Pangaea Logistics Solutions (NASDAQ:PANL) Releases Earnings Results, Hits Expectations

Pangaea Logistics Solutions (NASDAQ:PANL) released its quarterly earnings data on Tuesday. The shipping company reported $0.24 EPS for the quarter, meeting analysts’ consensus estimates of $0.24, reports. The company had revenue of $153.12 million during the quarter, compared to the consensus estimate of $138.65 million. Pangaea Logistics Solutions had a net margin of 4.14% and a return on equity of 7.88%.

Pangaea Logistics Solutions Stock Performance

Shares of PANL stock opened at $6.41 on Friday. The firm has a market capitalization of $300.63 million, a price-to-earnings ratio of 13.64 and a beta of 0.87. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.05 and a quick ratio of 1.82. The business has a 50 day simple moving average of $6.57 and a 200 day simple moving average of $7.09. Pangaea Logistics Solutions has a 12-month low of $6.09 and a 12-month high of $9.52.

Pangaea Logistics Solutions Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 6.24%. The ex-dividend date of this dividend is Friday, November 29th. Pangaea Logistics Solutions’s payout ratio is 85.11%.

Hedge Funds Weigh In On Pangaea Logistics Solutions

Hedge funds have recently modified their holdings of the company. AQR Capital Management LLC lifted its stake in shares of Pangaea Logistics Solutions by 131.7% in the second quarter. AQR Capital Management LLC now owns 265,177 shares of the shipping company’s stock worth $2,076,000 after buying an additional 150,713 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Pangaea Logistics Solutions by 6.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,853,611 shares of the shipping company’s stock valued at $14,514,000 after purchasing an additional 112,298 shares during the last quarter. Janney Montgomery Scott LLC acquired a new stake in shares of Pangaea Logistics Solutions in the 3rd quarter valued at approximately $761,000. American Century Companies Inc. raised its holdings in Pangaea Logistics Solutions by 14.1% during the 2nd quarter. American Century Companies Inc. now owns 725,829 shares of the shipping company’s stock worth $5,683,000 after buying an additional 89,570 shares during the period. Finally, Kingsview Wealth Management LLC bought a new position in shares of Pangaea Logistics Solutions during the 1st quarter worth approximately $425,000. 60.23% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, StockNews.com lowered Pangaea Logistics Solutions from a “buy” rating to a “hold” rating in a research report on Friday.

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.