strategic outlook, there are additional InvestingPro Tips available. These tips provide insights that could help in making informed decisions about the company’s stock. In fact, there are several more tips listed on InvestingPro for those who are interested in a comprehensive analysis.

Investors considering Chicago Rivet & Machine Co. as part of their portfolio may find these insights particularly valuable in light of the company’s recent dividend announcement. For further in-depth analysis and tips, investors can visit https://www.investing.com/pro/CVR.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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Palantir, Anduril join forces with tech groups to bid for Pentagon contracts, FT reports

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(Reuters) – Data analytics firm Palantir Technologies (NASDAQ:) and defense tech company Anduril Industries are in talks with about a dozen competitors to form a consortium that will jointly bid for U.S. government work, the Financial Times reported on Sunday.

The consortium, which could announce agreements with other tech groups as early as January, is expected to include SpaceX, OpenAI, autonomous shipbuilder Saronic and artificial intelligence data group Scale AI, the newspaper said, citing several people with knowledge of the matter.

“We are working together to provide a new generation of defence contractors,” a person involved in developing the group told the newspaper.

The consortium will bring together the heft of some of Silicon Valley’s most valuable companies and will leverage their products to provide a more efficient way of supplying the U.S. government with cutting-edge defence and weapons capabilities, the newspaper added.

Palantir, Anduril, OpenAI, Scale AI and Saronic did not immediately respond to a Reuters request for comment. SpaceX could not be immediately reached for a comment.

Reuters reported earlier this month that President-elect Donald Trump’s planned U.S. government efficiency drive involving Elon Musk could lead to more joint projects between big defense contractors and smaller tech firms in areas such as artificial intelligence, drones and uncrewed submarines.

Musk, who was named as a co-leader of a government efficiency initiative in the incoming government, has indicated that Pentagon spending and priorities will be a target of the efficiency push, spreading anxiety at defense heavyweights such as Boeing (NYSE:) , Northrop Grumman (NYSE:) , Lockheed Martin (NYSE:) and General Dynamics (NYSE:) .

Musk and many small defense tech firms have been aligned in criticizing legacy defense programs like Lockheed Martin’s F-35 fighter jet while calling for mass production of cheaper AI-powered drones, missiles and submarines.

Such views have given major defense contractors more incentive to partner with emerging defense technology players in these areas.

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Weakened Iran could pursue nuclear weapon, White House’s Sullivan says

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By Simon Lewis (JO:)

(Reuters) -The Biden administration is concerned that a weakened Iran could build a nuclear weapon, White House National Security Adviser Jake Sullivan said on Sunday, adding that he was briefing President-elect Donald Trump’s team on the risk.

Iran has suffered setbacks to its regional influence after Israel’s assaults on its allies, Palestinian Hamas and Lebanon’s Hezbollah, followed by the fall of Iran-aligned Syrian President Bashar al-Assad.

Israeli strikes on Iranian facilities, including missile factories and air defenses, have reduced Tehran’s conventional military capabilities, Sullivan told CNN.

“It’s no wonder there are voices (in Iran) saying, ‘Hey, maybe we need to go for a nuclear weapon right now … Maybe we have to revisit our nuclear doctrine’,” Sullivan said.

Iran says its nuclear program is peaceful, but it has expanded uranium enrichment since Trump, in his 2017-2021 presidential term, pulled out of a deal between Tehran and world powers that put restrictions on Iran’s nuclear activity in exchange for sanctions relief.

Sullivan said that there was a risk that Iran might abandon its promise not to build nuclear weapons.

“It’s a risk we are trying to be vigilant about now. It’s a risk that I’m personally briefing the incoming team on,” Sullivan said, adding that he had also consulted with U.S. ally Israel.

Trump, who takes office on Jan. 20, could return to his hardline Iran policy by stepping up sanctions on Iran’s oil industry.

