Connor Clark & Lunn Investment Management Ltd. lessened its stake in shares of Golden Ocean Group Limited (NASDAQ:GOGL - Free Report) by 51.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 137,994 shares of the shipping company's stock after selling 144,610 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.07% of Golden Ocean Group worth $1,846,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of GOGL. Vanguard Group Inc. lifted its stake in shares of Golden Ocean Group by 273.9% in the 1st quarter. Vanguard Group Inc. now owns 5,190,885 shares of the shipping company's stock worth $67,274,000 after acquiring an additional 3,802,652 shares during the period. Assenagon Asset Management S.A. increased its holdings in shares of Golden Ocean Group by 1,372.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,260,278 shares of the shipping company's stock valued at $17,392,000 after purchasing an additional 1,174,716 shares during the period. Marshall Wace LLP boosted its stake in shares of Golden Ocean Group by 96.9% during the 2nd quarter. Marshall Wace LLP now owns 1,557,288 shares of the shipping company's stock valued at $21,491,000 after buying an additional 766,436 shares during the period. Hsbc Holdings PLC grew its stake in Golden Ocean Group by 55.5% in the second quarter. Hsbc Holdings PLC now owns 1,169,814 shares of the shipping company's stock valued at $16,219,000 after purchasing an additional 417,539 shares in the last quarter. Finally, Acadian Asset Management LLC increased its holdings in Golden Ocean Group by 42.7% in the second quarter. Acadian Asset Management LLC now owns 991,898 shares of the shipping company's stock worth $13,683,000 after buying an additional 296,842 shares during the last quarter. 22.00% of the stock is owned by hedge funds and other institutional investors.
Golden Ocean Group Trading Down 2.0 %
Shares of NASDAQ:GOGL traded down $0.22 during trading on Tuesday, reaching $10.86. 2,050,418 shares of the company traded hands, compared to its average volume of 1,576,177. The firm has a market capitalization of $2.17 billion, a price-to-earnings ratio of 10.36 and a beta of 1.20. The business's fifty day moving average is $11.84 and its 200-day moving average is $12.62. The company has a current ratio of 1.17, a quick ratio of 1.00 and a debt-to-equity ratio of 0.66. Golden Ocean Group Limited has a 52-week low of $8.42 and a 52-week high of $15.77.
Golden Ocean Group (NASDAQ:GOGL - Get Free Report) last announced its earnings results on Wednesday, August 28th. The shipping company reported $0.32 EPS for the quarter, beating analysts' consensus estimates of $0.28 by $0.04. Golden Ocean Group had a net margin of 22.01% and a return on equity of 10.57%. The business had revenue of $197.35 million during the quarter, compared to analysts' expectations of $187.74 million. As a group, analysts forecast that Golden Ocean Group Limited will post 1.18 EPS for the current year.
Golden Ocean Group Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Wednesday, September 11th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 11.05%. The ex-dividend date of this dividend was Wednesday, September 11th. Golden Ocean Group's dividend payout ratio (DPR) is 112.15%.
Analysts Set New Price Targets
A number of research analysts have commented on the stock. Pareto Securities restated a "hold" rating and set a $12.50 price target on shares of Golden Ocean Group in a research note on Thursday, November 21st. StockNews.com cut Golden Ocean Group from a "buy" rating to a "hold" rating in a research note on Saturday, October 5th. Finally, Jefferies Financial Group reduced their price objective on shares of Golden Ocean Group from $15.50 to $14.50 and set a "hold" rating on the stock in a research note on Wednesday, August 28th.
Read Our Latest Stock Report on GOGL
Golden Ocean Group Company Profile
(
Free Report)
Golden Ocean Group Limited, a shipping company, owns and operates a fleet of dry bulk vessels worldwide. The company's dry bulk vessels comprise Newcastlemax, Capesize, and Panamax vessels operating in the spot and time charter markets. It also transports a range of bulk commodities, including ores, coal, grains, and fertilizers.
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