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Accounts receivable represents a big portion of revenue for many companies, but as the name implies, these funds are not yet "received," so they can also be a source of concern for investors.

When accounts receivable becomes a larger part of the revenues reported by a company, it indicates lower quality revenues because there is no guarantee that accounts receivable will be paid back in full. Companies with shrinking accounts receivable (relative to rising revenue) are viewed favorably.

We ran a screen on dividend stocks with high liquidity (current ratios above 3) for those with positive receivable and revenue trends: increases in quarterly revenue year-over-year outpacing changes in quarterly accounts receivable, and a decrease in quarterly accounts receivable as a percent of quarterly current assets year-over-year.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research.‬

We also created a price-weighted index of the stocks mentioned below, and monitored the performance of the list relative to the S&P 500 index over the last month. To access a complete analysis of this list's recent performance, click here.

Do you think these stocks pay sustainable dividends? Use this list as a starting point for your own analysis.

List sorted by difference between growth in revenue and change in accounts receivable.

1. FutureFuel Corp. (FF): Engages in the manufacture and sale of specialty chemicals and bio-based products primarily in the United States. Market cap of $500.14M. Dividend yield at 3.30%, payout ratio at 24.29%. Current ratio at 7.16. MRQ revenue has increased 36.65% ($90.31M vs. $66.09M y/y) while MRQ accounts receivable has decreased 8.88% ($25.85M vs. $28.37M y/y). Accounts receivable/current assets has decreased from 14.85% to 11.21%, comparing 3 months ending 2011-09-30 to 3 months ending 2010-09-30.

2. Cameco Corp. (CCJ): Operates as a uranium producer, supplier of conversion services, and fuel manufacturer. Market cap of $9.31B. Dividend yield at 1.66%, payout ratio at 37.33%. Current ratio at 3.65. MRQ revenue has increased 25.62% ($526.95M vs. $419.48M y/y) while MRQ accounts receivable has decreased 18.27% ($362.91M vs. $444.06M y/y). Accounts receivable/current assets has decreased from 18.50% to 14.82%, comparing 3 months ending 2011-09-30 to 3 months ending 2010-09-30. The stock has had a couple of great days, gaining 16.9% over the last week.

3. Teck Resources Limited (TCK): Operates as a diversified mining, mineral processing, and metallurgical company. Market cap of $24.49B. Dividend yield at 1.88%, payout ratio at 12.04%. Current ratio at 3.93. MRQ revenue has increased 40.02% ($3,380M vs. $2,414M y/y) while MRQ accounts receivable has increased 17.69% ($1,437M vs. $1,221M y/y). Accounts receivable/current assets has decreased from 32.22% to 19.54%, comparing 3 months ending 2011-09-30 to 3 months ending 2010-09-30. The stock has had a couple of great days, gaining 8.16% over the last week.

4. KLA-Tencor Corporation (KLAC): Engages in the design, manufacture, and marketing of process control and yield management solutions for the semiconductor and related nanoelectronics industries. Market cap of $8.43B. Dividend yield at 2.77%, payout ratio at 22.12%. Current ratio at 4.90. MRQ revenue has increased 16.73% ($796.48M vs. $682.34M y/y) while MRQ accounts receivable has decreased 5.01% ($520.51M vs. $547.96M y/y). Accounts receivable/current assets has decreased from 18.68% to 14.47%, comparing 3 months ending 2011-09-30 to 3 months ending 2010-09-30. The stock has had a couple of great days, gaining 5.57% over the last week.

5. Superior Industries International, Inc. (SUP): Designs, develops, manufactures, sells, and supplies cast aluminum road wheels to automobile and light truck manufacturers primarily in North America. Market cap of $486.16M. Dividend yield at 3.58%, payout ratio at 35.16%. Current ratio at 5.94. MRQ revenue has increased 12.71% ($207.06M vs. $183.71M y/y) while MRQ accounts receivable has decreased 4.65% ($130.27M vs. $136.62M y/y). Accounts receivable/current assets has decreased from 37.56% to 32.97%, comparing 3 months ending 2011-09-25 to 3 months ending 2010-09-26. The stock has had a good month, gaining 12.51%.

6. Goldcorp Inc. (GG): Engages in the acquisition, exploration, development, and operation of precious metal properties in Canada, the United States, Mexico, and Central and South America. Market cap of $36.74B. Dividend yield at 1.19%, payout ratio at 16.11%. Current ratio at 3.82. MRQ revenue has increased 47.80% ($1,308M vs. $885M y/y) while MRQ accounts receivable has increased 30.80% ($451M vs. $344.8M y/y). Accounts receivable/current assets has decreased from 18.22% to 16.26%, comparing 3 months ending 2011-09-30 to 3 months ending 2010-09-30. The stock has gained 13.66% over the last year.

7. Sun Hydraulics Corp. (SNHY): Designs and manufactures screw-in hydraulic cartridge valves and manifolds, components of fluid-power systems that control force, speed, and motion. Market cap of $695.12M. Dividend yield at 1.33%, payout ratio at 47.85%. Current ratio at 7.05. MRQ revenue has increased 39.32% ($53.04M vs. $38.07M y/y) while MRQ accounts receivable has increased 22.76% ($20.17M vs. $16.43M y/y). Accounts receivable/current assets has decreased from 20.87% to 19.85%, comparing 3 months ending 2011-10-01 to 3 months ending 2010-10-02. This is a risky stock that is significantly more volatile than the overall market (beta = 2.11). The stock has had a good month, gaining 12.59%.

