ICL Group (NYSE:ICL) Shares Gap Up After Dividend Announcement

ICL Group Ltd (NYSE:ICL) gapped up prior to trading on Wednesday following a dividend announcement from the company. The stock had previously closed at $3.96, but opened at $4.12. ICL Group shares last traded at $4.09, with a volume of 116,130 shares traded.

The newly announced dividend which will be paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th will be issued a $0.037 dividend. The ex-dividend date of this dividend is Wednesday, September 4th. This represents a $0.15 dividend on an annualized basis and a yield of 3.48%. ICL Group’s dividend payout ratio (DPR) is 48.65%.

Analyst Ratings Changes

Separately, Barclays cut their price objective on shares of ICL Group from $4.50 to $4.00 and set an “underweight” rating for the company in a research report on Friday.

ICL Group Stock Performance

The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.93 and a current ratio of 1.60. The company has a market cap of $5.58 billion, a price-to-earnings ratio of 11.50, a price-to-earnings-growth ratio of 5.90 and a beta of 1.25. The stock’s fifty day simple moving average is $4.33 and its two-hundred day simple moving average is $4.70.

Institutional Trading of ICL Group

A number of institutional investors and hedge funds have recently bought and sold shares of ICL. Massmutual Trust Co. FSB ADV raised its stake in shares of ICL Group by 103.8% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 7,093 shares of the basic materials company’s stock valued at $38,000 after acquiring an additional 3,612 shares during the period. Kathmere Capital Management LLC purchased a new stake in shares of ICL Group in the first quarter worth about $54,000. SVB Wealth LLC purchased a new stake in shares of ICL Group during the 4th quarter valued at about $51,000. Callan Capital LLC acquired a new stake in ICL Group in the first quarter valued at approximately $60,000. Finally, Greenleaf Trust purchased a new stake in shares of ICL Group during the first quarter valued at approximately $63,000. Institutional investors and hedge funds own 13.38% of the company’s stock.

ICL Group Company Profile

ICL Group Ltd, together with its subsidiaries, operates as a specialty minerals and chemicals company worldwide. It operates in four segments: Industrial Products, Potash, Phosphate Solutions, and Growing Solutions. The Industrial Products segment produces bromine out of a solution that is a by-product of the potash production process, as well as bromine-based compounds; produces various grades of potash, salt, magnesium chloride, and magnesia products; and produces and markets phosphorous-based flame retardants and other phosphorus-based products.