Principal Financial Group Inc. lessened its position in Golden Ocean Group Limited (NASDAQ:GOGL – Free Report) by 10.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 14,065 shares of the shipping company’s stock after selling 1,562 shares during the period. Principal Financial Group Inc.’s holdings in Golden Ocean Group were worth $182,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in the company. Folketrygdfondet grew its holdings in Golden Ocean Group by 5.6% in the 4th quarter. Folketrygdfondet now owns 9,402,318 shares of the shipping company’s stock worth $91,767,000 after acquiring an additional 500,000 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Golden Ocean Group by 15.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,151,274 shares of the shipping company’s stock valued at $11,236,000 after purchasing an additional 155,425 shares in the last quarter. Hsbc Holdings PLC boosted its stake in shares of Golden Ocean Group by 108.5% during the 4th quarter. Hsbc Holdings PLC now owns 712,829 shares of the shipping company’s stock valued at $6,928,000 after purchasing an additional 370,918 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Golden Ocean Group by 184.9% during the 4th quarter. Russell Investments Group Ltd. now owns 108,374 shares of the shipping company’s stock valued at $1,058,000 after purchasing an additional 70,341 shares in the last quarter. Finally, BDL Capital Management bought a new stake in shares of Golden Ocean Group during the 4th quarter valued at about $930,000. Institutional investors own 22.00% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently weighed in on GOGL shares. Jefferies Financial Group lowered shares of Golden Ocean Group from a “buy” rating to a “hold” rating and set a $15.50 target price on the stock. in a research note on Wednesday, May 22nd. StockNews.com raised shares of Golden Ocean Group from a “sell” rating to a “hold” rating in a research note on Thursday, May 23rd.
Get Our Latest Analysis on Golden Ocean GroupGolden Ocean Group Trading Down 2.7 %
Shares of NASDAQ GOGL opened at $13.25 on Tuesday. Golden Ocean Group Limited has a 1 year low of $6.89 and a 1 year high of $15.77. The stock has a market cap of $2.65 billion, a P/E ratio of 14.25 and a beta of 1.16. The firm has a 50-day moving average of $14.10 and a 200 day moving average of $12.56. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.25 and a quick ratio of 1.25.
Golden Ocean Group (NASDAQ:GOGL – Get Free Report) last issued its quarterly earnings results on Wednesday, May 22nd. The shipping company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.06. Golden Ocean Group had a net margin of 19.92% and a return on equity of 8.67%. The company had revenue of $196.70 million during the quarter. As a group, sell-side analysts expect that Golden Ocean Group Limited will post 1.43 EPS for the current fiscal year.
Golden Ocean Group Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Friday, June 7th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, June 7th. This represents a $1.20 dividend on an annualized basis and a yield of 9.06%. Golden Ocean Group’s dividend payout ratio (DPR) is currently 129.03%.
About Golden Ocean Group
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.
Further Reading
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Principal Financial Group Inc. Sells 1562 Shares of Golden Ocean Group Limited (NASDAQ:GOGL) - Defense World
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