Alliance Global Partners started coverage on shares of Grindrod Shipping (NASDAQ:GRIN – Get Rating) in a research note released on Wednesday morning, Marketbeat.com reports. The firm issued a buy rating and a $32.00 price objective on the stock.
Other equities analysts have also recently issued research reports about the stock. TheStreet upgraded shares of Grindrod Shipping from a d+ rating to a c+ rating in a research report on Monday, April 18th. Jefferies Financial Group assumed coverage on Grindrod Shipping in a research report on Wednesday, April 27th. They set a buy rating and a $26.00 price target for the company.
Grindrod Shipping Trading Up 2.4 %
NASDAQ GRIN opened at $17.77 on Wednesday. The firm has a market cap of $342.07 million, a PE ratio of 2.41 and a beta of 0.95. Grindrod Shipping has a 1-year low of $11.01 and a 1-year high of $28.98. The stock has a 50-day moving average of $19.18 and a 200-day moving average of $21.77. The company has a current ratio of 1.77, a quick ratio of 1.59 and a debt-to-equity ratio of 0.63.
Grindrod Shipping (NASDAQ:GRIN – Get Rating) last announced its quarterly earnings data on Tuesday, May 24th. The company reported $1.56 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.20. Grindrod Shipping had a return on equity of 48.54% and a net margin of 26.61%. The firm had revenue of $86.61 million during the quarter, compared to the consensus estimate of $86.45 million. During the same quarter in the previous year, the company posted $0.12 earnings per share. As a group, sell-side analysts forecast that Grindrod Shipping will post 5.98 EPS for the current year.
Grindrod Shipping Cuts Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, June 20th. Investors of record on Friday, June 10th were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 10.58%. The ex-dividend date was Thursday, June 9th. Grindrod Shipping’s dividend payout ratio is currently 25.47%.
Institutional Trading of Grindrod Shipping
Several large investors have recently bought and sold shares of the company. Quantbot Technologies LP bought a new stake in shares of Grindrod Shipping during the first quarter valued at approximately $35,000. Captrust Financial Advisors bought a new stake in shares of Grindrod Shipping during the 1st quarter valued at $38,000. Spire Wealth Management purchased a new stake in shares of Grindrod Shipping in the 2nd quarter worth about $94,000. BlackRock Inc. purchased a new stake in shares of Grindrod Shipping in the 1st quarter worth about $109,000. Finally, Lazard Asset Management LLC increased its stake in shares of Grindrod Shipping by 44.1% in the 4th quarter. Lazard Asset Management LLC now owns 6,490 shares of the company’s stock worth $117,000 after acquiring an additional 1,987 shares in the last quarter. 32.90% of the stock is owned by institutional investors.
About Grindrod Shipping
Grindrod Shipping Holdings Ltd., an international shipping company, owns, charters-in, and operates a fleet of dry bulk carriers and tankers worldwide. It operates a fleet of 32 vessels consisting of 24 owned dry bulk carriers and 7 long-term chartered-in dry bulk carriers that transport a range of bulk and breakbulk commodities, including ores, coal, grains, forestry products, steel products, and fertilizers.
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