Golden Ocean Group (NASDAQ:GOGL - Free Report) had its target price trimmed by Jefferies Financial Group from $10.00 to $8.00 in a report published on Wednesday morning,Benzinga reports. The brokerage currently has a hold rating on the shipping company's stock.
Golden Ocean Group Price Performance
Shares of GOGL stock traded down $0.25 during trading hours on Wednesday, hitting $7.53. The company had a trading volume of 2,230,056 shares, compared to its average volume of 2,240,246. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.22 and a current ratio of 1.22. The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of 6.21 and a beta of 1.10. Golden Ocean Group has a 12 month low of $6.27 and a 12 month high of $15.77. The firm's fifty day moving average is $8.04 and its 200 day moving average is $9.29.
Golden Ocean Group Cuts Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Tuesday, March 11th were given a $0.15 dividend. The ex-dividend date was Tuesday, March 11th. This represents a $0.60 dividend on an annualized basis and a yield of 7.97%. Golden Ocean Group's dividend payout ratio (DPR) is presently 53.57%.
Institutional Trading of Golden Ocean Group
Several hedge funds have recently modified their holdings of the stock. MetLife Investment Management LLC increased its stake in shares of Golden Ocean Group by 1.7% in the 4th quarter. MetLife Investment Management LLC now owns 71,533 shares of the shipping company's stock valued at $641,000 after buying an additional 1,201 shares during the period. State of Wyoming raised its stake in Golden Ocean Group by 10.3% during the 4th quarter. State of Wyoming now owns 13,596 shares of the shipping company's stock worth $122,000 after buying an additional 1,268 shares during the period. Swiss National Bank lifted its holdings in Golden Ocean Group by 0.6% during the fourth quarter. Swiss National Bank now owns 257,524 shares of the shipping company's stock worth $2,259,000 after acquiring an additional 1,658 shares in the last quarter. Tower Research Capital LLC TRC grew its stake in Golden Ocean Group by 47.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 5,294 shares of the shipping company's stock valued at $47,000 after acquiring an additional 1,694 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Golden Ocean Group by 2.0% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,525 shares of the shipping company's stock worth $965,000 after acquiring an additional 2,078 shares in the last quarter. 22.00% of the stock is owned by institutional investors.
About Golden Ocean Group
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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.
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