8. AZZ Incorporated (AZZ): Manufactures electrical equipment and components for power generation, transmission and distribution, and industrial markets primarily in the United States and Canada. Market cap of $590.76M. Dividend yield at 2.13%, payout ratio at 32.74%. Current ratio at 4.18. MRQ revenue has increased 13.21% ($116.49M vs. $102.9M y/y) while MRQ accounts receivable has decreased 0.88% ($65.45M vs. $66.03M y/y). Accounts receivable/current assets has decreased from 43.12% to 20.91%, comparing 3 months ending 2011-11-30 to 3 months ending 2010-11-30. The stock has gained 23.91% over the last year.

9. Cascade Corp. (CASC): Manufactures loading devices and replacement parts primarily for the lift-truck and construction industry. Market cap of $598.54M. Dividend yield at 1.75%, payout ratio at 27.78%. Current ratio at 3.67. MRQ revenue has increased 28.53% ($138.02M vs. $107.38M y/y) while MRQ accounts receivable has increased 15.26% ($85.37M vs. $74.07M y/y). Accounts receivable/current assets has decreased from 38.90% to 38.72%, comparing 3 months ending 2011-10-31 to 3 months ending 2010-10-31. The stock has had a couple of great days, gaining 9.26% over the last week.

10. Maxim Integrated Products Inc. (MXIM): Designs, develops, manufactures, and markets a range of linear and mixed-signal integrated circuits worldwide. Market cap of $8.09B. Dividend yield at 3.17%, payout ratio at 49.63%. Current ratio at 3.89. MRQ revenue has increased 1.57% ($636M vs. $626.14M y/y) while MRQ accounts receivable has decreased 10.85% ($331.59M vs. $371.93M y/y). Accounts receivable/current assets has decreased from 25.45% to 22.05%, comparing 13 weeks ending 2011-09-24 to 13 weeks ending 2010-09-25. The stock has had a couple of great days, gaining 6.82% over the last week.

11. FactSet Research Systems Inc. (FDS): Provides financial and economic information to investment community worldwide. Market cap of $4.15B. Dividend yield at 1.17%, payout ratio at 27.05%. Current ratio at 3.02. MRQ revenue has increased 13.36% ($196.45M vs. $173.29M y/y) while MRQ accounts receivable has increased 1.50% ($64.83M vs. $63.87M y/y). Accounts receivable/current assets has decreased from 22.90% to 22.54%, comparing 3 months ending 2011-11-30 to 3 months ending 2010-11-30. The stock is a short squeeze candidate, with a short float at 5.39% (equivalent to 7.16 days of average volume). The stock has had a couple of great days, gaining 5.43% over the last week.

12. RPC Inc. (RES): Provides a range of oilfield services and equipment to the oil and gas companies primarily in the United States. Market cap of $2.59B. Dividend yield at 2.29%, payout ratio at 14.20%. Current ratio at 3.05. MRQ revenue has increased 66.19% ($502.24M vs. $302.2M y/y) while MRQ accounts receivable has increased 56.57% ($439.63M vs. $280.78M y/y). Accounts receivable/current assets has decreased from 78.71% to 77.77%, comparing 3 months ending 2011-09-30 to 3 months ending 2010-09-30. It's been a rough couple of days for the stock, losing 5.07% over the last week.

13. Sturm, Ruger & Co. Inc. (RGR): Engages in the design, manufacture, and sale of firearms in the United States. Market cap of $696.67M. Dividend yield at 1.18%, payout ratio at 19.69%. Current ratio at 3.25. MRQ revenue has increased 37.86% ($80.51M vs. $58.4M y/y) while MRQ accounts receivable has increased 28.89% ($33.42M vs. $25.93M y/y). Accounts receivable/current assets has decreased from 26.97% to 26.37%, comparing 3 months ending 2011-10-01 to 3 months ending 2010-10-02. The stock is a short squeeze candidate, with a short float at 8.56% (equivalent to 8.34 days of average volume). It's been a rough couple of days for the stock, losing 5.4% over the last week. The stock has had a good month, gaining 10.81%.

14. Gentex Corp. (GNTX): Designs, develops, manufactures, and markets electro-optical products to automotive, commercial building, and aircraft industries in the United States and internationally. Market cap of $4.40B. Dividend yield at 1.57%, payout ratio at 41.69%. Current ratio at 6.49. MRQ revenue has increased 30.29% ($269.47M vs. $206.83M y/y) while MRQ accounts receivable has increased 21.90% ($130.04M vs. $106.68M y/y). Accounts receivable/current assets has decreased from 17.53% to 17.15%, comparing 3 months ending 2011-09-30 to 3 months ending 2010-09-30. The stock has gained 2.89% over the last year.

15. Grupo Aeroportuario Del Sureste SA de CV (ASR): Holds concessions to operate, maintain, and develop airports in the southeast region of Mexico. Market cap of $1.93B. Dividend yield at 3.97%, payout ratio at 48.36%. Current ratio at 3.03. MRQ revenue has increased 9.78% ($1,048.98M vs. $955.51M y/y) while MRQ accounts receivable has increased 2.31% ($1,584.23M vs. $1,548.42M y/y). Accounts receivable/current assets has decreased from 50.17% to 47.64%, comparing 3 months ending 2011-09-30 to 3 months ending 2010-09-30. The stock has had a couple of great days, gaining 7.24% over the last week.

*Accounting data sourced from Google Finance, all other data sourced from Finviz.

Source: 15 Highly Liquid Dividend Stocks With Positive Receivable Trends