International Paper (IP) Cuts Dividend from $0.25 to $0.025/Share, Yielding 1.76%
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International Paper (NYSE: IP) today approved a 90% reduction in its quarterly dividend from $0.25 to $0.025 per common share.
The dividend is payable June 15, 2009, to shareholders of record on May 18, 2009.
The dividend reduction is expected to save about $100 million per quarter.
Based on Friday's closing price of $5.69, the new dividend yields 1.76%, down from 17.57% previously.
The dividend is payable June 15, 2009, to shareholders of record on May 18, 2009.
The dividend reduction is expected to save about $100 million per quarter.
Based on Friday's closing price of $5.69, the new dividend yields 1.76%, down from 17.57% previously.
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