Golden Ocean Group Limited (NASDAQ:GOGL) Shares Bought by SummerHaven Investment Management LLC

SummerHaven Investment Management LLC boosted its holdings in Golden Ocean Group Limited (NASDAQ:GOGL) by 1.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 93,662 shares of the shipping company’s stock after acquiring an additional 1,192 shares during the quarter. SummerHaven Investment Management LLC’s holdings in Golden Ocean Group were worth $914,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its holdings in shares of Golden Ocean Group by 19.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 995,849 shares of the shipping company’s stock valued at $7,847,000 after acquiring an additional 163,735 shares during the last quarter. Hosking Partners LLP grew its position in Golden Ocean Group by 20.1% in the 3rd quarter. Hosking Partners LLP now owns 707,321 shares of the shipping company’s stock worth $5,574,000 after purchasing an additional 118,173 shares during the last quarter. Barclays PLC increased 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 purchasing an additional 170,193 shares during the period. Bank of New York Mellon Corp lifted its stake in Golden Ocean Group by 22.3% during the third quarter. Bank of New York Mellon Corp now owns 475,876 shares of the shipping company’s stock worth $3,750,000 after purchasing an additional 86,628 shares during the period. Finally, Hsbc Holdings PLC grew its position in Golden Ocean Group by 44.9% in the third quarter. Hsbc Holdings PLC now owns 341,911 shares of the shipping company’s stock valued at $2,697,000 after acquiring an additional 105,879 shares during the period. 22.00% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. BTIG Research reaffirmed a “neutral” rating on shares of Golden Ocean Group in a research note on Friday, January 5th. Jefferies Financial Group reiterated a “buy” rating and set a $15.00 price target on shares of Golden Ocean Group in a research report on Wednesday, February 28th. Finally, StockNews.com upgraded shares of Golden Ocean Group from a “sell” rating to a “hold” rating in a research report on Monday, March 4th. Three research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $12.50.

Golden Ocean Group Trading Down 1.6 %

GOGL traded down $0.22 during mid-day trading on Monday, hitting $13.83. The stock had a trading volume of 613,751 shares, compared to its average volume of 1,725,394. Golden Ocean Group Limited has a 1-year low of $6.89 and a 1-year high of $14.13. The firm has a market capitalization of $2.76 billion, a price-to-earnings ratio of 25.09 and a beta of 1.39. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.23 and a quick ratio of 1.05. The stock’s fifty day simple moving average is $12.83 and its 200-day simple moving average is $10.47.

Golden Ocean Group (NASDAQ:GOGL) last posted its earnings results on Wednesday, February 28th. The shipping company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.25 by $0.07. The firm had revenue of $196.75 million for the quarter, compared to analysts’ expectations of $187.19 million. Golden Ocean Group had a net margin of 12.68% and a return on equity of 5.91%. As a group, research analysts forecast that Golden Ocean Group Limited will post 1.52 EPS for the current fiscal year.

Golden Ocean Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 25th. Shareholders of record on Wednesday, March 13th were paid a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, March 12th. This is a boost from Golden Ocean Group’s previous quarterly dividend of $0.10. This represents a $1.20 annualized dividend and a yield of 8.68%. Golden Ocean Group’s dividend payout ratio is currently 214.29%.

Golden Ocean Group Profile

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.