Sun Hydraulics pays out $2.3M

SARASOTA — Sun Hydraulics Corp. (symbol: SNHY) will pay investors roughly $2.3 million in cash dividends next month, increasing its payout by 50% through a two-step process announced today.

On July 15, shareholders of record from June 30 will receive a 50% stock dividend, increasing Sun's total outstanding shares from 17.1 million to 25.6 million. Then, shareholders will be paid a dividend of $0.09 for each share owned, leading to a total payout of $2.3 million.

CEO Allen Carlson says the company is increasing its cash dividend because of the firm's strong financial performance recently. The decision to issue a stock dividend is an attempt to attract additional investor activity.