Will SunEdison (SUNE) Stock Be Helped by New Quarterly Dividend?

SunEdison (SUNE) stock is down in early afternoon trading following Tuesday's earnings results, even though the company declared a new dividend today.
By Rachel Graf ,

NEW YORK (TheStreet) -- SunEdison (SUNE) stock is lower by 2.65% to $4.77 on heavy volume in early afternoon trading on Thursday, despite the company declaring a new dividend today. 

SunEdison's board of directors declared a quarterly dividend on its Series A Perpetual Convertible Preferred Stock in the prorated amount of $18.75 per share.

The dividend is payable on December 1 to shareholders of record as of November 15.

Before the market open on Tuesday, the  renewable energy development company reported a loss of 91 cents per share on revenue of $476 million for the most recent quarter. Analysts had expected SunEdison to report a loss of 69 cents a share on revenue of $437.45 million for the third quarter of 2015.

The stock plunged by 24% to hit a nearly two-and-a-half-year low following the report on Tuesday. 

About 61.68 million shares of SunEdison have been traded so far today, well above the company's average trading volume of roughly 34.08 million shares a day.

Separately, TheStreet Ratings team rates SUNEDISON INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:

We rate SUNEDISON INC (SUNE) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.

You can view the full analysis from the report here: SUNE

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Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of Jim Cramer, TheStreet or any of its contributors.

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