Lazard Asset Management LLC Boosts Stake in Golden Ocean Group Limited (NASDAQ:GOGL)

Lazard Asset Management LLC lifted its holdings in shares of Golden Ocean Group Limited (NASDAQ:GOGL - Free Report) by 41.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 132,524 shares of the shipping company's stock after acquiring an additional 38,913 shares during the quarter. Lazard Asset Management LLC owned 0.07% of Golden Ocean Group worth $1,187,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. New York State Common Retirement Fund increased its position 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 valued at $1,991,000 after acquiring an additional 31,500 shares during the last quarter. Empowered Funds LLC raised its stake in shares of Golden Ocean Group by 3.6% in the fourth quarter. Empowered Funds LLC now owns 963,005 shares of the shipping company's stock valued at $8,629,000 after buying an additional 33,241 shares during the period. Victory Capital Management Inc. raised its stake in shares of Golden Ocean Group by 2,893.9% in the fourth quarter. Victory Capital Management Inc. now owns 414,121 shares of the shipping company's stock valued at $3,711,000 after buying an additional 400,289 shares during the period. SBI Securities Co. Ltd. bought a new stake in shares of Golden Ocean Group in the fourth quarter valued at $46,000. Finally, Kingsview Wealth Management LLC bought a new stake in shares of Golden Ocean Group in the fourth quarter valued at $519,000. 22.00% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on GOGL. Wall Street Zen began coverage on Golden Ocean Group in a research note on Thursday. They issued a "hold" rating on the stock. Jefferies Financial Group lowered their target price 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.

Golden Ocean Group Stock Performance

Shares of NASDAQ GOGL traded up $0.06 during mid-day trading on Friday, hitting $7.23. The company had a trading volume of 2,322,489 shares, compared to its average volume of 2,247,456. The company has a market capitalization of $1.45 billion, a price-to-earnings ratio of 5.98 and a beta of 1.06. Golden Ocean Group Limited has a 1 year low of $6.27 and a 1 year high of $14.82. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.65. The stock's 50-day moving average price is $7.58 and its 200-day moving average price is $8.81.

Golden Ocean Group (NASDAQ:GOGL - Get Free Report) last announced its quarterly earnings results on Wednesday, May 21st. The shipping company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.09). The company had revenue of $115.00 million during the quarter, compared to analysts' expectations of $106.48 million. Golden Ocean Group had a net margin of 23.89% and a return on equity of 13.14%. On average, sell-side analysts forecast that Golden Ocean Group Limited will post 1.14 earnings per share for the current year.

Golden Ocean Group Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Tuesday, March 11th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 8.30%. The ex-dividend date was Tuesday, March 11th. Golden Ocean Group's dividend payout ratio (DPR) is presently 53.57%.

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.