Worthington Industries Inc. said Wednesday it raised its quarterly dividend by about 11%, to 31 cents a share from 28 cents a share. The industrial manufacturing company’s new dividend will be payable Sept. 29 to shareholders of record on Sept. 15. The stock fell 3.1% in midday trading. Based on current stock prices, the new annual dividend rate implies a dividend yield of 3.12%, which compares with the yield on the SPDR Industrial Select Sector ETF of 1.65% and the implied yield for the S&P 500 of 1.72%. Worthington’s stock has tumbled 27.4% this year, while the S&P 500 has lost 20.8%.
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