Kumba Iron Ore (OTCMKTS:KIROY) Sees Large Volume Increase - Should You Buy?

Key Points

• Kumba Iron Ore (OTCMKTS:KIROY) experienced a significant increase in trading volume, with approximately 48,423 shares traded, reflecting a 382% increase from the previous session.
• HSBC downgraded Kumba Iron Ore shares to a "hold" rating, contributing to an average stock rating of "hold" according to MarketBeat.
• The company recently declared a dividend of $0.2254, equating to an 859.0% yield, despite a recent cut in dividend payments.

Kumba Iron Ore Ltd. (OTCMKTS:KIROY - Get Free Report) shares saw unusually-high trading volume on Wednesday . Approximately 48,423 shares changed hands during trading, an increase of 382% from the previous session's volume of 10,046 shares.The stock last traded at $6.36 and had previously closed at $6.39.

Wall Street Analysts Forecast Growth

Separately, HSBC cut shares of Kumba Iron Ore to a "hold" rating in a research note on Monday, July 28th. One analyst has rated the stock with a Hold rating, According to MarketBeat.com, the stock has an average rating of "Hold".

Kumba Iron Ore Stock Performance

The company has a fifty day moving average price of $6.01 and a 200-day moving average price of $5.78.

Kumba Iron Ore Cuts Dividend

The business also recently announced a dividend, which was paid on Thursday, September 4th. Investors of record on Monday, August 25th were issued a $0.2254 dividend. This represents a yield of 859.0%. The ex-dividend date was Friday, August 22nd.

About Kumba Iron Ore

Kumba Iron Ore Limited, together with its subsidiaries, engages in the exploration, extraction, beneficiation, marketing, sale, and shipping of iron ore for the steel industry primarily in South Africa, China, rest of Asia, Europe, the Middle East, and North Africa. It produces iron ore at Sishen and Kolomela mines in the Northern Cape Province.

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