Shares in Grange Resources Ltd (ASX: GRR) have come under selling pressure following the company's disappointing interim results.
The company reported a 36% drop in half-year statutory profit to $132.2 million due to soaring energy costs and volatile iron ore prices.
Subsequently, the board decided to drastically cut its dividend by a whopping 80% when compared to the corresponding year.
Investors vented their frustration on the weakened performance, sending the Grange Resources share price 28% lower on the day.
While there has been a slight recovery over the last two trading days last week, the share is down almost 40% since 29 August.
At Friday's market close, the iron ore pellet miner's shares finished at 84.5 cents apiece.
Let's take a look at the details that you need to know about the upcoming dividend.
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Time is almost out to dig in the Grange Resources dividend
The Grange Resources share price could be on the move today as the ASX is expected to open higher this morning.
In addition, the price of iron ore has remained elevated to about the US$100 level.
In the case you are looking to scoop up the company's upcoming dividend, today will be the last day to do so.
This is because the ex-dividend date is tomorrow, 13 September.
So, if you buy Grange Resources shares today and hold them until tomorrow morning, you'll receive a fully franked dividend of two cents per share.
The company is set to pay out $23.14 million in the form of dividends to eligible shareholders on 30 September.
Currently, Grange Resources isn't offering a dividend reinvestment plan (DRP) at this time.
Grange Resources share price snapshot
Despite the company's unfortunate half-year performance, the Grange Resources share price has risen 12% this year.
In comparison, the S&P/ASX 200 Resources (ASX: XJR) sector is up 2.7% over the same period.
Grange Resources commands a market capitalisation of approximately $977 million and has an attractive dividend yield of 14.2%.
