Why Argan Stock Just Popped 6%
Shares of power plant construction company (NYSE: AGX) hit a 52-week high earlier this month after the company reported powerful sales and earnings growth in its fiscal second quarter. The stock is climbing again on Thursday afternoon, up 6.6% through 12:10 p.m. ET, for an entirely different reason.
Argan is increasing its dividend.
Argan hasn't ever been a particularly generous dividend payer. At $0.30 per share, paid quarterly, and a $94 share price, the stock was paying a dividend yield of only 1.3% as recently as yesterday. But with business booming now, it seems Argan has decided to be a bit freer with its cash.
Source Fool.com
