Golden Ocean Group (NASDAQ:GOGL) Stock Price Down 4.3% - Time to Sell?

Golden Ocean Group Limited (NASDAQ:GOGL - Get Free Report)'s share price fell 4.3% during mid-day trading on Tuesday . The stock traded as low as $7.01 and last traded at $6.94. 838,595 shares traded hands during trading, a decline of 77% from the average session volume of 3,657,727 shares. The stock had previously closed at $7.25.

Analysts Set New Price Targets

Separately, Jefferies Financial Group restated a "hold" rating and set a $10.00 target price on shares of Golden Ocean Group in a research note on Wednesday, February 26th.

Golden Ocean Group Stock Performance

The company's fifty day simple moving average is $8.45 and its two-hundred day simple moving average is $9.70. The company has a market capitalization of $1.48 billion, a price-to-earnings ratio of 6.11 and a beta of 1.10. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.22 and a current ratio of 1.22.

Golden Ocean Group Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Tuesday, March 11th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 8.12%. The ex-dividend date was Tuesday, March 11th. Golden Ocean Group's dividend payout ratio is currently 53.57%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in GOGL. Encompass Capital Advisors LLC boosted its holdings in Golden Ocean Group by 1,402.3% in the fourth quarter. Encompass Capital Advisors LLC now owns 1,905,407 shares of the shipping company's stock worth $17,072,000 after purchasing an additional 1,778,571 shares during the period. Mirabella Financial Services LLP raised its stake in Golden Ocean Group by 114.2% during the fourth quarter. Mirabella Financial Services LLP now owns 1,499,244 shares of the shipping company's stock worth $13,222,000 after acquiring an additional 799,244 shares during the period. Bank of New York Mellon Corp lifted its holdings in Golden Ocean Group by 229.5% in the fourth quarter. Bank of New York Mellon Corp now owns 1,139,248 shares of the shipping company's stock worth $10,208,000 after acquiring an additional 793,470 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in Golden Ocean Group by 196.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 961,367 shares of the shipping company's stock valued at $8,614,000 after acquiring an additional 637,103 shares during the period. Finally, Victory Capital Management Inc. grew its holdings in shares of Golden Ocean Group by 2,893.9% during the fourth quarter. Victory Capital Management Inc. now owns 414,121 shares of the shipping company's stock valued at $3,711,000 after purchasing an additional 400,289 shares during the last quarter. Institutional investors and hedge funds own 22.00% of the company's stock.

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.