Engineers Gate Manager LP lessened its position in shares of Pangaea Logistics Solutions Ltd. (NASDAQ:PANL - Free Report) by 69.2% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 58,107 shares of the shipping company's stock after selling 130,436 shares during the period. Engineers Gate Manager LP owned approximately 0.09% of Pangaea Logistics Solutions worth $378,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PANL. Bank of America Corp DE grew its stake in shares of Pangaea Logistics Solutions by 5.6% in the first quarter. Bank of America Corp DE now owns 28,844 shares of the shipping company's stock valued at $204,000 after acquiring an additional 1,534 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Pangaea Logistics Solutions by 2.2% during the 1st quarter. Bank of New York Mellon Corp now owns 80,261 shares of the shipping company's stock worth $568,000 after purchasing an additional 1,732 shares in the last quarter. Quantinno Capital Management LP grew its position in shares of Pangaea Logistics Solutions by 13.2% during the 1st quarter. Quantinno Capital Management LP now owns 86,583 shares of the shipping company's stock worth $613,000 after purchasing an additional 10,098 shares in the last quarter. AXQ Capital LP bought a new position in shares of Pangaea Logistics Solutions during the fourth quarter worth approximately $94,000. Finally, Relyea Zuckerberg Hanson LLC raised its holdings in Pangaea Logistics Solutions by 61.3% in the 1st quarter. Relyea Zuckerberg Hanson LLC now owns 37,228 shares of the shipping company's stock valued at $264,000 after acquiring an additional 14,151 shares in the last quarter. 60.23% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Separately, Weiss Ratings raised Pangaea Logistics Solutions from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, September 14th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy".
Check Out Our Latest Research Report on PANL
Pangaea Logistics Solutions Trading Down 0.9%
Shares of PANL opened at $8.15 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.12 and a current ratio of 1.38. Pangaea Logistics Solutions Ltd. has a 52-week low of $4.54 and a 52-week high of $9.39. The firm has a market cap of $533.58 million, a price-to-earnings ratio of 10.87 and a beta of 0.79. The business's fifty day moving average is $7.88 and its 200-day moving average is $7.57.
Pangaea Logistics Solutions (NASDAQ:PANL - Get Free Report) last announced its quarterly earnings data on Monday, August 10th. The shipping company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.02. Pangaea Logistics Solutions had a return on equity of 9.42% and a net margin of 6.70%.The business had revenue of $187.12 million during the quarter, compared to the consensus estimate of $192.76 million. Equities analysts anticipate that Pangaea Logistics Solutions Ltd. will post 0.81 EPS for the current fiscal year.
Pangaea Logistics Solutions Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.9%. This is an increase from Pangaea Logistics Solutions's previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Tuesday, September 1st. Pangaea Logistics Solutions's dividend payout ratio (DPR) is currently 53.33%.
About Pangaea Logistics Solutions
(
Free Report)
Pangaea Logistics Solutions Ltd. NASDAQ: PANL is a drybulk shipping and logistics company that provides transportation and related services for industrial customers around the world. The company transports drybulk commodities, including coal, grain, bauxite, alumina, limestone, dolomite, salt and other raw materials.
Pangaea operates and charters a fleet of drybulk vessels, including Handymax, Supramax and Panamax ships. Its services extend beyond ocean transportation and include cargo loading and unloading, stevedoring, terminal operations, inland transportation, vessel chartering and logistics management.
Further Reading
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