Golden Ocean Group (NASDAQ:GOGL) Sets New 1-Year Low - What's Next?

Golden Ocean Group Limited (NASDAQ:GOGL - Get Free Report) shares reached a new 52-week low on Thursday . The company traded as low as $8.38 and last traded at $8.41, with a volume of 21716490 shares traded. The stock had previously closed at $10.06.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Jefferies Financial Group reissued a "hold" rating and set a $10.00 target price on shares of Golden Ocean Group in a report on Wednesday, February 26th. Pareto Securities restated a "hold" rating and issued a $12.50 price target on shares of Golden Ocean Group in a research report on Thursday, November 21st.

Golden Ocean Group Stock Up 0.6 %

The stock has a market cap of $1.75 billion, a price-to-earnings ratio of 7.25 and a beta of 1.14. 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's 50-day moving average price is $9.20 and its 200-day moving average price is $10.51.

Golden Ocean Group Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Tuesday, March 11th will be given a dividend of $0.15 per share. The ex-dividend date is Tuesday, March 11th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 6.84%. Golden Ocean Group's payout ratio is presently 53.57%.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. MetLife Investment Management LLC lifted its position in shares of Golden Ocean Group by 1.7% during the 4th quarter. MetLife Investment Management LLC now owns 71,533 shares of the shipping company's stock valued at $641,000 after acquiring an additional 1,201 shares during the period. State of Wyoming lifted its position in shares of Golden Ocean Group by 10.3% during the 4th quarter. State of Wyoming now owns 13,596 shares of the shipping company's stock valued at $122,000 after acquiring an additional 1,268 shares during the period. Swiss National Bank lifted its position in shares of Golden Ocean Group by 0.6% during the 4th quarter. Swiss National Bank now owns 257,524 shares of the shipping company's stock valued at $2,259,000 after acquiring an additional 1,658 shares during the period. Tower Research Capital LLC TRC lifted its position in shares of Golden Ocean Group by 47.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 5,294 shares of the shipping company's stock valued at $47,000 after acquiring an additional 1,694 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Golden Ocean Group by 2.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,525 shares of the shipping company's stock valued at $965,000 after acquiring an additional 2,078 shares during the period. Institutional investors and hedge funds own 22.00% of the company's stock.

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About Golden Ocean Group

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.