Golden Ocean Group (NASDAQ:GOGL) Shares Gap Down - Here's What Happened

Golden Ocean Group Limited (NASDAQ:GOGL - Get Free Report) shares gapped down prior to trading on Wednesday . The stock had previously closed at $7.79, but opened at $7.54. Golden Ocean Group shares last traded at $7.64, with a volume of 643,881 shares.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Jefferies Financial Group dropped their price target on Golden Ocean Group from $10.00 to $8.00 and set a "hold" rating on the stock in a research report on Wednesday, April 23rd. StockNews.com began coverage on Golden Ocean Group in a research report on Wednesday, May 14th. They issued a "hold" rating on the stock.

Golden Ocean Group Stock Down 1.7%

The company's 50-day moving average price is $7.61 and its 200 day moving average price is $8.91. 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 stock has a market cap of $1.53 billion, a PE ratio of 6.33 and a beta of 1.06.

Golden Ocean Group Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Tuesday, March 11th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Tuesday, March 11th. This represents a $0.60 dividend on an annualized basis and a yield of 7.84%. Golden Ocean Group's dividend payout ratio is currently 53.57%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Jones Financial Companies Lllp increased its stake in shares of Golden Ocean Group by 683.1% in the 4th quarter. Jones Financial Companies Lllp now owns 2,741 shares of the shipping company's stock worth $25,000 after purchasing an additional 2,391 shares in the last quarter. CWM LLC grew its holdings in Golden Ocean Group by 330.1% during the first quarter. CWM LLC now owns 3,402 shares of the shipping company's stock valued at $27,000 after purchasing an additional 2,611 shares during the period. Sterling Capital Management LLC increased its position in Golden Ocean Group by 830.1% in the fourth quarter. Sterling Capital Management LLC now owns 3,897 shares of the shipping company's stock worth $35,000 after buying an additional 3,478 shares in the last quarter. Quarry LP raised its stake in shares of Golden Ocean Group by 195.3% in the fourth quarter. Quarry LP now owns 4,981 shares of the shipping company's stock worth $45,000 after buying an additional 3,294 shares during the period. Finally, SBI Securities Co. Ltd. bought a new position in shares of Golden Ocean Group in the fourth quarter worth about $46,000. Hedge funds and other institutional investors own 22.00% of the company's stock.

About Golden Ocean Group

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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