Bank of New York Mellon Corp Purchases 149,978 Shares of Golden Ocean Group Limited (NASDAQ:GOGL)

Bank of New York Mellon Corp increased its position in Golden Ocean Group Limited (NASDAQ:GOGL - Free Report) by 13.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,289,226 shares of the shipping company's stock after acquiring an additional 149,978 shares during the period. Bank of New York Mellon Corp owned about 0.64% of Golden Ocean Group worth $10,288,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. CWA Asset Management Group LLC purchased a new position in shares of Golden Ocean Group in the first quarter valued at about $1,136,000. Charles Schwab Investment Management Inc. raised its position in Golden Ocean Group by 10.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 353,234 shares of the shipping company's stock valued at $3,165,000 after purchasing an additional 33,695 shares during the period. SG Americas Securities LLC raised its position in Golden Ocean Group by 215.9% during the first quarter. SG Americas Securities LLC now owns 189,383 shares of the shipping company's stock valued at $1,511,000 after purchasing an additional 129,432 shares during the period. Swiss National Bank raised its position in Golden Ocean Group by 0.6% during the fourth quarter. Swiss National Bank now owns 257,524 shares of the shipping company's stock valued at $2,259,000 after purchasing an additional 1,658 shares during the period. Finally, Squarepoint Ops LLC raised its holdings in shares of Golden Ocean Group by 155.8% in the fourth quarter. Squarepoint Ops LLC now owns 56,864 shares of the shipping company's stock worth $510,000 after buying an additional 34,636 shares during the period. Institutional investors own 22.00% of the company's stock.

Wall Street Analyst Weigh In

GOGL has been the topic of several research analyst reports. Jefferies Financial Group dropped their price objective on Golden Ocean Group from $10.00 to $8.00 and set a "hold" rating on the stock in a research note on Wednesday, April 23rd. Wall Street Zen started coverage on Golden Ocean Group in a research note on Thursday, May 22nd. They issued a "hold" rating on the stock.

Golden Ocean Group Trading Down 0.7%

GOGL stock opened at $8.17 on Tuesday. The stock has a market cap of $1.63 billion, a price-to-earnings ratio of 14.33 and a beta of 1.05. The business's 50-day moving average is $7.77 and its 200 day moving average is $8.18. Golden Ocean Group Limited has a 12-month low of $6.27 and a 12-month high of $13.50. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.66.

Golden Ocean Group (NASDAQ:GOGL - Get Free Report) last posted its quarterly earnings data on Wednesday, May 21st. The shipping company reported ($0.19) earnings per share for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.09). Golden Ocean Group had a return on equity of 5.56% and a net margin of 13.16%. The company had revenue of $115.00 million for the quarter, compared to analysts' expectations of $106.48 million. On average, sell-side analysts anticipate that Golden Ocean Group Limited will post 1.14 EPS for the current fiscal year.

Golden Ocean Group Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Thursday, June 5th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date of this dividend was Thursday, June 5th. Golden Ocean Group's dividend payout ratio is presently 35.09%.

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.

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