Allspring Global Investments Holdings LLC Lowers Holdings in Golden Ocean Group Limited (NASDAQ:GOGL)

Allspring Global Investments Holdings LLC lowered its holdings in Golden Ocean Group Limited (NASDAQ:GOGL) by 60.4% in the fourth quarter, HoldingsChannel reports. The firm owned 70,057 shares of the shipping company’s stock after selling 106,866 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Golden Ocean Group were worth $684,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in GOGL. Blue Trust Inc. acquired a new position in shares of Golden Ocean Group in the fourth quarter worth $53,000. Vanguard Personalized Indexing Management LLC boosted its holdings in Golden Ocean Group by 39.9% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 16,405 shares of the shipping company’s stock valued at $129,000 after purchasing an additional 4,678 shares during the period. Commonwealth Equity Services LLC grew its stake in Golden Ocean Group by 64.1% during the 3rd quarter. Commonwealth Equity Services LLC now owns 17,626 shares of the shipping company’s stock worth $139,000 after purchasing an additional 6,884 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Golden Ocean Group by 39.3% during the 3rd quarter. Principal Financial Group Inc. now owns 18,219 shares of the shipping company’s stock worth $144,000 after purchasing an additional 5,142 shares during the period. Finally, SG Americas Securities LLC purchased a new stake in shares of Golden Ocean Group during the fourth quarter worth approximately $243,000. 22.00% of the stock is owned by hedge funds and other institutional investors.

Golden Ocean Group Stock Up 1.6 %

Shares of NASDAQ:GOGL opened at $13.59 on Thursday. The firm has a 50 day simple moving average of $12.72 and a 200-day simple moving average of $10.37. Golden Ocean Group Limited has a twelve month low of $6.89 and a twelve month high of $13.95. The company has a current ratio of 1.23, a quick ratio of 1.05 and a debt-to-equity ratio of 0.69. The company has a market capitalization of $2.71 billion, a PE ratio of 24.27 and a beta of 1.39.

Golden Ocean Group (NASDAQ:GOGL) last announced its quarterly earnings results on Wednesday, February 28th. The shipping company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.07. The firm had revenue of $196.75 million during the quarter, compared to analysts’ expectations of $187.19 million. Golden Ocean Group had a net margin of 12.68% and a return on equity of 5.91%. On average, equities analysts predict that Golden Ocean Group Limited will post 1.52 EPS for the current fiscal year.

Golden Ocean Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 25th. Investors of record on Wednesday, March 13th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 8.83%. The ex-dividend date of this dividend was Tuesday, March 12th. This is an increase from Golden Ocean Group’s previous quarterly dividend of $0.10. Golden Ocean Group’s dividend payout ratio (DPR) is currently 214.29%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on GOGL shares. StockNews.com upgraded shares of Golden Ocean Group from a “sell” rating to a “hold” rating in a research note on Monday, March 4th. BTIG Research reiterated a “neutral” rating on shares of Golden Ocean Group in a research note on Friday, January 5th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $15.00 target price on shares of Golden Ocean Group in a report on Wednesday, February 28th. Three investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $12.50.

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.