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Cramer: Take Shelter in These 6 Dividend Plays

The stocks that will protect you during in this rollercoaster of a market are the same names that worked during the crash of 2008, Cramer said Friday: accidentally high-yielders.

These are the economically sensitive companies that pay meager dividends, but whose dividend yields shoot up when the market tanks, taking their stocks down with it. Not only can investors use that cash payout for a cushion against volatility, but the rising yield attracts still more investors to the stock, and that tends to buoy the share price.

Example: Nucor at one point during the crash yielded 5%, something it wouldn’t normally do. The smart move would have been to buy the stock for that payout and collect the cash until the NUE rebounded. That way you’re getting a higher-percentage income from the dividend yield at first and then returns from the recovered share price.

Cramer thinks a diversified portfolio of dividend payers is exactly what investors need right now. So he pulled together a diversified group of his favorites for them: Altria, AT&T and Kinder Morgan Energy Partners , all of whom offers yields that are creeping toward 7%; and Plum Creek Timber and DuPont, who both yield 4.4%.

Now, if the ethics of owning a cigarette and booze seller like Altria weigh on you, Cramer said, consider Consolidated Edison, which yields north of 5%. Either way, though, all of these companies tout strong fundamentals right now and most of them have a good history of rewarding their shareholders, which means the dividends should hold up.

Cramer’s charitable trust owns Altria and Nucor.

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