Why CTC Media Shares Shot Up

Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Russian broadcaster CTC Media jumped as much as 17% after reporting quarterly results this morning.

So what: Sales at Russia's largest independent media company grew 12% to $264.2 million in the quarter and adjusted earnings per share grew 5% to $0.41, both of which topped estimates. Perhaps more important for investors, CTC hiked its annual dividend payout from $0.52 to $0.63, but with today's jump in the stock price, the already-juicy yield only improved from 5.4% to 5.5%.

Now what:The 2013 outlook looks strong as the company said 80% of advertising inventory is already sold, and the Russian TV advertising market is projected to grow 10% this year in constant-currency terms. CTC seems to be mostly a dividend play, but with improving in a steadily growing industry CTC seems like an all-around solid pick.

Want more on CTC? Add the stock to your Watchlist right here.

The article Why CTC Media Shares Shot Up originally appeared on Fool.com.

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