Millennium Management LLC Has $622,000 Stock Holdings in Pangaea Logistics Solutions, Ltd. (NASDAQ:PANL)

Millennium Management LLC trimmed its stake in Pangaea Logistics Solutions, Ltd. (NASDAQ:PANL - Free Report) by 39.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 116,080 shares of the shipping company's stock after selling 76,821 shares during the quarter. Millennium Management LLC owned 0.18% of Pangaea Logistics Solutions worth $622,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in PANL. Tower Research Capital LLC TRC lifted its position in shares of Pangaea Logistics Solutions by 469.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 8,991 shares of the shipping company's stock worth $48,000 after purchasing an additional 7,412 shares in the last quarter. EP Wealth Advisors LLC purchased a new stake in shares of Pangaea Logistics Solutions in the fourth quarter worth approximately $54,000. Commonwealth Equity Services LLC purchased a new stake in shares of Pangaea Logistics Solutions in the fourth quarter worth approximately $55,000. Virtu Financial LLC purchased a new stake in shares of Pangaea Logistics Solutions in the fourth quarter worth approximately $59,000. Finally, Jacobs Levy Equity Management Inc. purchased a new stake in shares of Pangaea Logistics Solutions in the fourth quarter worth approximately $59,000. 60.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Wall Street Zen lowered shares of Pangaea Logistics Solutions from a "hold" rating to a "sell" rating in a research report on Wednesday, May 14th.

Pangaea Logistics Solutions Stock Up 2.3%

PANL traded up $0.11 during midday trading on Wednesday, hitting $4.90. 275,287 shares of the company's stock traded hands, compared to its average volume of 206,860. The company has a market cap of $321.55 million, a PE ratio of 10.43 and a beta of 0.69. The stock's fifty day simple moving average is $4.34 and its 200-day simple moving average is $4.94. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.05 and a quick ratio of 1.77. Pangaea Logistics Solutions, Ltd. has a one year low of $3.93 and a one year high of $8.00.

Pangaea Logistics Solutions (NASDAQ:PANL - Get Free Report) last issued its quarterly earnings data on Monday, May 12th. The shipping company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.12. The firm had revenue of $122.80 million for the quarter, compared to analyst estimates 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 last year, the firm earned $0.14 earnings per share. As a group, equities analysts anticipate that Pangaea Logistics Solutions, Ltd. will post 0.43 earnings per share for the current fiscal year.

Pangaea Logistics Solutions Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors 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 4.08%. The ex-dividend date of this dividend is Monday, June 2nd. Pangaea Logistics Solutions's payout ratio is presently 58.82%.

Pangaea Logistics Solutions Company Profile

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.