Russell Investments Group Ltd. Has $2.16 Million Holdings in Golden Ocean Group Limited $GOGL

Key Points

• Russell Investments Group Ltd. reduced its stake in Golden Ocean Group Limited by **28.0%**, bringing its total ownership to **270,040 shares** valued at approximately **$2.16 million**.
• Encompass Capital Advisors LLC significantly increased its position in Golden Ocean Group by **1,402.3%**, acquiring **1,778,571 additional shares** during the fourth quarter.
• The stock currently holds a consensus rating of **"Hold"** with an average price target of **$10.25** according to analysts' coverage initiated by Wall Street Zen.

Russell Investments Group Ltd. cut its holdings in shares of Golden Ocean Group Limited (NASDAQ:GOGL - Free Report) by 28.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 270,040 shares of the shipping company's stock after selling 105,073 shares during the period. Russell Investments Group Ltd. owned about 0.14% of Golden Ocean Group worth $2,155,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. CWA Asset Management Group LLC acquired a new stake in Golden Ocean Group during the 1st quarter worth approximately $1,136,000. Mackenzie Financial Corp acquired a new stake in Golden Ocean Group during the 1st quarter valued at approximately $262,000. Bank of New York Mellon Corp increased its position in Golden Ocean Group by 13.2% during the 1st quarter. Bank of New York Mellon Corp now owns 1,289,226 shares of the shipping company's stock valued at $10,288,000 after purchasing an additional 149,978 shares during the period. Alps Advisors Inc. acquired a new stake in Golden Ocean Group during the 1st quarter valued at approximately $368,000. Finally, SG Americas Securities LLC increased its position in Golden Ocean Group by 215.9% during the 1st quarter. SG Americas Securities LLC now owns 189,383 shares of the shipping company's stock valued at $1,511,000 after purchasing an additional 129,432 shares during the period. 22.00% of the stock is currently owned by institutional investors and hedge funds.

Golden Ocean Group Stock Performance

GOGL remained flat at $7.98 during trading on Friday. Golden Ocean Group Limited has a 12 month low of $6.27 and a 12 month high of $13.44. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a fifty day simple moving average of $8.13 and a two-hundred day simple moving average of $8.00. The stock has a market cap of $1.59 billion, a price-to-earnings ratio of 14.00 and a beta of 1.09.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen initiated coverage on shares of Golden Ocean Group in a research report on Thursday, May 22nd. They set a "hold" rating for the company. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $10.25.

Golden Ocean Group Company Profile

Golden Ocean Group Limited, a shipping company, owns and operates a fleet of dry bulk vessels worldwide. The company's dry bulk vessels comprise Newcastlemax, Capesize, and Panamax vessels operating in the spot and time charter markets. It also transports a range of bulk commodities, including ores, coal, grains, and fertilizers.