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.

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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.

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