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Sims (ASX:SGM) shares rise as market falls
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Sims (ASX:SGM) shares rise as market falls

Story Highlights

Sims shares rose in a declining market. The company’s share price predication indicates substantial upside potential, according to TipRanks.

Sims Ltd. (ASX:SGM) shares rose as much as 1.6% at midday, bucking the broad market selloff. There was no immediate catalyst driving the stock, although the company is preparing to distribute dividends next week.

The global metal recycling company plans to distribute its semi-annual dividend of AU$0.25 per share on 19 October. Sims has a long dividend history, with its stock currently offering an above-average dividend yield of 6.51% at a conservative payout ratio of 17%.

Rising alongside Sims shares were Fortescue Metals Group Ltd (ASX:FMG), Iluka Resources Limited (ASX:ILU), and Beach Energy Limited (ASX:BPT) stocks.

Sims share price prediction

According to TipRanks’ analyst rating consensus, Sims stock is a Hold based on two Buys, six Holds, and one Sell. The average Sims share price prediction of AU$16.19 indicates over 24% upside potential.

Concluding remarks

For investors seeking a high-yield dividend stock that also offers large stock price upside potential, Sims stock is worth considering.

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