Weyerhaeuser Cuts Dividend by 58%
Submitted by Frank Lara Jr. on Fri, 12/19/2008 - 14:10.
Weyerhaeuser Company (NYSE:WY) just cut their dividend from 60 cents per share to just 25 Cents, WY shares are down 7% on the news.
Weyerhaeuser announced its expectations of an increasingly “challenging” market condition throughout the next year.
With revenues expected to be significantly lower in the near future, the company is doing all it can to keep margins intact. Executives implemented a white-collar wage freeze, cut capital spending by as much as $200 million and cut their dividend 58% to just a single U.S. Quarter (25 cents).
In the last 3 months WY shares have lost 44% of their value, now trading in the $34 range. Now we all wait for the analyst reaction, should target prices be reduced, expect shares to continue to fall.
Disclaimer: No positions in WY.
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