If you're wanting to receive the upcoming Mineral Resources Ltd (ASX: MIN) dividend, then you will need to get a wriggle on.
That's because the mining and mining services company's shares will be trading ex-dividend on Friday.
Once the ex-dividend date has been reached, then the rights to the dividend will be settled and you won't be entitled to receive the payment if you're not already on its share registry.
The Mineral Resources dividend
Last month, Mineral Resources released its FY 2023 results and reported a 40% increase in revenue to $4.8 billion and a 71% jump underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) to $1.8 billion.
In light of this strong revenue and earnings growth, the Mineral Resources board was able to increase its dividend materially, much to the delight of shareholders.
The company declared a fully franked final dividend of 70 cents per share, which brought its full-year dividend to $1.90 per share. This represents an increase of 90% on FY 2022's payout.
Based on the current Mineral Resources share price of $72.43, this final dividend equates to a 1% dividend yield.
And while this might not be anywhere near the biggest yield you will find on the Australian share market, it could pay to hold tight to the company's shares.
For example, Morgans is forecasting dividends per share of $1.89 in FY 2024 and then $3.00 in FY 2025. This will mean yields of 2.6% and 4.15%, respectively.
In addition, the broker sees plenty of scope for its shares to charge higher over the next 12 months with its add rating and $84.00 price target. This implies potential upside of 16% from current levels.
In the meantime, pay day for Mineral Resources' final dividend will be on 27 September.
