Shares in Fortescue Metals Group Limited (ASX: FMG) have come under selling pressure since the release of the company's full-year results.
On the operational side, the iron ore miner reported record annual shipments that exceeded the top end of guidance.
However, it wasn't rosy on the financial part with double-digit losses registered across the board.
This led the Fortescue board to slash the final dividend by a mammoth 43% compared to the corresponding year.
Investors were quick to react on the results, sending the Fortescue share price 4.93% lower on the day.
Despite a slight recovery on the following day, the share price has tanked again over the last two days.
At yesterday's market close, the mining giant's shares finished at $17.64 apiece – a fall of 11% this week.
Let's take a look at the details that you need to know about the upcoming dividend.
Be quick to secure the Fortescue dividend!
The Fortescue share price could be on the move today as investors look to scoop up the company's final dividend.
The ex-dividend date falls on Monday 5 September.
This means you have until the end of trading today to buy the miner's shares to be eligible for the dividend – provided you keep them until Monday morning.
Keep in mind that when a company's shares trade ex-dividend, the share price tends to fall in proportion to the dividend paid out. However, this can vary depending on how the market is tracking for the day, as well as investor sentiment.
If you make the cut, you'll receive a fully franked dividend payment of $1.21 per share on 29 September.
This brings the total dividend for FY 2022 to $2.07 per share, reflecting a 42% reduction from the $3.58 per share declared in the prior corresponding year.
Furthermore, there's a dividend reinvestment plan (DRP) should you wish to add more Fortescue shares to your holdings.
The last date to participate in the DRP is Wednesday 7 September.
There's no DRP discount and the reinvestment price will be decided upon the volume-weighted average price (VWAP) between 8 September and 14 September.
Fortescue share price snapshot
Since the start of 2022, the Fortescue share price has fallen 8% as the price of iron ore continues to retreat.
In comparison, the S&P/ASX 200 Resources (ASX: XJR) sector is flat over the same period.
Fortescue commands a market capitalisation of approximately $54.31 billion and has a dividend yield of 11.73%.
