Golden Ocean Group (NASDAQ:GOGL) Trading Down 4.3% – Here’s What Happened

Golden Ocean Group Limited (NASDAQ:GOGL)’s stock price dropped 4.3% during trading on Tuesday . The stock traded as low as $7.01 and last traded at $6.94. Approximately 838,595 shares traded hands during trading, a decline of 77% from the average daily volume of 3,657,727 shares. The stock had previously closed at $7.25.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group reissued 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 Trading Down 10.0 %

The stock has a 50-day moving average of $8.72 and a 200 day moving average of $9.90. 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 stock has a market cap of $1.31 billion, a PE ratio of 5.41 and a beta of 1.10.

Golden Ocean Group Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Tuesday, March 11th were paid a $0.15 dividend. The ex-dividend date was Tuesday, March 11th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 9.20%. Golden Ocean Group’s payout ratio is currently 53.57%.

Institutional Inflows and Outflows

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

Golden Ocean Group Company Profile

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.