Grindrod Shipping (NASDAQ:GRIN – Get Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Friday, Zacks.com reports.
According to Zacks, “Grindrod Shipping Holdings Ltd. owns and operates a diversified fleet of owned, long-term chartered-in and joint-venture owned drybulk and liquid-bulk vessels. The drybulk business operates under the brand Island View Shipping includes handysize drybulk carriers and supramax drybulk carriers. The liquid-bulk business, operates under the brand Unicorn Shipping includes a fleet of Medium Range product tankers and small tankers. It operates primarily in London, Durban, Cape Town, Tokyo and Rotterdam. Grindrod Shipping Holdings Ltd. is based in Singapore. “
Several other research analysts also recently commented on GRIN. Jefferies Financial Group started coverage on Grindrod Shipping in a research note on Wednesday, April 27th. They issued a “buy” rating and a $26.00 target price for the company. TheStreet upgraded Grindrod Shipping from a “d+” rating to a “c+” rating in a research note on Monday, April 18th.
Shares of Grindrod Shipping stock traded down $1.01 during trading hours on Friday, hitting $26.08. 363,066 shares of the company’s stock traded hands, compared to its average volume of 458,183. Grindrod Shipping has a 12-month low of $8.21 and a 12-month high of $28.98. The stock has a market capitalization of $502.04 million, a price-to-earnings ratio of 4.36 and a beta of 0.80. The company has a fifty day simple moving average of $25.23 and a 200-day simple moving average of $20.51. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.61 and a quick ratio of 1.47.
Whether you’re looking to learn the basics of futures or are a seasoned vet looking to hone your trading skills, our Technical Analysis Guide has everything you need to succeed in today’s futures markets!
Grindrod Shipping (NASDAQ:GRIN – Get Rating) last announced its earnings results on Tuesday, May 24th. The company reported $1.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.20. Grindrod Shipping had a return on equity of 41.13% and a net margin of 23.38%. During the same quarter last year, the firm posted $0.12 earnings per share. On average, analysts forecast that Grindrod Shipping will post 5.91 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. increased its stake 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 valued at $10,307,000 after buying an additional 366,052 shares during the period. Marshall Wace LLP bought a new stake in shares of Grindrod Shipping during the third quarter valued at approximately $5,475,000. Renaissance Technologies LLC boosted its position in shares of Grindrod Shipping by 160.2% during the third quarter. Renaissance Technologies LLC now owns 334,938 shares of the company’s stock valued at $5,165,000 after purchasing an additional 206,238 shares in the last quarter. Acadian Asset Management LLC boosted its position 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 purchasing an additional 74,771 shares in the last quarter. Finally, Islet Management LP bought a new stake in shares of Grindrod Shipping during the third quarter valued at approximately $1,542,000. 32.90% of the stock is currently owned by institutional investors.
About Grindrod Shipping (Get Rating)
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.
Further Reading
Get a free copy of the Zacks research report on Grindrod Shipping (GRIN)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to [email protected]
Should you invest $1,000 in Grindrod Shipping right now?
Before you consider Grindrod Shipping, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Grindrod Shipping wasn’t on the list.
While Grindrod Shipping currently has a “Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.
