Mosaic Company (The)

The Mosaic Company is one of the world's largest producers of concentrated phosphate and potash, the mineral fertilizers that underpin global crop yields. Based in Florida with mining and processing operations across North America and Brazil, its fortunes track closely with agricultural cycles, grain prices and the volatile economics of nutrient markets. Mosaic has paid a dividend for the better part of two decades, though the payout has moved with the commodity swings that shape its earnings rather than climbing steadily. The current yield is modest and the dividend record less linear than that of defensive names, which is reflected in a middling score. Income investors should view it as a cyclical holding whose distribution depends on the fertilizer price backdrop.