Pangaea Logistics Solutions (NASDAQ:PANL) Releases Quarterly Earnings Results, Beats Estimates By $0.14 EPS

Pangaea Logistics Solutions (NASDAQ:PANL) posted its quarterly earnings data on Thursday. The shipping company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.14, FiscalAI reports. The business had revenue of $168.67 million during the quarter, compared to the consensus estimate of $159.32 million. Pangaea Logistics Solutions had a net margin of 1.52% and a return on equity of 3.38%.

Pangaea Logistics Solutions Stock Performance

Shares of NASDAQ PANL traded up $0.89 during trading hours on Friday, hitting $5.82. 733,732 shares of the stock were exchanged, compared to its average volume of 230,429. The firm has a market capitalization of $379.71 million, a P/E ratio of 26.46 and a beta of 0.73. Pangaea Logistics Solutions has a one year low of $3.93 and a one year high of $6.80. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.46 and a quick ratio of 1.15. The company’s 50 day moving average is $5.13 and its 200 day moving average is $4.89.

Pangaea Logistics Solutions Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, December 1st. This represents a $0.20 dividend on an annualized basis and a yield of 3.4%. Pangaea Logistics Solutions’s dividend payout ratio is presently 90.91%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PANL. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Pangaea Logistics Solutions in a research report on Wednesday. Wall Street Zen upgraded shares of Pangaea Logistics Solutions from a “sell” rating to a “hold” rating in a report on Friday, July 18th. Finally, B. Riley cut their price objective on Pangaea Logistics Solutions from $11.00 to $9.00 and set a “buy” rating for the company in a report on Monday, August 11th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Pangaea Logistics Solutions currently has an average rating of “Moderate Buy” and an average target price of $9.00.

Institutional Trading of Pangaea Logistics Solutions

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Jane Street Group LLC grew its holdings in shares of Pangaea Logistics Solutions by 231.2% during the second quarter. Jane Street Group LLC now owns 62,799 shares of the shipping company’s stock worth $295,000 after purchasing an additional 43,838 shares during the last quarter. AQR Capital Management LLC bought a new stake in Pangaea Logistics Solutions during the 1st quarter worth about $195,000. Bridgeway Capital Management LLC raised its position in Pangaea Logistics Solutions by 4.3% in the 2nd quarter. Bridgeway Capital Management LLC now owns 707,479 shares of the shipping company’s stock worth $3,325,000 after purchasing an additional 29,260 shares during the last quarter. Empowered Funds LLC lifted its holdings in Pangaea Logistics Solutions by 7.3% during the 1st quarter. Empowered Funds LLC now owns 381,919 shares of the shipping company’s stock worth $1,818,000 after buying an additional 25,851 shares in the last quarter. Finally, Cable Car Capital LP boosted its position in Pangaea Logistics Solutions by 2.1% in the 2nd quarter. Cable Car Capital LP now owns 985,623 shares of the shipping company’s stock valued at $4,632,000 after buying an additional 20,000 shares during the last quarter. 60.23% of the stock is currently owned by institutional investors and hedge funds.

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.