Golden Ocean Group (NASDAQ:GOGL) Reaches New 52-Week Low - Here's What Happened

Golden Ocean Group Limited (NASDAQ:GOGL - Get Free Report) shares hit a new 52-week low on Monday . The company traded as low as $9.00 and last traded at $9.00, with a volume of 33489 shares. The stock had previously closed at $9.11.

Analysts Set New Price Targets

GOGL has been the subject of a number of analyst reports. StockNews.com lowered shares of Golden Ocean Group from a "buy" rating to a "hold" rating in a research note on Saturday, October 5th. Jefferies Financial Group reduced their price target on shares of Golden Ocean Group from $12.50 to $12.00 and set a "hold" rating for the company in a research report on Wednesday, November 27th. Finally, Pareto Securities reiterated a "hold" rating and set a $12.50 price objective on shares of Golden Ocean Group in a research report on Thursday, November 21st.

Golden Ocean Group Price Performance

The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.65. The stock has a 50-day simple moving average of $10.92 and a 200 day simple moving average of $12.09. The stock has a market capitalization of $1.80 billion, a price-to-earnings ratio of 7.42 and a beta of 1.16.

Golden Ocean Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Monday, December 9th will be given a $0.30 dividend. The ex-dividend date of this dividend is Monday, December 9th. This represents a $1.20 dividend on an annualized basis and a yield of 13.36%. Golden Ocean Group's payout ratio is 99.17%.

Hedge Funds Weigh In On Golden Ocean Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Public Employees Retirement System of Ohio acquired a new stake in shares of Golden Ocean Group during the 3rd quarter valued at about $1,543,000. Two Sigma Advisers LP raised its position in Golden Ocean Group by 6.9% during the third quarter. Two Sigma Advisers LP now owns 2,751,677 shares of the shipping company's stock valued at $36,817,000 after acquiring an additional 177,100 shares in the last quarter. Quadrature Capital Ltd lifted its stake in Golden Ocean Group by 8.4% in the third quarter. Quadrature Capital Ltd now owns 66,760 shares of the shipping company's stock valued at $894,000 after acquiring an additional 5,180 shares during the last quarter. Quantinno Capital Management LP grew its position in Golden Ocean Group by 96.3% in the third quarter. Quantinno Capital Management LP now owns 19,740 shares of the shipping company's stock worth $264,000 after acquiring an additional 9,684 shares in the last quarter. Finally, Petrus Trust Company LTA increased its stake in shares of Golden Ocean Group by 117.0% during the 3rd quarter. Petrus Trust Company LTA now owns 73,984 shares of the shipping company's stock worth $990,000 after purchasing an additional 39,891 shares during the last quarter. 22.00% of the stock is currently owned by hedge funds and other institutional investors.

Golden Ocean Group Company Profile

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.