E*Trade had not credited my account as of 11PM EDT 08/27/2015. Have a notification 03:03:28 AM EDT 08/28/2015 that my account has been credited. Share Price: $25.6136
hmmm...nothing in my Fidelity account either as of 5:30; I'll revisit over weekend - I'm not in that much of a rush for my 0.43% or whatever it is now; I'm just glad that my reinvestment price is $28 or less (based on ex-div day or based on dividend payment day?). If it is pending it will get there.
Yes it is odd, especially given the frayed investor's emotions this week, especially in the commodity space. Maybe someone is trying to get cute with currency arbitrage with dividend payments in strong US Dollars? I wonder if they decided to do a capitol return instead of a cash dividend?
Fidelity credited my cash dividend around 9:00 am edt on 8/28 but dated the payment 8/27.
If you are dripping at Fidelity, they buy drip shares 3 business days before the pay date. Fidelity did not know the payment would be late, so they bought Monday, 8/24 so it would settle on 8/27.
TWO YEARS LATER, STILL STRONG
Bargaining a fair contract with Asarco/Grupo Mexico has been a long, slow process.
Over the past two years, the negotiating committee has had to address challenges to successorship
language, proposed increases in healthcare costs, attempts to contract out our work and relentless
attacks on the Copper Price Bonus, among many other issues.
Thanks to the unwavering solidarity of all union members at all locations, we’re still standing, and two
years in, we remain as committed as ever to the collective bargaining process.
BARGAINING OVER LAYOFFS
Asarco/Grupo Mexico gave us a 60 day Warn Act notice at the Hayden Concentrator and announced
layoffs at the Ray Mine, citing the low price of copper. We are currently bargaining with Asarco/Grupo
Mexico about the effects of the layoffs, and we are trying to place as many people as possible in open
Direct quotes from the USW website.
Thanks for watching this.
Bloated cost structure at asarco due to usw contract. They will be the best paid UNEMPLOYED workers in America.
Remember when Grupo took over PCU? The first thing they did was give the overcompensated bloated upper level management the heave ho and they ended up saving tons of money.
How copper prices have plummeted to six year low yet SCCO share price still going strong. Insiders across all companies are brilliant at keeping shares irrationally high short-term while they unload knowing that slowing demand and the next recession will eventually catch up to revenue and earnings in the months ahead. SCCO will go back to its long-term pricing of $2-$3 over the next 5 years.
Divident announcement yesterday......all of 4 cents, imo a move to buy back more shares on the cheap.
Yesterday's press release says 87.5% owned by Grupo. 2Q earnings press release on 7/28 says 86.2%.
That's a huge buyback in less than 3 months. Cash is going to taking us out without a takeout premium instead of dividends.
I think a 15% premium to the market is enough to keep Grupo from losing the inevitable lawsuit that the price was too low. They don't have to pay a premium for a controlling interest because they already have that. What else would warrant a premium to free market trading value?
Here are some numbers from the 3Q report.
In 3Q 2015 they spent 309.8 million on stock buybacks and 79.5 million on dividends (with a 10 cent dividend).
So the 3Q buyback/dividend ratio with a 10 cent div paid in 3Q is 3.90 to 1. Just imagine the ratio in 4Q with a 4 cent dividend.
To contrast 3.9 to 1 in 3Q, on a year to date basis, last year in 9 months they paid 283.0 million in dividends vs 388.9 million on buybacks, a 1.37 to 1 ratio. For 9 months this year, its 239.8 million for dividends vs 724.4 million in buybacks, a 3.02 to 1 ratio.
9 months last year = 1.37 to 1
9 monthis year = 3.02 to 1
3Q this year = 3.90 to 1
Yup, the stealth buyout has accelerated.