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

Key Points

• Kumba Iron Ore experienced a significant increase in trading volume, with 50,516 shares traded, reflecting a 368% surge from the previous session.
• The stock's current trading price is $6.06, down from a closing price of $6.19, and its 50-day and 200-day simple moving averages are $6.06 and $5.78, respectively.
• HSBC recently downgraded Kumba Iron Ore's shares to a "hold" rating, contributing to an overall average rating of "Hold" among analysts.

Kumba Iron Ore Ltd. (OTCMKTS:KIROY - Get Free Report) saw strong trading volume on Friday . 50,516 shares traded hands during mid-day trading, an increase of 368% from the previous session's volume of 10,803 shares.The stock last traded at $6.06 and had previously closed at $6.19.

Wall Street Analysts Forecast Growth

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

Kumba Iron Ore Price Performance

The stock's 50 day simple moving average is $6.06 and its 200-day simple moving average is $5.78.

Kumba Iron Ore Cuts Dividend

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

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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