Cemtrex Shares Jump 5.6% As Company Unveils First Ever Cash Dividend Of $1 a Share

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 a share. 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 $1 a share will be made today to shareholders 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%.