Kumba Iron Ore (OTCMKTS:KIROY) Shares Gap Up - Time to Buy?

Key Points

• Kumba Iron Ore shares gapped up to open at $6.12, rising from a previous close of $5.94, with a trading volume of 339 shares.
• HSBC has downgraded Kumba Iron Ore to a "hold" rating, and the stock currently maintains a consensus rating of "Hold" across analysts.
• The company recently paid a dividend of $0.2254 per share, with an impressive yield of 859.0%.

Kumba Iron Ore Ltd. (OTCMKTS:KIROY - Get Free Report)'s stock price gapped up prior to trading on Friday . The stock had previously closed at $5.94, but opened at $6.12. Kumba Iron Ore shares last traded at $6.12, with a volume of 339 shares trading hands.

Wall Street Analysts Forecast Growth

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

Kumba Iron Ore Price Performance

The stock has a 50-day moving average price of $5.87 and a two-hundred day moving average price of $5.81.

Kumba Iron Ore Cuts Dividend

The company also recently announced a dividend, which was paid on Thursday, September 4th. Investors 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.