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Why Argan Stock Just Popped 6%

TheMotleyFool

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Why Argan Stock Just Popped 6%Photo, wide shot, wide-angle lens, Janitorial service, Midday, harsh overhead sunlight, directional sunlightt, photo by Ansel Adams: https://img.midjourneyapi.xyz/temp/4d4e885c-79e9-4b8f-bd91-e9721cd7c2e9.png

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