shares of newell brands inc nwl took a 25 dive toward a 14year low in premarket trading tuesday after the parent of consumer brands including sharpie paper mate and graco slashed its dividend by 70 as part of a “refresh” of its corporate strategy the company declared a quarterly dividend of 7 cents a share down from the previous dividend of 23 cents a share the new dividend is payable june 15 to shareholders of record on may 31 based on monday’s stock closing price of 928 the new annual dividend rate cuts the implied dividend yield to 302 from 991 but that is still well above the implied yield for the sp 500 spx of 165 “the company is deliberately resetting its capital allocation priorities and rightsizing the dividend to fund highreturn internal supply chain consolidation investment opportunities while enabling faster deleveraging of the balance sheet and providing additional financial flexibility” newell said in a statement the dividend cut comes after the company reported in lateapril a widerthanexpected firstquarter loss and provided a secondquarter profit outlook that was well below forecasts newell’s stock which was on track to open at the lowest price seen during regularsession hours since april 2009 has plunged 394 over the past three months through monday while the sp 500 has gained 11