Shares of industrial company Cemtrex Inc. jumped 5.6% in premarket trade Wednesday, after the company said it’s paying its first ever cash dividend of $1.00 per share per year. The Farmingdale, New York-based company said it made the decision to broaden its investor base and tap those mutual funds that only invest in dividend-paying stocks. The payout of a prorated portion of $1 a share —
or 25 cents — was made Wednesday to shareholders of the outstanding Series 1 preferred shares of record as of March 31. “We have sufficient cash flow and confidence in the future to give us comfort that we can afford to fund both a dividend and our ongoing acquisition program,” Chief Executive Saagar Govil said in a statement. Cemtrex shares have fallen 56% in 2017, while the S&P 500 has gained 4.6%.
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