© Reuters. FILE PHOTO: Iranian flag flies in front of the UN office building, housing IAEA headquarters, in Vienna, Austria, May 24, 2021. REUTERS/Lisi Niesner/File Photo

Sullivan said Trump would have an opportunity to pursue diplomacy with Tehran, given Iran’s “weakened state.”

“Maybe he can come around this time, with the situation Iran finds itself in, and actually deliver a nuclear deal that curbs Iran’s nuclear ambitions for the long term,” he said.

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Ukraine says Russian general deliberately targeted Reuters staff in August missile strike

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(Reuters) -Ukraine’s security service has named a Russian general it suspects of ordering a missile strike on a hotel in eastern Ukraine in August and said he acted “with the motive of deliberately killing employees of” Reuters.

The Security Service of Ukraine (SBU) said in a statement on Friday that Colonel General Alexei Kim, a deputy chief of Russia’s General Staff, approved the strike that killed Reuters safety adviser Ryan Evans and wounded two of the agency’s journalists on Aug. 24.

In a statement posted on Telegram messenger the SBU said it was notifying Kim in absentia that he was an official suspect in its investigation into the strike on the Sapphire Hotel in Kramatorsk, a step in Ukrainian criminal proceedings that can later lead to charges.

In a separate, 15-page notice of suspicion, in which the SBU set out findings from its investigation, the agency said that the decision to fire the missile was made “with the motive of deliberately killing employees of the international news agency Reuters who were engaged in journalistic activities in Ukraine”.

The document, which was published on the website of the General Prosecutor’s Office on Friday, said that Kim had received intelligence that Reuters staff were staying in Kramatorsk. It added that Kim would have been “fully aware that the individuals were civilians and not participating in the armed conflict”.

The Russian defence ministry did not respond to a request for comment on the SBU’s findings and has not replied to previous questions about the attack. The Kremlin also did not respond to a request for comment. Kim did not reply to messages sent by Reuters to his mobile telephone seeking comment about the SBU’s statement and whether the strike deliberately targeted Reuters staff.

The SBU did not provide evidence to support its claims, nor say why Russia targeted Reuters. In response to questions from the news agency, the security agency declined to provide further details, saying its criminal investigation was still under way and it was therefore not able to disclose such information.

Reuters has not independently confirmed any of the SBU’s claims.

Reuters said on Friday: “We note the news today from the Ukrainian security services regarding the missile attack on August 24, 2024, on the Sapphire Hotel in Kramatorsk, a civilian target more than 20 km from Russian-occupied territory.”

“The strike had devastating consequences, killing our safety adviser, Ryan Evans, and injuring members of our editorial team. We continue to seek more information about the attack. It is critically important for journalists to be able to report freely and safely,” the statement said.

Reuters declined to comment further on the allegation that its staff were deliberately targeted.

The SBU statement said Kim had been named a suspect under two articles of the Ukrainian criminal code: waging an aggressive war and violating the laws and customs of war.

“It was Kim who signed the directive and gave the combat order to fire on the hotel, where only civilians were staying,” it said.

Evans, a 38-year-old former British soldier who had worked as a safety adviser for Reuters since 2022, was killed instantly in the strike.

The SBU statement gave some details about how the strike had occurred, according to its investigation.

“To carry out the attack, the Russian colonel general involved one of his subordinate missile forces units,” the Ukrainian agency said, adding that the strike was carried out with an Iskander-M ballistic missile.

The SBU did not identify the specific unit.

© Reuters. FILE PHOTO: Reuters safety advisor Ryan Evans holds a cat during a news assignment, as Russia's attack on Ukraine continues, during intense shelling in Kramatorsk, Ukraine, December 26, 2022. REUTERS/Clodagh Kilcoyne/File Photo

Ivan Lyubysh-Kirdey, a videographer for the news agency who was in a room across the corridor, was seriously wounded. Kyiv-based text correspondent Dan Peleschuk was also injured.

The remaining three members of the Reuters team escaped with minor cuts and scratches.

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