Punch & Associates Investment Management Inc. purchased a new stake in shares of Eneti Inc. (NASDAQ:NETI) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 124,317 shares of the company’s stock, valued at approximately $2,614,000.
A number of other large investors also recently added to or reduced their stakes in NETI. Condire Management LP purchased a new stake in Eneti in the first quarter worth $19,104,000. Dimensional Fund Advisors LP purchased a new stake in Eneti in the first quarter worth $8,563,000. Morgan Stanley purchased a new stake in Eneti in the first quarter worth $1,583,000. Northern Trust Corp purchased a new stake in Eneti in the first quarter worth $1,402,000. Finally, Geode Capital Management LLC purchased a new stake in Eneti in the first quarter worth $1,339,000. Institutional investors own 30.08% of the company’s stock.
A number of research firms have weighed in on NETI. Zacks Investment Research lowered Eneti from a “buy” rating to a “hold” rating in a research note on Friday, May 21st. BTIG Research reiterated a “buy” rating and issued a $25.00 target price on shares of Eneti in a research note on Sunday, July 11th. Finally, Jefferies Financial Group increased their target price on Eneti from $20.00 to $22.00 and gave the stock a “hold” rating in a research note on Tuesday, May 18th.
Eneti (NASDAQ:NETI) last posted its quarterly earnings results on Monday, May 17th. The company reported $3.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $3.95. Eneti had a negative return on equity of 3.48% and a negative net margin of 276.58%. The business had revenue of $59.83 million for the quarter, compared to the consensus estimate of $22.72 million. On average, equities analysts expect that Eneti Inc. will post 0.69 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, June 15th. Stockholders of record on Tuesday, June 1st were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.13%. The ex-dividend date of this dividend was Friday, May 28th. Eneti’s payout ratio is -1.09%.
Eneti Inc, a shipping company, owns and operates dry bulk carriers worldwide. Its vessels transport a range of bulk commodities, including ores, coal, grains, and fertilizers. As of December 31, 2020, the company owned or finance leased 41 vessels consisting of 13 Kamsarmax vessels and 28 Ultramax vessels, as well as time chartered-in five Kamsarmax vessels.
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