Rockland Trust Co. Sells 174,414 Shares of Pangaea Logistics Solutions Ltd. $PANL

Key Points

• Rockland Trust reduced its Pangaea Logistics Solutions stake by 13.6%, selling 174,414 shares in the third quarter and retaining 1.11 million shares valued at approximately $8.9 million. Institutional investors collectively own 60.23% of PANL.
• Analyst sentiment remains favorable: Weiss Ratings upgraded PANL to “buy,” while the stock carries a “Moderate Buy” consensus from three analysts.
• PANL traded at $8.51, with the company reporting quarterly EPS of $0.26, above estimates, and raising its quarterly dividend to $0.10 per share—an annualized yield of about 4.7%.

Rockland Trust Co. reduced its holdings in shares of Pangaea Logistics Solutions Ltd. (NASDAQ:PANL - Free Report) by 13.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,108,416 shares of the shipping company's stock after selling 174,414 shares during the quarter. Rockland Trust Co. owned approximately 1.69% of Pangaea Logistics Solutions worth $8,889,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Bank of America Corp DE raised its stake in Pangaea Logistics Solutions by 5.6% in the 1st quarter. Bank of America Corp DE now owns 28,844 shares of the shipping company's stock valued at $204,000 after purchasing an additional 1,534 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Pangaea Logistics Solutions by 2.2% during the 1st quarter. Bank of New York Mellon Corp now owns 80,261 shares of the shipping company's stock worth $568,000 after purchasing an additional 1,732 shares during the last quarter. Tidal Investments LLC grew its holdings in shares of Pangaea Logistics Solutions by 25.0% during the second quarter. Tidal Investments LLC now owns 49,705 shares of the shipping company's stock worth $323,000 after buying an additional 9,943 shares in the last quarter. Quantinno Capital Management LP raised its position in shares of Pangaea Logistics Solutions by 13.2% in the first quarter. Quantinno Capital Management LP now owns 86,583 shares of the shipping company's stock valued at $613,000 after buying an additional 10,098 shares during the last quarter. Finally, AXQ Capital LP acquired a new position in shares of Pangaea Logistics Solutions in the fourth quarter valued at approximately $94,000. Hedge funds and other institutional investors own 60.23% of the company's stock.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded shares of Pangaea Logistics Solutions from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, September 14th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Pangaea Logistics Solutions currently has an average rating of "Moderate Buy".

Pangaea Logistics Solutions Trading Up 0.9%

NASDAQ PANL traded up $0.07 during mid-day trading on Monday, hitting $8.51. The company's stock had a trading volume of 255,500 shares, compared to its average volume of 561,871. The stock's fifty day simple moving average is $7.97 and its two-hundred day simple moving average is $7.60. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.38 and a quick ratio of 1.12. Pangaea Logistics Solutions Ltd. has a 52-week low of $4.54 and a 52-week high of $9.39. The firm has a market capitalization of $556.82 million, a P/E ratio of 11.34 and a beta of 0.82.

Pangaea Logistics Solutions (NASDAQ:PANL - Get Free Report) last released its quarterly earnings data on Monday, August 10th. The shipping company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.24 by $0.02. The company had revenue of $187.12 million for the quarter, compared to analyst estimates of $192.76 million. Pangaea Logistics Solutions had a return on equity of 9.42% and a net margin of 6.70%. Research analysts expect that Pangaea Logistics Solutions Ltd. will post 0.81 EPS for the current year.

Pangaea Logistics Solutions Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date of this dividend was Tuesday, September 1st. This is a positive change from Pangaea Logistics Solutions's previous quarterly dividend of $0.05. Pangaea Logistics Solutions's dividend payout ratio (DPR) is 53.33%.

About Pangaea Logistics Solutions

Pangaea Logistics Solutions Ltd. NASDAQ: PANL is a drybulk shipping and logistics company that provides ocean transportation services for industrial and agricultural commodities. The company transports cargoes such as coal, grain, salt, gypsum, dolomite, bauxite and other bulk materials for customers involved in mining, energy, construction and manufacturing.

Pangaea owns and operates a fleet of drybulk vessels and also charters additional ships to support its transportation activities.

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