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Kumba Iron Ore (OTCMKTS:KIROY) Stock Price Up 4.5% - Here's Why

Kumba Iron Ore logo with Basic Materials background

Key Points

  • Kumba Iron Ore shares increased by 4.5% during mid-day trading, with a last trading price of $6.60, significantly above its previous close of $6.31.
  • HSBC downgraded Kumba Iron Ore to a "hold" rating, contributing to a consensus rating of "Hold" for the stock.
  • The company recently announced a dividend yield of 859.0%, with a payment of $0.2254 per share made to investors of record.
  • MarketBeat previews the top five stocks to own by October 1st.

Kumba Iron Ore Ltd. (OTCMKTS:KIROY - Get Free Report) shares rose 4.5% during mid-day trading on Thursday . The stock traded as high as $6.70 and last traded at $6.60. Approximately 28,327 shares traded hands during trading, an increase of 212% from the average daily volume of 9,088 shares. The stock had previously closed at $6.31.

Wall Street Analyst Weigh In

Separately, HSBC cut 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, Kumba Iron Ore presently has a consensus rating of "Hold".

View Our Latest Research Report on KIROY

Kumba Iron Ore Trading Up 4.5%

The business's 50 day moving average is $5.94 and its two-hundred day moving average is $5.80.

Kumba Iron Ore Cuts Dividend

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

Kumba Iron Ore Company Profile

(Get Free Report)

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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