Steward Partners Investment Advisory LLC acquired a new stake in shares of Grindrod Shipping Holdings Ltd. (NASDAQ:GRIN – Get Rating) during the first quarter, Holdings Channel.com reports. The firm acquired 23,638 shares of the company’s stock, valued at approximately $601,000.
Other hedge funds have also bought and sold shares of the company. Lazard Asset Management LLC increased its position in Grindrod Shipping by 44.1% during the fourth quarter. Lazard Asset Management LLC now owns 6,490 shares of the company’s stock valued at $117,000 after acquiring an additional 1,987 shares during the last quarter. Advisor Group Holdings Inc. increased its position in Grindrod Shipping by 246.0% during the fourth quarter. Advisor Group Holdings Inc. now owns 11,765 shares of the company’s stock valued at $212,000 after acquiring an additional 8,365 shares during the last quarter. Finally, Acadian Asset Management LLC increased its position in Grindrod Shipping by 102.4% during the fourth quarter. Acadian Asset Management LLC now owns 37,733 shares of the company’s stock valued at $610,000 after acquiring an additional 19,088 shares during the last quarter. Institutional investors own 32.90% of the company’s stock.
Wall Street Analyst Weigh In
GRIN has been the subject of a number of recent analyst reports. TheStreet raised shares of Grindrod Shipping from a “d+” rating to a “c+” rating in a research note on Monday, April 18th. Jefferies Financial Group initiated coverage on shares of Grindrod Shipping in a research note on Wednesday, April 27th. They set a “buy” rating and a $26.00 target price for the company.
Grindrod Shipping Stock Up 3.5 %
Shares of GRIN opened at $17.59 on Thursday. Grindrod Shipping Holdings Ltd. has a 12-month low of $9.61 and a 12-month high of $28.98. The firm has a fifty day moving average price of $20.41 and a 200-day moving average price of $21.77. The firm has a market capitalization of $338.61 million, a P/E ratio of 2.38 and a beta of 0.97. 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 released its quarterly earnings data on Tuesday, May 24th. The company reported $1.56 earnings per share for the quarter, topping analysts’ consensus estimates of $1.36 by $0.20. Grindrod Shipping had a net margin of 26.61% and a return on equity of 48.54%. The company had revenue of $86.61 million during the quarter, compared to analyst estimates of $86.45 million. During the same period in the prior year, the firm earned $0.12 earnings per share. Equities research analysts expect that Grindrod Shipping Holdings Ltd. will post 5.98 earnings per share for the current year.
Grindrod Shipping Cuts Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 20th. Investors of record on Friday, June 10th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 10.69%. The ex-dividend date was Thursday, June 9th. Grindrod Shipping’s dividend payout ratio (DPR) is presently 25.47%.
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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