Rockland Trust Co. Lowers Stock Position in Pangaea Logistics Solutions Ltd. $PANL

Key Points

• Rockland Trust cut its Pangaea Logistics Solutions stake by 73.1% in the second quarter, selling 3.48 million shares and retaining 1.28 million shares worth approximately $8.34 million. Institutional investors collectively own 60.23% of PANL.
• PANL opened at $7.42, with a market capitalization of about $485 million and a 52-week range of $4.54 to $9.39. The company recently reported quarterly EPS of $0.11, beating estimates of $0.05, while revenue reached $170.58 million.
• Analyst sentiment is mixed but centers on a “Hold” consensus; one analyst rates the stock Buy and two rate it Hold, with an average price target of $9.00.

Rockland Trust Co. cut its stake in shares of Pangaea Logistics Solutions Ltd. (NASDAQ:PANL - Free Report) by 73.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,282,830 shares of the shipping company's stock after selling 3,484,111 shares during the quarter. Rockland Trust Co. owned approximately 1.96% of Pangaea Logistics Solutions worth $8,338,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. AQR Capital Management LLC bought a new stake in Pangaea Logistics Solutions during the 1st quarter worth approximately $195,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Pangaea Logistics Solutions by 18.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,342 shares of the shipping company's stock worth $102,000 after purchasing an additional 3,344 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Pangaea Logistics Solutions by 6.6% in the first quarter. Goldman Sachs Group Inc. now owns 233,537 shares of the shipping company's stock worth $1,112,000 after purchasing an additional 14,357 shares in the last quarter. Empowered Funds LLC increased its stake in shares of Pangaea Logistics Solutions by 7.3% in the first quarter. Empowered Funds LLC now owns 381,919 shares of the shipping company's stock worth $1,818,000 after purchasing an additional 25,851 shares in the last quarter. Finally, Creative Planning raised its position in shares of Pangaea Logistics Solutions by 94.2% during the 2nd quarter. Creative Planning now owns 23,094 shares of the shipping company's stock valued at $109,000 after purchasing an additional 11,204 shares during the period. 60.23% of the stock is owned by hedge funds and other institutional investors.

Pangaea Logistics Solutions Trading Down 0.3%

PANL stock opened at $7.42 on Friday. Pangaea Logistics Solutions Ltd. has a 1-year low of $4.54 and a 1-year high of $9.39. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.63 and a quick ratio of 1.37. The company has a market capitalization of $485.38 million, a price-to-earnings ratio of 13.49 and a beta of 0.79. The business has a 50 day simple moving average of $7.26 and a two-hundred day simple moving average of $7.70.

Pangaea Logistics Solutions (NASDAQ:PANL - Get Free Report) last released its quarterly earnings data on Monday, May 11th. The shipping company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.06. Pangaea Logistics Solutions had a net margin of 5.10% and a return on equity of 5.71%. The firm had revenue of $170.58 million for the quarter, compared to analysts' expectations of $165.78 million. Research analysts anticipate that Pangaea Logistics Solutions Ltd. will post 0.71 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently weighed in on PANL. Weiss Ratings cut shares of Pangaea Logistics Solutions from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, May 27th. Wall Street Zen upgraded Pangaea Logistics Solutions from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 16th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $9.00.

Pangaea Logistics Solutions Profile

Pangaea Logistics Solutions Ltd. is a global transportation and logistics company that provides ocean transportation and integrated logistics services. The company operates a fleet of drybulk vessels, including Handysize, Supramax and Ultramax carriers, to transport commodities such as coal, grain, minerals, ores and steel products. In parallel, Pangaea offers asset-light logistics solutions spanning freight forwarding, supply chain management and project cargo services, enabling end-to-end transport for bulk and breakbulk shipments.

Founded in 2012 as a spin-off from an established maritime shipping group, Pangaea Logistics Solutions went public on the Nasdaq in 2013 under the ticker PANL.

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