Folketrygdfondet Has $59.31 Million Position in Golden Ocean Group Limited (NASDAQ:GOGL)

Folketrygdfondet cut its stake in Golden Ocean Group Limited (NASDAQ:GOGL - Free Report) by 0.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,431,676 shares of the shipping company's stock after selling 55,589 shares during the quarter. Golden Ocean Group comprises about 1.3% of Folketrygdfondet's holdings, making the stock its 7th biggest holding. Folketrygdfondet owned about 3.72% of Golden Ocean Group worth $59,305,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Prevail Innovative Wealth Advisors LLC increased its stake in shares of Golden Ocean Group by 66.1% in the 1st quarter. Prevail Innovative Wealth Advisors LLC now owns 294,869 shares of the shipping company's stock worth $2,353,000 after acquiring an additional 117,346 shares in the last quarter. SBI Securities Co. Ltd. increased its stake in shares of Golden Ocean Group by 63.7% in the 1st quarter. SBI Securities Co. Ltd. now owns 8,395 shares of the shipping company's stock worth $67,000 after acquiring an additional 3,267 shares in the last quarter. CWM LLC increased its stake in shares of Golden Ocean Group by 330.1% in the 1st quarter. CWM LLC now owns 3,402 shares of the shipping company's stock worth $27,000 after acquiring an additional 2,611 shares in the last quarter. Alps Advisors Inc. bought a new position in shares of Golden Ocean Group in the 1st quarter worth about $368,000. Finally, Nisa Investment Advisors LLC increased its stake in shares of Golden Ocean Group by 405.6% in the 1st quarter. Nisa Investment Advisors LLC now owns 8,100 shares of the shipping company's stock worth $65,000 after acquiring an additional 6,498 shares in the last quarter. 22.00% of the stock is currently owned by institutional investors.

Golden Ocean Group Stock Down 0.7%

GOGL stock traded down $0.06 during trading on Wednesday, hitting $8.15. 1,868,075 shares of the stock traded hands, compared to its average volume of 2,378,741. 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 is $7.73 and its two-hundred day moving average is $8.20. The stock has a market cap of $1.63 billion, a price-to-earnings ratio of 14.29 and a beta of 1.05. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.81 and a quick ratio of 0.81.

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). The firm had revenue of $115.00 million for the quarter, compared to analysts' expectations of $106.48 million. Golden Ocean Group had a net margin of 13.16% and a return on equity of 5.56%. On average, sell-side analysts anticipate that Golden Ocean Group Limited will post 1.14 EPS for the current year.

Golden Ocean Group Cuts Dividend

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date of this dividend was Thursday, June 5th. Golden Ocean Group's payout ratio is presently 35.09%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on GOGL shares. Wall Street Zen started coverage on shares of Golden Ocean Group in a research note on Thursday, May 22nd. They issued a "hold" rating for the company. Jefferies Financial Group decreased their price target 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.