Pangaea Logistics Solutions (NASDAQ:PANL) Shares Pass Above 50 Day Moving Average - Here's What Happened

Key Points

• Pangaea Logistics Solutions (NASDAQ:PANL) shares surpassed their 50-day moving average of $5.20, trading as high as $5.34 recently.
• The company reported a $0.02 EPS for the last quarter, exceeding estimates, with revenue of $156.69 million, which was significantly above analyst expectations.
• Following recent changes, Pangaea's stock received a "hold" rating from Wall Street Zen and a target price reduction from B. Riley, which lowered their price target from $11.00 to $9.00.

Pangaea Logistics Solutions Ltd. (NASDAQ:PANL - Get Free Report) shares passed above its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $5.20 and traded as high as $5.34. Pangaea Logistics Solutions shares last traded at $5.15, with a volume of 192,646 shares changing hands.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Wall Street Zen raised Pangaea Logistics Solutions from a "sell" rating to a "hold" rating in a report on Friday, July 18th. B. Riley reduced their price target on shares of Pangaea Logistics Solutions from $11.00 to $9.00 and set a "buy" rating for the company in a research report on Monday, August 11th. One analyst has rated the stock with a Buy rating, According to MarketBeat, the company currently has an average rating of "Buy" and an average target price of $9.00.

Pangaea Logistics Solutions Price Performance

The stock has a market capitalization of $335.99 million, a PE ratio of 23.41 and a beta of 0.71. The company has a current ratio of 1.46, a quick ratio of 1.15 and a debt-to-equity ratio of 0.72. The company's 50 day simple moving average is $5.20 and its 200 day simple moving average is $4.83.

Pangaea Logistics Solutions (NASDAQ:PANL - Get Free Report) last released its earnings results on Thursday, August 7th. The shipping company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.02. The firm had revenue of $156.69 million during the quarter, compared to analysts' expectations of $129.24 million. Pangaea Logistics Solutions had a net margin of 1.52% and a return on equity of 3.38%. On average, equities analysts anticipate that Pangaea Logistics Solutions Ltd. will post 0.43 earnings per share for the current year.

Pangaea Logistics Solutions Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $0.20 annualized dividend and a dividend yield of 3.9%. Pangaea Logistics Solutions's payout ratio is currently 90.91%.

Institutional Trading of Pangaea Logistics Solutions

Institutional investors have recently made changes to their positions in the stock. Oppenheimer & Co. Inc. purchased a new stake in shares of Pangaea Logistics Solutions during the 1st quarter valued at $59,000. Wealth Enhancement Advisory Services LLC grew its stake in shares of Pangaea Logistics Solutions by 15.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 18,552 shares of the shipping company's stock valued at $88,000 after buying an additional 2,551 shares during the period. Victory Capital Management Inc. grew its stake in shares of Pangaea Logistics Solutions by 2.1% during the 1st quarter. Victory Capital Management Inc. now owns 147,419 shares of the shipping company's stock valued at $702,000 after buying an additional 3,000 shares during the period. Nuveen LLC purchased a new stake in shares of Pangaea Logistics Solutions during the 1st quarter valued at $539,000. Finally, Goldman Sachs Group Inc. grew its stake in shares of Pangaea Logistics Solutions by 6.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 233,537 shares of the shipping company's stock valued at $1,112,000 after buying an additional 14,357 shares during the period. 60.23% of the stock is owned by hedge funds and other institutional investors.

About Pangaea Logistics Solutions

Pangaea Logistics Solutions, Ltd., together with its subsidiaries, provides seaborne dry bulk logistics and transportation services to industrial customers worldwide. It offers various dry bulk cargoes, such as grains, coal, iron ore, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite, and limestone.

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