Spartan Motors Inc. and and Coachmen Industries Inc. both declared dividends today (May 6) but their stock prices headed in opposite directions.
Spartan, a supplier of diesel pusher chassis, declared a special once-a-year cash dividend of 10 cents a share, and Spartan’s stock climbed as high as $12.40 a share today, a new 52-week high.
Spartan’s stock closed today at $12.00, up 10 cents for the day. Prior to today’s trading, $12.00 was the 52-week high for Spartan’s stock.
This year’s special dividend will be paid on June 28 to Spartan shareholders of record as of the close of business on May 28.
Last year, Spartan paid a special cash dividend of 7 cents a share. The Spartan Board agreed to increase the dividend because it has “confidence in the future of Spartan Motors over both the near-term and the long-term,” said George Sztykiel, chairman, CEO and co-founder.
Meanwhile, Coachmen declared today a regular quarterly cash dividend of 5 cents a share that will be paid June 13 to shareholders of record as of May 23.
However, Coachmen’s stock price declined $1.00 a share, or 5%, today to close at $18.19. Coachmen’s stock price did climb as high as $19.35 today, which was close to its 52-week high of $19.50, before declining as the afternoon wore on.
Last Thursday (May 2), Coachmen reported a first quarter net loss of $590,000. Because it has 16 million shares outstanding, a 5 cents a share dividend means it will distribute $800,000 in cash to its shareholders.
However, Coachmen management believes the RV and modular home builder is positioned for “a sound rebound in profitability” this year.