Cliffs Natural Resources Maintains $0.15 Dividend
Iron ore miner Cliffs Natural Resources announced yesterday its regular quarterly dividend of $0.15 per share, the same rate it paid in February following the dramatic slashing of its payout from $0.625 per share.
The cash dividend is payable on June 3 to shareholders of record as of the close of business on May 17. Cliffs has paid a dividend every quarter since 1972.
Additionally, the miner declared a second-quarter dividend for its Class A 7.00% Series A mandatory convertible preferred stock of $17.50 per share, which is equivalent to approximately $0.44 per depositary share with each representing 1/40th of a share of Series A preferred stock. The dividend will be payable on Aug. 1 to shareholders of record as of the close of business on July 15.
The regular dividend payment equates to a $0.60-per-share annual dividend yielding 3% based on the closing price of Cliffs Natural Resources stock on May 7.
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