Grindrod Shipping Holdings Ltd. (NASDAQ:GRIN – Get Rating) was the target of a large increase in short interest in September. As of September 15th, there was short interest totalling 406,300 shares, an increase of 18.9% from the August 31st total of 341,600 shares. Based on an average daily trading volume, of 262,400 shares, the days-to-cover ratio is presently 1.5 days. Currently, 3.2% of the company’s stock are short sold.
Grindrod Shipping Stock Performance
Shares of GRIN stock traded up $0.75 during trading hours on Friday, reaching $23.93. 227,394 shares of the company’s stock were exchanged, compared to its average volume of 251,381. Grindrod Shipping has a fifty-two week low of $12.83 and a fifty-two week high of $28.98. The stock has a market capitalization of $460.65 million, a P/E ratio of 2.58 and a beta of 0.83. The business has a fifty day moving average price of $21.50 and a 200-day moving average price of $22.26. The company has a quick ratio of 1.75, a current ratio of 1.92 and a debt-to-equity ratio of 0.45.
Grindrod Shipping (NASDAQ:GRIN – Get Rating) last issued its earnings results on Wednesday, August 17th. The company reported $2.74 EPS for the quarter. The business had revenue of $138.87 million during the quarter. Grindrod Shipping had a return on equity of 54.81% and a net margin of 33.23%. During the same quarter in the previous year, the company posted $1.01 earnings per share.
Grindrod Shipping Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, September 19th. Shareholders of record on Friday, September 9th were given a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 14.04%. This is a boost from Grindrod Shipping’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Thursday, September 8th. Grindrod Shipping’s dividend payout ratio is 36.17%.
Analyst Upgrades and Downgrades
Separately, Alliance Global Partners assumed coverage on Grindrod Shipping in a report on Wednesday, August 3rd. They issued a “buy” rating and a $32.00 target price for the company.
Institutional Trading of Grindrod Shipping
Large investors have recently bought and sold shares of the stock. Goldman Sachs Group Inc. grew its holdings in shares of Grindrod Shipping by 936.0% during the first quarter. Goldman Sachs Group Inc. now owns 405,162 shares of the company’s stock worth $10,307,000 after purchasing an additional 366,052 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of Grindrod Shipping by 19.0% during the second quarter. Renaissance Technologies LLC now owns 298,295 shares of the company’s stock worth $5,116,000 after purchasing an additional 47,700 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Grindrod Shipping by 894.6% during the second quarter. JPMorgan Chase & Co. now owns 116,190 shares of the company’s stock valued at $1,992,000 after acquiring an additional 104,508 shares during the period. Acadian Asset Management LLC lifted its stake in shares of Grindrod Shipping by 198.2% during the first quarter. Acadian Asset Management LLC now owns 112,504 shares of the company’s stock valued at $2,798,000 after acquiring an additional 74,771 shares during the period. Finally, Robotti Robert acquired a new position in shares of Grindrod Shipping during the first quarter valued at $2,544,000. 15.28% of the stock is currently owned by institutional investors.
Grindrod Shipping Company Profile
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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