Golden Ocean Group (NASDAQ:GOGL) Sees Strong Trading Volume – Here’s Why

Golden Ocean Group Limited (NASDAQ:GOGL) shares saw unusually-high trading volume on Thursday . Approximately 5,101,072 shares changed hands during trading, an increase of 176% from the previous session’s volume of 1,850,221 shares.The stock last traded at $8.15 and had previously closed at $8.00.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group reiterated a “hold” rating and issued a $10.00 target price on shares of Golden Ocean Group in a research report on Wednesday, February 26th.

Golden Ocean Group Stock Performance

The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.65. The firm has a market cap of $1.67 billion, a PE ratio of 6.91 and a beta of 1.14. The firm has a 50-day moving average price of $8.86 and a two-hundred day moving average price of $10.09.

Golden Ocean Group Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Tuesday, March 11th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 7.18%. The ex-dividend date of this dividend was Tuesday, March 11th. Golden Ocean Group’s dividend payout ratio (DPR) is 53.57%.

Hedge Funds Weigh In On Golden Ocean Group

Institutional investors and hedge funds have recently bought and sold shares of the business. MetLife Investment Management LLC lifted its stake in Golden Ocean Group by 1.7% in the 4th quarter. MetLife Investment Management LLC now owns 71,533 shares of the shipping company’s stock worth $641,000 after purchasing an additional 1,201 shares in the last quarter. State of Wyoming increased its holdings in shares of Golden Ocean Group by 10.3% in the fourth quarter. State of Wyoming now owns 13,596 shares of the shipping company’s stock valued at $122,000 after purchasing an additional 1,268 shares during the last quarter. Swiss National Bank lifted its position in Golden Ocean Group by 0.6% during the fourth quarter. Swiss National Bank now owns 257,524 shares of the shipping company’s stock worth $2,259,000 after buying an additional 1,658 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in Golden Ocean Group by 47.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 5,294 shares of the shipping company’s stock worth $47,000 after buying an additional 1,694 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Golden Ocean Group by 2.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,525 shares of the shipping company’s stock valued at $965,000 after buying an additional 2,078 shares in the last quarter. 22.00% of the stock is currently owned by institutional investors and hedge funds.

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.