A substantial dividend hike was good news for investors in an automotive parts stock Friday. Here’s some small stocks making big moves on Friday, May 4, 2018 (as of 4 pm EST):
Martinrea International Inc. (TSX:MRE), an automotive parts stock, climbed 10% to $17.03 on Friday after announcing record quarterly net income of $56 million, or $0.65 per share, for the first quarter of 2018, and saying it will increase its quarterly cash dividend by 50% to $0.045 per share.
As well, shares of AutoCanada Inc. (TSX:ACQ) slipped 10% to $18.66 as the automobile dealership group said its new vehicle sales in March experienced its first year-over-year decline.
Harvest One Cannabis Inc. (TSXV:HVT), meanwhile, reported that it has agreed to acquire all the outstanding shares of Dream Water Products Canada Inc. and Sarpes Beverages, LLC in exchange for a combination of US$12.5 million in cash and C$18.5 million in shares at a deemed price of C$1.00 per share, or a total consideration of approximately C$34.5 million. Harvest One Cannabis stock eased 1.2% to $0.85 following the announcement.
Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.
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Martinrea International Inc. (TSX:MRE), an automotive parts stock, climbed 10% to $17.03 on Friday after announcing record quarterly net income of $56 million, or $0.65 per share, for the first quarter of 2018, and saying it will increase its quarterly cash dividend by 50% to $0.045 per share.
