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Stock Alert: DICK'S Sporting Jumps 6%

Shares of DICK'S Sporting Goods, Inc. (DKS) are rising more than 6% Friday morning after the company announced the reinstatement of its dividend program.

On June 10, the company's Board declared a quarterly dividend of $0.3125 per share on the Company's Common Stock and Class B Common Stock to be payable on June 30, to stockholders of record on June 22, 2020. The company may also resume opportunistic share repurchases under its current authorizations.

In the first quarter, following temporary store closures due to Covid-19, the company had taken many cost-cutting initiatives including salary reduction, furloughing workforce, suspension of its dividend program, and share repurchases, among other measures, to cushion its cash position.

DICK'S stock is currently trading at $38.34. It has trad3ed in the range of $13.46- $49.80 in the last 52-weeks.

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