Rhumbline Advisers Lowers Stock Holdings in Golden Ocean Group Limited (NASDAQ:GOGL)

Rhumbline Advisers decreased its position in shares of Golden Ocean Group Limited (NASDAQ:GOGL) by 1.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 177,669 shares of the shipping company’s stock after selling 3,526 shares during the period. Rhumbline Advisers’ holdings in Golden Ocean Group were worth $1,418,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. New York State Common Retirement Fund raised its position in Golden Ocean Group by 16.5% during the fourth quarter. New York State Common Retirement Fund now owns 222,238 shares of the shipping company’s stock valued at $1,991,000 after purchasing an additional 31,500 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Golden Ocean Group by 2,893.9% in the fourth quarter. Victory Capital Management Inc. now owns 414,121 shares of the shipping company’s stock worth $3,711,000 after buying an additional 400,289 shares during the period. SBI Securities Co. Ltd. purchased a new position in shares of Golden Ocean Group in the fourth quarter worth about $46,000. Bank of New York Mellon Corp increased its holdings in shares of Golden Ocean Group by 229.5% in the fourth quarter. Bank of New York Mellon Corp now owns 1,139,248 shares of the shipping company’s stock worth $10,208,000 after buying an additional 793,470 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Golden Ocean Group by 10.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 353,234 shares of the shipping company’s stock worth $3,165,000 after buying an additional 33,695 shares during the period. Hedge funds and other institutional investors own 22.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on GOGL. Jefferies Financial Group decreased their price objective on Golden Ocean Group from $10.00 to $8.00 and set a “hold” rating on the stock in a report on Wednesday, April 23rd. Wall Street Zen began coverage on Golden Ocean Group in a report on Thursday, May 22nd. They issued a “hold” rating on the stock.

Golden Ocean Group Stock Down 0.3%

GOGL opened at $7.83 on Thursday. The company has a market cap of $1.57 billion, a P/E ratio of 13.74 and a beta of 1.10. The business’s 50-day moving average price is $7.59 and its 200-day moving average price is $8.39. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.66. Golden Ocean Group Limited has a 12 month low of $6.27 and a 12 month high of $14.29.

Golden Ocean Group (NASDAQ:GOGL) last released its quarterly earnings data on Wednesday, May 21st. The shipping company reported ($0.19) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.09). Golden Ocean Group had a return on equity of 5.56% and a net margin of 13.16%. The company had revenue of $115.00 million during the quarter, compared to analysts’ expectations of $106.48 million. On average, equities analysts expect that Golden Ocean Group Limited will post 1.14 EPS for the current year.

Golden Ocean Group Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 17th. Investors of record on Thursday, June 5th were issued a dividend of $0.05 per share. The ex-dividend date of this dividend was Thursday, June 5th. This represents a $0.20 dividend on an annualized basis and a yield of 2.55%. Golden Ocean Group’s dividend payout ratio is presently 35.09%.

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.