The Monadelphous Group Limited share price has sunk 7% lower

One of the worst performers on the local share market today has been the Monadelphous Group Limited (ASX: MND) share price.

In afternoon trade the engineering company’s shares are down a sizeable 7% to $14.62.

Why are its shares lower today?

Whilst it isn’t attributable to all this decline, the fact that Monadelphous’ shares have gone ex-dividend this morning has certainly played a role in its drop into the red today.

Eligible shareholders will now receive this 30 cents per share fully franked interim dividend in their nominated accounts on March 29.

Today’s decline could also be a delayed reaction to the release of a few negative post-earnings broker notes at the end of last month.

Credit Suisse, Deutsche Bank, and Citi all placed the equivalent of a sell rating on the company’s shares following the release of its half-year results. These all appear to have been made largely on valuation grounds.

Some shareholders may have wanted to stick around for the dividend before exiting their positions.

Elsewhere, the Worleyparsons Limited (ASX: WOR) share price is down 2% in afternoon trade.

OUR #1 dividend pick to grow your wealth over the new financial year is revealed for FREE here!

Financial year 2018 is here and The Motley Fool’s dividend detective Andrew Page has revealed his must buy dividend share to grow your wealth in 2018.

You might not know this market leader's name, but it's rapidly expanding into a highly profitable niche market here in Australia. Even better, the shares boast a strong, fully franked dividend that should balloon in the years to come. In other words, we're looking at the holy grail of incredible long-term growth potential AND income you can watch accruing in your account in real time!

Simply click here to grab your FREE copy of this up-to-the-minute research report on our #1 dividend share recommendation now.

Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.