Commercial Metals Co. CMC, +2.03% said Tuesday it has increased its quarterly dividend by 14.3%, to 16 cents a share from 14 cents a share. The steel maker and recycler said the new dividend will be payable Nov. 10 to shareholders of record on Oct. 27. Based on Monday’s stock closing price of $39.88, the new annual dividend rate implies a dividend yield of 1.60%, which compares with the implied yield for the S&P 500 SPX, +0.38% of 1.83%. The stock, which was still untraded in the premarket, has rallied 19.1% over the past three months while the S&P 500 has lost 6.3%.
