Pangaea Logistics Solutions (NASDAQ:PANL) Shares Gap Up - Here's What Happened

Key Points

• Pangaea Logistics Solutions shares opened higher, rising from a prior close of $8.32 to $8.65 before trading at $8.474, amid relatively light volume.
• Analyst sentiment improved after Weiss Ratings upgraded the stock from “hold” to “buy”; the broader analyst consensus is “Moderate Buy.” The company also exceeded quarterly EPS estimates, reporting $0.26 versus expectations of $0.24.
• Pangaea increased its quarterly dividend to $0.10 from $0.05, equivalent to an annualized $0.40 payout and a 4.7% yield. Institutional investors hold approximately 60.23% of the company’s shares.

Pangaea Logistics Solutions Ltd. (NASDAQ:PANL - Get Free Report) shares gapped up before the market opened on Monday. The stock had previously closed at $8.32, but opened at $8.65. Pangaea Logistics Solutions shares last traded at $8.4740, with a volume of 29,576 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised shares of Pangaea Logistics Solutions from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, September 14th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy".

Pangaea Logistics Solutions Stock Performance

The company has a quick ratio of 1.12, a current ratio of 1.38 and a debt-to-equity ratio of 0.55. The company has a 50 day moving average of $8.06 and a 200 day moving average of $7.66. The firm has a market cap of $551.52 million, a price-to-earnings ratio of 11.23 and a beta of 0.82.

Pangaea Logistics Solutions (NASDAQ:PANL - Get Free Report) last issued its quarterly earnings results on Monday, August 10th. The shipping company reported $0.26 EPS for the quarter, beating analysts' consensus estimates of $0.24 by $0.02. Pangaea Logistics Solutions had a return on equity of 9.42% and a net margin of 6.70%. The firm had revenue of $187.12 million during the quarter, compared to the consensus estimate of $192.76 million. As a group, equities research analysts expect that Pangaea Logistics Solutions Ltd. will post 0.81 EPS for the current fiscal year.

Pangaea Logistics Solutions Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date of this dividend was Tuesday, September 1st. This is a positive change from Pangaea Logistics Solutions's previous quarterly dividend of $0.05. Pangaea Logistics Solutions's dividend payout ratio is currently 53.33%.

Hedge Funds Weigh In On Pangaea Logistics Solutions

Several institutional investors and hedge funds have recently made changes to their positions in PANL. Ritholtz Wealth Management acquired a new stake in Pangaea Logistics Solutions in the first quarter valued at $158,000. Bank of America Corp DE boosted its stake in Pangaea Logistics Solutions by 5.6% during the 1st quarter. Bank of America Corp DE now owns 28,844 shares of the shipping company's stock valued at $204,000 after acquiring an additional 1,534 shares during the last quarter. Counterpoint Mutual Funds LLC acquired a new position in Pangaea Logistics Solutions during the 1st quarter worth $242,000. Relyea Zuckerberg Hanson LLC grew its holdings in Pangaea Logistics Solutions by 61.3% during the 1st quarter. Relyea Zuckerberg Hanson LLC now owns 37,228 shares of the shipping company's stock worth $264,000 after acquiring an additional 14,151 shares in the last quarter. Finally, Tidal Investments LLC increased its position in shares of Pangaea Logistics Solutions by 25.0% in the 2nd quarter. Tidal Investments LLC now owns 49,705 shares of the shipping company's stock worth $323,000 after purchasing an additional 9,943 shares during the last quarter. 60.23% of the stock is currently owned by hedge funds and other institutional investors.

Pangaea Logistics Solutions Company Profile

Pangaea Logistics Solutions Ltd. NASDAQ: PANL is a drybulk shipping and logistics company that provides ocean transportation services for industrial and agricultural commodities. The company transports cargoes such as coal, grain, salt, gypsum, dolomite, bauxite and other bulk materials for customers involved in mining, energy, construction and manufacturing.

Pangaea owns and operates a fleet of drybulk vessels and also charters additional ships to support its transportation activities.

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