Pangaea Logistics Solutions Ltd. (NASDAQ:PANL) Shares Purchased by Royce & Associates LP

Key Points

• Royce & Associates LP increased its holdings in Pangaea Logistics Solutions Ltd. by 21.5% during the 1st quarter, owning approximately 1.78% of the company valued at $5.55 million.
• Pangaea Logistics Solutions recently reported an operating loss of ($0.03) EPS for the quarter, surpassing analysts' expectations, but the revenue was below the consensus estimate at $122.80 million.
• The company announced a quarterly dividend of $0.05, yielding 3.95%, with a payout ratio of 58.82% as of June 16th.

Royce & Associates LP raised its position in shares of Pangaea Logistics Solutions Ltd. (NASDAQ:PANL - Free Report) by 21.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,166,677 shares of the shipping company's stock after buying an additional 206,575 shares during the quarter. Royce & Associates LP owned about 1.78% of Pangaea Logistics Solutions worth $5,553,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Victory Capital Management Inc. lifted its position in shares of Pangaea Logistics Solutions by 2.1% during the first quarter. Victory Capital Management Inc. now owns 147,419 shares of the shipping company's stock valued at $702,000 after buying an additional 3,000 shares during the last quarter. Oppenheimer & Co. Inc. purchased a new stake in shares of Pangaea Logistics Solutions during the first quarter valued at about $59,000. Wealth Enhancement Advisory Services LLC lifted its position in shares of Pangaea Logistics Solutions by 15.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 18,552 shares of the shipping company's stock valued at $88,000 after buying an additional 2,551 shares during the last quarter. Relyea Zuckerberg Hanson LLC purchased a new position in shares of Pangaea Logistics Solutions in the 1st quarter valued at approximately $110,000. Finally, Wellington Management Group LLP raised its position in shares of Pangaea Logistics Solutions by 7.1% in the 4th quarter. Wellington Management Group LLP now owns 1,596,743 shares of the shipping company's stock valued at $8,559,000 after purchasing an additional 105,200 shares during the last quarter. 60.23% of the stock is owned by hedge funds and other institutional investors.

Pangaea Logistics Solutions Stock Performance

Shares of Pangaea Logistics Solutions stock traded down $0.02 during midday trading on Wednesday, hitting $4.96. The company had a trading volume of 27,163 shares, compared to its average volume of 248,243. Pangaea Logistics Solutions Ltd. has a 12-month low of $3.93 and a 12-month high of $7.49. The company has a quick ratio of 1.28, a current ratio of 1.61 and a debt-to-equity ratio of 0.73. The stock has a market cap of $325.15 million, a price-to-earnings ratio of 14.57 and a beta of 0.69. The company has a fifty day simple moving average of $4.84 and a 200 day simple moving average of $4.84.

Pangaea Logistics Solutions (NASDAQ:PANL - Get Free Report) last posted its quarterly earnings results on Monday, May 12th. The shipping company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.15) by $0.12. Pangaea Logistics Solutions had a net margin of 2.75% and a return on equity of 4.97%. The company had revenue of $122.80 million during the quarter, compared to analyst estimates of $130.37 million. During the same period last year, the firm posted $0.14 EPS. As a group, analysts predict that Pangaea Logistics Solutions Ltd. will post 0.43 earnings per share for the current fiscal year.

Pangaea Logistics Solutions Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 4.04%. The ex-dividend date was Monday, June 2nd. Pangaea Logistics Solutions's dividend payout ratio is presently 58.82%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised shares of Pangaea Logistics Solutions from a "sell" rating to a "hold" rating in a research report on Friday, July 18th.

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.