Millennium Management LLC lowered its position in Pangaea Logistics Solutions, Ltd. (NASDAQ:PANL - Free Report) by 39.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 116,080 shares of the shipping company's stock after selling 76,821 shares during the period. Millennium Management LLC owned approximately 0.18% of Pangaea Logistics Solutions worth $622,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Bank of New York Mellon Corp grew its position in shares of Pangaea Logistics Solutions by 3.3% in the 4th quarter. Bank of New York Mellon Corp now owns 92,114 shares of the shipping company's stock worth $494,000 after buying an additional 2,916 shares during the last quarter. Wells Fargo & Company MN grew its position in shares of Pangaea Logistics Solutions by 27.8% in the 4th quarter. Wells Fargo & Company MN now owns 18,396 shares of the shipping company's stock worth $99,000 after buying an additional 4,007 shares during the last quarter. Bank of America Corp DE grew its position in shares of Pangaea Logistics Solutions by 27.5% in the 4th quarter. Bank of America Corp DE now owns 32,312 shares of the shipping company's stock worth $173,000 after buying an additional 6,965 shares during the last quarter. Tower Research Capital LLC TRC grew its position in shares of Pangaea Logistics Solutions by 469.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 8,991 shares of the shipping company's stock worth $48,000 after buying an additional 7,412 shares during the last quarter. Finally, MetLife Investment Management LLC grew its position in shares of Pangaea Logistics Solutions by 99.0% in the 4th quarter. MetLife Investment Management LLC now owns 19,647 shares of the shipping company's stock worth $105,000 after buying an additional 9,773 shares during the last quarter. Hedge funds and other institutional investors own 60.23% of the company's stock.
Wall Street Analysts Forecast Growth
Separately, Wall Street Zen downgraded shares of Pangaea Logistics Solutions from a "hold" rating to a "sell" rating in a research report on Wednesday, May 14th.
Get Our Latest Report on PANL
Pangaea Logistics Solutions Stock Up 2.9%
Shares of Pangaea Logistics Solutions stock opened at $4.65 on Friday. The firm's 50 day moving average price is $4.32 and its 200-day moving average price is $4.96. The company has a quick ratio of 1.77, a current ratio of 2.05 and a debt-to-equity ratio of 0.72. Pangaea Logistics Solutions, Ltd. has a 52-week low of $3.93 and a 52-week high of $8.00. The company has a market cap of $305.14 million, a P/E ratio of 9.89 and a beta of 0.69.
Pangaea Logistics Solutions (NASDAQ:PANL - Get Free Report) last released its earnings results on Monday, May 12th. The shipping company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.12. The company had revenue of $122.80 million for the quarter, compared to the consensus estimate of $130.37 million. Pangaea Logistics Solutions had a net margin of 4.14% and a return on equity of 7.88%. During the same quarter in the previous year, the firm earned $0.14 EPS. On average, sell-side analysts predict that Pangaea Logistics Solutions, Ltd. will post 0.43 EPS for the current fiscal year.
Pangaea Logistics Solutions Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 4.30%. The ex-dividend date of this dividend is Monday, June 2nd. Pangaea Logistics Solutions's dividend payout ratio is presently 58.82%.
Pangaea Logistics Solutions Company Profile
(
Free Report)
Pangaea Logistics Solutions, Ltd., together with its subsidiaries, provides seaborne dry bulk logistics and transportation services to industrial customers worldwide. It offers various dry bulk cargoes, such as grains, coal, iron ore, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite, and limestone.
Further Reading
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