Golden Ocean Group Limited (NASDAQ:GOGL) is Folketrygdfondet's 7th Largest Position

Folketrygdfondet reduced its position in Golden Ocean Group Limited (NASDAQ:GOGL - Free Report) by 0.7% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 7,431,676 shares of the shipping company's stock after selling 55,589 shares during the period. Golden Ocean Group accounts for about 1.3% of Folketrygdfondet's portfolio, making the stock its 7th largest position. Folketrygdfondet owned approximately 3.72% of Golden Ocean Group worth $59,305,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. MetLife Investment Management LLC raised its position in shares of Golden Ocean Group by 1.7% in the 4th quarter. MetLife Investment Management LLC now owns 71,533 shares of the shipping company's stock valued at $641,000 after purchasing an additional 1,201 shares during the last quarter. State of Wyoming raised its position in shares of Golden Ocean Group by 10.3% in the 4th quarter. State of Wyoming now owns 13,596 shares of the shipping company's stock valued at $122,000 after purchasing an additional 1,268 shares during the last quarter. Onyx Bridge Wealth Group LLC raised its position in shares of Golden Ocean Group by 4.5% in the 1st quarter. Onyx Bridge Wealth Group LLC now owns 36,682 shares of the shipping company's stock valued at $293,000 after purchasing an additional 1,591 shares during the last quarter. Swiss National Bank raised its position in shares of Golden Ocean Group by 0.6% in the 4th 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 last quarter. Finally, Tower Research Capital LLC TRC raised its position in shares of Golden Ocean Group by 47.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 5,294 shares of the shipping company's stock valued at $47,000 after purchasing an additional 1,694 shares during the last quarter. 22.00% of the stock is currently owned by institutional investors.

Golden Ocean Group Stock Performance

NASDAQ GOGL traded down $0.11 on Friday, hitting $8.24. 3,766,968 shares of the company's stock traded hands, compared to its average volume of 2,396,382. 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 Limited has a 1-year low of $6.27 and a 1-year high of $13.50. The firm's 50-day moving average price is $7.76 and its two-hundred day moving average price is $8.20. The firm has a market capitalization of $1.65 billion, a PE ratio of 14.47 and a beta of 1.05.

Golden Ocean Group (NASDAQ:GOGL - Get Free Report) last announced its quarterly earnings data on Wednesday, May 21st. The shipping company reported ($0.19) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.09). Golden Ocean Group had a net margin of 13.16% and a return on equity of 5.56%. The business had revenue of $115.00 million for the quarter, compared to analyst estimates of $106.48 million. As a group, analysts expect that Golden Ocean Group Limited will post 1.14 EPS for the current year.

Golden Ocean Group Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Thursday, June 5th were issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 2.43%. The ex-dividend date of this dividend was Thursday, June 5th. Golden Ocean Group's dividend payout ratio (DPR) is 35.09%.

Analyst Upgrades and Downgrades

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

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.