Pangaea Logistics Solutions Ltd. $PANL Shares Acquired by American Century Companies Inc.

Key Points

• American Century Companies Inc. increased its stake in Pangaea Logistics Solutions by 8.7%, owning 1,008,916 shares worth approximately $4.8 million by the end of the last quarter.
• Pangaea Logistics Solutions reported a quarterly revenue of $156.69 million, exceeding analyst expectations of $129.24 million, and announced a quarterly dividend of $0.05 per share.
• The stock has an average rating of "Buy" with a target price of $9.00, although B. Riley recently lowered its target price from $11.00 to $9.00.

American Century Companies Inc. lifted its stake in Pangaea Logistics Solutions Ltd. (NASDAQ:PANL - Free Report) by 8.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,008,916 shares of the shipping company's stock after buying an additional 80,872 shares during the period. American Century Companies Inc. owned approximately 1.54% of Pangaea Logistics Solutions worth $4,802,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of PANL. 683 Capital Management LLC purchased a new stake in shares of Pangaea Logistics Solutions in the fourth quarter worth about $3,254,000. Royce & Associates LP boosted its position in shares of Pangaea Logistics Solutions by 21.5% in the first quarter. Royce & Associates LP now owns 1,166,677 shares of the shipping company's stock worth $5,553,000 after buying an additional 206,575 shares during the period. Nuveen LLC purchased a new stake in shares of Pangaea Logistics Solutions in the first quarter worth about $539,000. Dimensional Fund Advisors LP boosted its position in shares of Pangaea Logistics Solutions by 5.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,060,392 shares of the shipping company's stock worth $11,044,000 after buying an additional 105,965 shares during the period. Finally, Wellington Management Group LLP boosted its position in shares of Pangaea Logistics Solutions by 7.1% in the fourth quarter. Wellington Management Group LLP now owns 1,596,743 shares of the shipping company's stock worth $8,559,000 after buying an additional 105,200 shares during the period. Hedge funds and other institutional investors own 60.23% of the company's stock.

Pangaea Logistics Solutions Stock Performance

NASDAQ:PANL traded up $0.09 during trading hours on Thursday, reaching $5.25. 260,847 shares of the stock were exchanged, compared to its average volume of 196,772. The company has a quick ratio of 1.15, a current ratio of 1.46 and a debt-to-equity ratio of 0.72. The firm has a 50 day simple moving average of $5.06 and a 200-day simple moving average of $4.79. Pangaea Logistics Solutions Ltd. has a 52 week low of $3.93 and a 52 week high of $7.49. The stock has a market capitalization of $342.51 million, a P/E ratio of 23.86 and a beta of 0.71.

Pangaea Logistics Solutions (NASDAQ:PANL - Get Free Report) last released its earnings results on Thursday, August 7th. The shipping company reported ($0.02) EPS for the quarter, topping analysts' consensus estimates of ($0.04) by $0.02. Pangaea Logistics Solutions had a return on equity of 3.38% and a net margin of 1.52%.The company had revenue of $156.69 million for the quarter, compared to the consensus estimate of $129.24 million. As a group, sell-side analysts forecast that Pangaea Logistics Solutions Ltd. will post 0.43 earnings per share for the current fiscal year.

Pangaea Logistics Solutions Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend is Tuesday, September 2nd. Pangaea Logistics Solutions's dividend payout ratio (DPR) is currently 90.91%.

Analysts Set New Price Targets

PANL has been the subject of a number of analyst reports. B. Riley reduced their price target on Pangaea Logistics Solutions from $11.00 to $9.00 and set a "buy" rating for the company in a report on Monday, August 11th. Wall Street Zen raised Pangaea Logistics Solutions from a "sell" rating to a "hold" rating in a report on Friday, July 18th. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, Pangaea Logistics Solutions presently has an average rating of "Buy" and an average price target of $9.00.

About Pangaea Logistics Solutions

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.