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.
The article Cliffs Natural Resources Maintains $0.15 Dividend originally appeared on Fool.com.Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.