Joy Global cuts dividend by 95%

Joy Global (JOY) will lower its quarterly dividend from $0.20 to $0.01 per share.

The reduction in the dividend is being driven by the significant downturn in commodity prices and the resulting impact on the company's bookings, revenues and cash flows, according to the worldwide leader in mining equipment and services.

The new $0.04 annual dividend translates into an indicated dividend yield of 0.3%.

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