Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

See Why DryShips (DRYS) Dropped Nearly 30% on Tuesday

DryShips Inc. (NASDAQ:DRYS) on April 11 closed the markets in red when it dropped 29.84% to $1.74, but rebounded by 7.47% to $1.87 in after-market hours, amid announcing its second consecutive common stock dividend.

DryShips Inc. (NASDAQ:DRYS) said its board of directors approved the quarterly cash dividend of $2.5 million to the common shareholders of record as of May 1, 2017 and payable on or about May 15, 2017.

In addition, the company disclosed financial values as of April 11, including cash and cash equivalents about $422.0 million, or $8.98 per share; book value of vessels, including deposits about $194.3 million, or $4.13 per share; third-party loans of about $16.5 million; Sifnos loan facility balance of about $200.0 million; and about 47,010,986 of number of shares outstanding.

DryShips a diversified owner of ocean going cargo vessels that operate worldwide. Shares of the stock likely dropped on Tuesday during market hours due to the reverse stock split, which made the equity easier to short.

Travel mania/

Travel mania/

What Does The Smart Money Sentiment Say?

At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 39.7% gains over the past 12 months and outperformed the 24.1% gain enjoyed by the S&P 500 ETFs. Our enhanced small-cap hedge fund strategy returned more than 45% over the last 12 months and outperformed SPY by more than 30 percentage points over the last 4.5 years (see details here).

None of the 742 elite funds that we track held any shares in DryShips Inc. (NASDAQ:DRYS) during the last 13F filing period.

The Bottom Line

DryShips Inc. (NASDAQ:DRYS) has fell sharply by nearly 30% after the company’s board announced a second consecutive common stock dividend for the period ended March 31. For more reading, check out 11 Largest Container Shipping Companies in the World.

Follow Dryships Inc. (NASDAQ:DRYS)
Trade (NASDAQ:DRYS) Now!

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
This is a FREE report from Insider Monkey. Credit Card is NOT required.