Grindrod Shipping Holdings Ltd. (NASDAQ:GRIN) — Equity research analysts at Jefferies Financial Group raised their second quarter 2022 earnings per share (EPS) estimates for Grindrod Shipping in a report released Thursday, February 17. Jefferies Financial Group analyst R. Giveans now expects the company to post earnings per share of $1.44 for the quarter, up from its previous forecast of $1.27. Jefferies Financial Group currently has a “Buy” rating and a target price of $20.00 on the stock. Jefferies Financial Group also released estimates for Grindrod Shipping’s Q3 2022 earnings at $1.45 EPS, Q4 2022 earnings at $1.09 EPS, and fiscal year 2023 earnings at $4.42 EPS. Grindrod Shipping Inc (NASDAQ:GRIN) last reported 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 had a net margin of 23.38% and a return on equity of 42.71%.
Separately, Zacks Investment Research downgraded shares of Grindrod Shipping from a “buy” rating to a “hold” rating in a report on Friday, Jan. 28.
Grindrod Shipping’s stock opened at $22.50 on Monday. The stock has a market capitalization of $433.13 million, a PE ratio of 3.76 and a beta of 1.09. The company has a 50-day moving average of $17.26 and a 200-day moving average of $15.57. Grindrod Shipping has a 12-month low of $5.52 and a 12-month high of $25.49. The company has a quick ratio of 1.17, a current ratio of 1.29 and a debt ratio of 0.81.
Several institutional investors and hedge funds have recently changed their positions in GRIN. Marshall Wace LLP bought a new position in shares of Grindrod Shipping during Q3 worth $5,475,000. Renaissance Technologies LLC raised its position in Grindrod Shipping shares by 160.2% in Q3. Renaissance Technologies LLC now owns 334,938 shares of the company valued at $5,165,000 after purchasing an additional 206,238 shares in the last quarter. Islet Management LP acquired a new stake in Grindrod Shipping in Q3 worth $1,542,000. Millennium Management LLC purchased a new stock position in Grindrod Shipping during Q3 for a value of $1,243,000. Finally, Morgan Stanley increased its position in Grindrod Shipping by 254,963.6% in the second quarter. Morgan Stanley now owns 56,114 shares of the company valued at $611,000 after acquiring an additional 56,092 shares in the last quarter. 38.87% of the shares are currently held by institutional investors and hedge funds.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 22. Investors of record on Friday, March 11 will receive a dividend of $0.72. This represents an annualized dividend of $2.88 and a dividend yield of 12.80%. The ex-dividend date is Thursday, March 10. Grindrod Shipping’s dividend payout ratio (DPR) is 12.04%.
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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