Ternium pays an annual dividend of $1.10 per share and has a dividend yield of 3.6%. China Precision Steel does not pay a dividend. Ternium pays out 14.3% of its earnings in the form of a dividend. Ternium has raised its dividend for 2 consecutive years.
A number of research firms recently issued reports on TX. Zacks Investment Research raised Ternium from a “hold” rating to a “buy” rating and set a $36.00 price target on the stock in a report on Friday, February 15th. ValuEngine lowered Ternium from a “sell” rating to a “strong sell” rating in a report on Wednesday. Itau BBA Securities lowered Ternium from an “outperform” rating to a “market perform” rating in a report on Monday, January 14th. Banco Santander lowered Ternium to a “hold” rating and set a $35.00 price target on the stock. in a report on Wednesday, December 12th. Finally, Santander lowered Ternium from a “buy” rating to a “hold” rating in a report on Wednesday, December 12th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $37.50.
On October 29, 2012 the Company entered into a Third Amended and Restated Credit Agreement (the OTC Credit Agreement), which is an unsecured $130 million revolving credit facility that may be increased to $250 million on the terms and subject to the conditions described in the OTC Credit Agreement. On October 31, 2018 the OTC Credit Agreement was amended to extend its expiration date by one year from October 31, 2022 to October 31, 2023. The Company can draw on this credit facility to refinance certain indebtedness and support its operations and the operations of its subsidiaries. Borrowings under the OTC Credit Agreement bear interest at LIBOR plus 1.50%, subject to adjustment based on the Company’s senior unsecured credit ratings or the issuer rating if a rating is not provided for the senior unsecured credit. The Company is required to pay commitment fees based on the average daily unused amount available to be drawn under the revolving credit facility. The OTC Credit Agreement contains a number of restrictions on the Company and the businesses of its wholly owned subsidiary, Varistar and its subsidiaries, including restrictions on the Company’s and Varistar’s ability to merge, sell assets, make investments, create or incur liens on assets, guarantee the obligations of certain other parties and engage in transactions with related parties. The OTC Credit Agreement also contains affirmative covenants and events of default, and financial covenants as described below under the heading ‘Financial Covenants.’ The OTC Credit Agreement does not include provisions for the termination of the agreement or the acceleration of repayment of amounts outstanding due to changes in the Company’s credit ratings. The Company’s obligations under the OTC Credit Agreement are guaranteed by certain of the Company’s subsidiaries. Outstanding letters of credit issued by the Company under the OTC Credit Agreement can reduce the amount available for borrowing under the line by up to $40 million.
7. Retained Earnings and Dividend Restriction The Company is a holding company with no significant operations of its own. The primary source of funds for payments of dividends to the Company’s shareholders is from dividends paid or distributions made by the Company’s subsidiaries. As a result of certain statutory limitations or regulatory or financing agreements, restrictions could occur on the amount of distributions allowed to be made by the Company’s subsidiaries. Both the Company and OTP credit agreements contain restrictions on the payment of cash dividends upon a default or event of default. An event of default would be considered to have occurred if the Company did not meet certain financial covenants. As of December 31, 2018, the Company was in compliance with these financial covenants. Under the Federal Power Act, a public utility may not pay dividends from any funds properly included in a capital account. What constitutes ‘funds properly included in a capital account’ is undefined in the Federal Power Act or the related regulations; however, the FERC has consistently interpreted the provision to allow dividends to be paid as long as (1) the source of the dividends is clearly disclosed, (2) the dividend is not excessive and (3) there is no self-dealing on the part of corporate officials. The MPUC indirectly limits the amount of dividends OTP can pay to the Company by requiring an equity-to-total-capitalization ratio between 47.9% and 58.5% based on OTP’s 2018 capital structure petition effective by order of the MPUC on October 18, 2018. As of December 31, 2018, OTP’s equity-to-total-capitalization ratio including short-term debt was 53.2% and its net assets restricted from distribution totaled approximately $477 million. Total capitalization for OTP cannot currently exceed $1.2 billion.
Despite the break downs, Davis said she depends on the bus to go everywhere. “It takes me two days to get my groceries,” she said.
Reason stands that whichever base is identified on paper, it matters little in-season per game strategy.
HUNT: Most people don’t really have the experience of being near a train when it’s moving at full speed. You know, a train slows down at a platform usually. So when you’re in the tracks and you’re kind of crouched in an emergency exit alcove, the train is hurtling through the dark. So you’re getting this really intense sound and wind and this kind of rush of metal. And it’s – you know, your heart is pounding. It’s very intense.
● Renewable energy: Since 2002, OTP’s customers have been able to purchase 100% of their electricity from wind generation through OTP’s Tail Winds program. OTP has access to 102.9 MW of wind powered generation under power purchase agreements and owns 138 MW of wind powered generation. Minnesota’s legislative mandate requires investor-owned utilities to serve 1.5% of their Minnesota retail electric sales with solar power by 2020. OTP has purchased sufficient SRECs to meet 100% of its 2020 obligation and approximately 70% of its 2021 obligation. OTP is exploring options for constructing a solar project to meet its continuing obligation after 2021.
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