Millennium Management LLC acquired a new position in DryShips Inc (NASDAQ:DRYS) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 220,066 shares of the shipping company’s stock, valued at approximately $777,000. Millennium Management LLC owned 0.21% of DryShips at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Covalis Capital LLP acquired a new stake in shares of DryShips in the fourth quarter valued at about $136,000. Deutsche Bank AG increased its holdings in shares of DryShips by 3,145.4% in the 4th quarter. Deutsche Bank AG now owns 75,424 shares of the shipping company’s stock valued at $266,000 after acquiring an additional 73,100 shares during the period. Finally, Centenus Global Management LP acquired a new position in shares of DryShips in the 4th quarter valued at $275,000. Hedge funds and other institutional investors own 3.26% of the company’s stock.
DryShips opened at $3.90 on Friday, Marketbeat reports. DryShips Inc has a 12-month low of $3.70 and a 12-month high of $3.83. The company has a quick ratio of 3.77, a current ratio of 3.77 and a debt-to-equity ratio of 0.39.
DryShips announced that its Board of Directors has initiated a stock buyback plan on Wednesday, February 7th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the shipping company to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 11th. Shareholders of record on Friday, May 25th will be given a $0.0246 dividend. This is an increase from DryShips’s previous quarterly dividend of $0.02. The ex-dividend date is Thursday, May 24th. This represents a $0.10 annualized dividend and a yield of 2.53%.
Several brokerages have issued reports on DRYS. BidaskClub cut shares of DryShips from a “sell” rating to a “strong sell” rating in a research note on Tuesday, January 30th. ValuEngine upgraded shares of DryShips from a “sell” rating to a “hold” rating in a research report on Wednesday, May 2nd.
DryShips Company Profile
DryShips Inc owns and operates ocean going cargo vessels worldwide. It operates through two segments, Drybulk and Offshore Support. The Drybulk segment offers drybulk commodities transportation services for the steel, electric utility, construction, and agri-food industries. The Offshore Support segment provides its services to the global offshore energy industry.
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