Bank of America Corp DE Trims Stake in Golden Ocean Group Limited (NASDAQ:GOGL)

Bank of America Corp DE decreased its position in shares of Golden Ocean Group Limited (NASDAQ:GOGL - Free Report) by 47.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 136,284 shares of the shipping company's stock after selling 124,560 shares during the period. Bank of America Corp DE owned approximately 0.07% of Golden Ocean Group worth $1,221,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Jennison Associates LLC increased its position in shares of Golden Ocean Group by 33.8% during the 4th quarter. Jennison Associates LLC now owns 74,443 shares of the shipping company's stock valued at $667,000 after purchasing an additional 18,811 shares during the last quarter. Onyx Bridge Wealth Group LLC boosted its stake in Golden Ocean Group by 10.4% in the fourth quarter. Onyx Bridge Wealth Group LLC now owns 35,091 shares of the shipping company's stock worth $314,000 after buying an additional 3,315 shares in the last quarter. Kingsview Wealth Management LLC bought a new position in Golden Ocean Group during the fourth quarter valued at approximately $519,000. Empowered Funds LLC raised its stake in shares of Golden Ocean Group by 3.6% during the fourth quarter. Empowered Funds LLC now owns 963,005 shares of the shipping company's stock worth $8,629,000 after acquiring an additional 33,241 shares in the last quarter. Finally, New York State Common Retirement Fund raised its stake in shares of Golden Ocean Group by 16.5% during the fourth quarter. New York State Common Retirement Fund now owns 222,238 shares of the shipping company's stock worth $1,991,000 after acquiring an additional 31,500 shares in the last quarter. Institutional investors own 22.00% of the company's stock.

Golden Ocean Group Trading Down 0.5%

Golden Ocean Group stock traded down $0.04 during trading hours on Friday, reaching $7.70. The company had a trading volume of 1,381,932 shares, compared to its average volume of 2,280,387. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.22 and a quick ratio of 1.22. Golden Ocean Group Limited has a 12-month low of $6.27 and a 12-month high of $14.29. The company has a 50-day moving average price of $7.50 and a 200 day moving average price of $8.58. The firm has a market cap of $1.54 billion, a price-to-earnings ratio of 6.36 and a beta of 1.10.

Golden Ocean Group (NASDAQ:GOGL - Get Free Report) last issued its earnings results 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 return on equity of 13.14% and a net margin of 23.89%. The firm had revenue of $115.00 million during the quarter, compared to analysts' expectations of $106.48 million. Equities analysts forecast that Golden Ocean Group Limited will post 1.14 earnings per share for the current year.

Golden Ocean Group Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Thursday, June 5th will be given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date is Thursday, June 5th. Golden Ocean Group's payout ratio is 35.09%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Jefferies Financial Group cut 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. Wall Street Zen initiated coverage on shares of Golden Ocean Group in a research report on Thursday, May 22nd. They set a "hold" rating for the company.

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.