Grindrod Shipping Holdings Ltd. (NASDAQ:GRIN) sees significant growth in short-term interest

Grindrod Shipping Holdings Ltd. (NASDAQ:GRIN) was the target of a sharp increase in short interest during the month of December. As of December 31, there was short interest totaling 68,300 shares, an increase of 25.8% from the total of 54,300 shares as of December 15. Approximately 0.7% of the company’s shares are sold short. Based on an average daily volume of 217,400 shares, the short interest rate is currently 0.3 days.

GRIN has been the subject of several research reports. Zacks Investment Research downgraded Grindrod Shipping from a “hold” rating to a “sell” rating in a Wednesday, Jan. 5, report. Jefferies Financial Group assumed coverage of Grindrod Shipping in a Thursday, October 28 report. They issued a “buy” rating and a target price of $20.00 for the company. Finally, Noble Financial reiterated a “buy” rating and set a price target of $31.00 on Grindrod Shipping shares in a Friday, October 15 report.

GRIN stock opened at $19.60 on Wednesday. The company has a 50-day simple moving average of $15.61 and a 200-day simple moving average of $14.42. Grindrod Shipping has a fifty-two week low of $4.64 and a fifty-two week high of $19.99. The company has a quick ratio of 1.17, a current ratio of 1.29 and a debt ratio of 0.81.

Grindrod Shipping Inc (NASDAQ:GRIN) last reported results on Tuesday, November 16. The company reported EPS of $2.28 for the quarter, beating consensus analyst estimates of $2.09 by $0.19. The company posted revenue of $135.14 million in the quarter, compared to $117.33 million expected by analysts. On average, equity research analysts expect Grindrod Shipping to post EPS of 5.58 for the current year.

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The company also recently declared a quarterly dividend, which was paid on Monday, December 13. Investors of record on Friday, December 3 received a dividend of $0.72. This represents an annualized dividend of $2.88 and a yield of 14.69%. The ex-dividend date was Thursday, December 2.

A number of large investors have recently changed their positions in the company. Two Sigma Investments LP bought a new position in shares of Grindrod Shipping during the third quarter worth $378,000. Millennium Management LLC acquired a new stake in Grindrod Shipping stock during Q3 worth approximately $1,243,000. Cubist Systematic Strategies LLC bought a new position in Grindrod Shipping during Q3, valued at approximately $368,000. Tudor Investment Corp Et Al acquired a new position in Grindrod Shipping in the third quarter worth approximately $337,000. Finally, Islet Management LP acquired a new stake in Grindrod Shipping stock during the third quarter worth approximately $1,542,000. Hedge funds and other institutional investors hold 38.94% of the company’s shares.

About Grindrod Shipping

Grindrod Shipping Holdings Ltd., an international shipping company, owns, charters and operates a fleet of dry bulk carriers and tankers worldwide. It operates a fleet of 23 owned dry bulk carriers and 8 long-term charter dry bulk carriers that transport a range of bulk commodities and general cargo, including ores, coal, grain, forest products, steel products and fertilizers.

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