Grindrod Shipping Holdings Ltd. (NASDAQ: GRIN – Get a rating) recorded a significant increase in short-term interest in February. As of February 28, there was short interest totaling 192,200 shares, an increase of 74.6% from February 13’s total of 110,100 shares. Based on an average daily volume of 426,900 shares, the day-to-cover ratio is currently 0.5 days. About 1.5% of the stock’s shares are sold short.
Several hedge funds and other institutional investors have recently increased or reduced their stake in the company. Barclays PLC increased its stake in Grindrod Shipping by 178.6% in the fourth quarter. Barclays PLC now owns 1,950 shares in the company valued at $35,000 after buying a further 1,250 shares in the last quarter. Advisor Group Holdings Inc. acquired a new position in Grindrod Shipping in the third quarter worth $52,000. Dorsey Wright & Associates acquired a new position in Grindrod Shipping in the fourth quarter worth $66,000. Lazard Asset Management LLC increased its stake in Grindrod Shipping by 44.1% during the fourth quarter. Lazard Asset Management LLC now owns 6,490 shares of the company worth $117,000 after acquiring 1,987 additional shares in the last quarter. Finally, Jump Financial LLC acquired a new stake in Grindrod Shipping during the third quarter worth approximately $158,000. 38.87% of the shares are held by institutional investors.
GRIN opened at $24.25 on Friday. Grindrod Shipping has a one-year minimum of $6.63 and a one-year maximum of $27.10. The company has a market capitalization of $466.81 million, a price-earnings ratio of 4.06 and a beta of 0.86. The company’s fifty-day moving average is $20.00 and its two-hundred-day moving average is $16.90. The company has a debt ratio of 0.70, a quick ratio of 1.47 and a current ratio of 1.61.
Grindrod Expedition (NASDAQ: GRIN – Get a rating) last released its quarterly results on Wednesday, February 16. The company reported earnings per share of $2.75 for the quarter, beating the Zacks consensus estimate of $2.50 by $0.25. Grindrod Shipping achieved a return on equity of 41.13% and a net margin of 23.38%. The company posted revenue of $114.86 million in the quarter, compared to $118.51 million expected by analysts. On average, analysts predict that Grindrod Shipping will post an EPS of 5.56 for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 22. Shareholders of record on Friday, March 11 will receive a dividend of $0.72. The ex-dividend date is Thursday, March 10. This represents a dividend of $2.88 on an annualized basis and a dividend yield of 11.88%. Grindrod Shipping’s dividend payout ratio (DPR) is 12.04%.
Separately, Zacks Investment Research upgraded Grindrod Shipping from a “hold” rating to a “strong-buy” rating and set a target price of $26.00 on the stock in a Wednesday, Feb. 23 research report.
Grindrod Transport Company Profile (Get a rating)
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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