With the sharp drops in the stock market recently, investors are looking more and more toward income-oriented stocks. They figure that the dividends can provide a benefit while waiting out the volatility of the stock market. Stockpickr has put together a list of relatively unknown companies that are paying relatively high dividends, all of which have market caps over $350 million.

One of the highest yielding stocks is GateHouse Media ( GHS), at a rate of 19.6%, based on its payouts for the last four quarters. The company just went ex-dividend on Dec. 27 with a payment of 40 cents per share to be paid on Jan. 15.

GateHouse owns over 330 community newspapers across the United States and publishes yellow page and white page telephone directories in northern California. It also publishes telephone yellow pages on the Internet.

Last month, the company completed its $115 million acquisition of several Morris Publishing Group LLC publications, primarily in the Midwest. The stock has a forward price to earnings ratio of 31.

GateHouse is owned by Fortress Investment Group ( FIG), a New York-based money manager, founded in 1998, which has over $29 billion in assets under management, $10 billion of which is in its hedge fund. Fortress is one of the few publicly traded hedge fund companies (and pays a fairly high yield itself, by the way, at 5.8%).

Fortress also owns Brookdale Senior Living ( BKD), which has a yield of 7.2%, Clear Channel Communications ( CCU), which pays 2.2%, and Lehman Brothers Holdings ( LEH), which has a yield of 1%.

Another under-the-radar, high-yield stock is Fairpoint Communications ( FRP), the telecommunications provider in rural and small urban communities, which pays a yield of 12.8%. The company is in the process of taking over Verizon's ( VZ) wireline operations in Maine, and expects the Maine Public Utilities Commission to approve the merger shortly. Fairpoint has a P/E of 14, and a PEG of 4.6.

Fairpoint is part of the user-created Stockpickr portfolio called High Yield Dividend stocks, which includes a diverse mix of stocks, including overseas stocks with high dividends. The portfolio also includes Medical Properties Trust ( MPW), which pays 10.6%, and Macquarie Infrastructure ( MIC), which carries a yield of 6.4%.

Southern Copper ( PCU) pays a decent yield of 7.4%. This Phoenix-based company mines for copper, molybdenum, zinc, silver, gold and lead, primarily in Peru and Mexico. Coverage was recently initiated on the company by HSBC Securities, which gave it an "overweight". The stock has a P/E of 12 and a PEG of 11.74.

Southern Copper is in the portfolio of the Excelsior Value and Restructuring Fund, a long-term capital appreciation fund that looks for restructuring plays. The fund has had an average annual return of 19.94% over the last five years.

Excelsior also holds Petroleo Brasileiro ( PBR), which yields 0.4%, America Movil ( AMX), which pays 3.7%, and CONSOL Energy ( CNX), which yields 0.6%.

To see the entire list of the top 10 relatively unknown companies that have high yields, including a stock that yields over 27% (and shows up in five professional Stockpickr portfolios), go to Stockpickr.com .
At the time of publication, Altucher and/or his fund had no positions in stocks mentioned, although positions may change at any time.

James Altucher is president of Stockpickr LLC, a wholly owned subsidiary of TheStreet.com and part of its network of Web properties, and a managing partner at Formula Capital, an alternative asset management firm that runs a fund of hedge funds. He is also a weekly columnist for the Financial Times and the author of Trade Like a Hedge Fund, Trade Like Warren Buffett and SuperCa$h. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Altucher appreciates your feedback; click here to send him an email.

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