Allspring Global Investments Holdings LLC trimmed its stake in Golden Ocean Group Limited (NASDAQ:GOGL - Free Report) by 60.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 70,057 shares of the shipping company's stock after selling 106,866 shares during the period. Allspring Global Investments Holdings LLC's holdings in Golden Ocean Group were worth $684,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Denali Advisors LLC acquired a new stake in shares of Golden Ocean Group in the third quarter worth $4,729,000. New York State Common Retirement Fund increased its holdings in shares of Golden Ocean Group by 557.4% during the 3rd quarter. New York State Common Retirement Fund now owns 249,523 shares of the shipping company's stock worth $1,966,000 after purchasing an additional 211,567 shares during the period. Barclays PLC raised its position in shares of Golden Ocean Group by 45.2% during the third quarter. Barclays PLC now owns 546,432 shares of the shipping company's stock valued at $4,307,000 after buying an additional 170,193 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Golden Ocean Group by 19.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 995,849 shares of the shipping company's stock valued at $7,847,000 after buying an additional 163,735 shares during the period. Finally, GSA Capital Partners LLP acquired a new stake in Golden Ocean Group during the third quarter worth about $1,042,000. 22.00% of the stock is currently owned by institutional investors and hedge funds.
Golden Ocean Group Price Performance
NASDAQ GOGL traded up $0.23 during trading hours on Thursday, reaching $13.82. 1,022,740 shares of the company's stock were exchanged, compared to its average volume of 1,744,772. The firm has a fifty day moving average of $12.72 and a 200-day moving average of $10.37. Golden Ocean Group Limited has a one year low of $6.89 and a one year high of $13.95. The stock has a market cap of $2.76 billion, a PE ratio of 24.27 and a beta of 1.39. The company has a current ratio of 1.23, a quick ratio of 1.05 and a debt-to-equity ratio of 0.69.
Golden Ocean Group (NASDAQ:GOGL - Get Free Report) last posted its quarterly earnings data on Wednesday, February 28th. The shipping company reported $0.32 EPS for the quarter, topping analysts' consensus estimates of $0.25 by $0.07. Golden Ocean Group had a return on equity of 5.91% and a net margin of 12.68%. The company had revenue of $196.75 million for the quarter, compared to analyst estimates of $187.19 million. On average, equities research analysts predict that Golden Ocean Group Limited will post 1.52 earnings per share for the current fiscal year.
Golden Ocean Group Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, March 25th. Shareholders of record on Wednesday, March 13th were issued a dividend of $0.30 per share. The ex-dividend date was Tuesday, March 12th. This represents a $1.20 dividend on an annualized basis and a yield of 8.68%. This is a positive change from Golden Ocean Group's previous quarterly dividend of $0.10. Golden Ocean Group's dividend payout ratio is currently 214.29%.
Wall Street Analysts Forecast Growth
A number of analysts have commented on GOGL shares. BTIG Research reiterated a "neutral" rating on shares of Golden Ocean Group in a research report on Friday, January 5th. Jefferies Financial Group reissued a "buy" rating and issued a $15.00 price target on shares of Golden Ocean Group in a research report on Wednesday, February 28th. Finally, StockNews.com raised Golden Ocean Group from a "sell" rating to a "hold" rating in a research note on Monday, March 4th. Three analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $12.50.
View Our Latest Analysis on Golden Ocean Group
Golden Ocean Group Profile
(
Free Report)
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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