Huntington Ingalls Industries (HII) will raise its quarterly dividend by 20 percent to $0.72 per share.

The new dividend is payable on December 8, 2017, to stockholders of record November 24, 2017. The new dividend yield for HII is 1.1%.

“The increase in the quarterly dividend and the share repurchase program is consistent with our Path to 2020 commitment to return substantially all of our free cash flow to shareholders,” said Mike Petters, HII’s president and CEO.

Huntington Ingalls Industries is America’s largest military shipbuilding company and a provider of professional services to partners in government and industry. The company's business consists of the design, construction, repair and maintenance of nuclear-powered ships and non-nuclear ships for the United States Navy and coastal defense surface ships for the United States Coast Guard, as well as the refueling and overhaul and inactivation of nuclear-powered ships for the United States Navy. HII’s Technical Solutions division provides a wide range of professional services through its Fleet Support, Integrated Missions Solutions, Nuclear & Environmental, and Oil & Gas groups.