Zurcher Kantonalbank Zurich Cantonalbank Buys 5,420 Shares of Golden Ocean Group Limited (NASDAQ:GOGL)

Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Golden Ocean Group Limited (NASDAQ:GOGL) by 18.4% during the fourth quarter, HoldingsChannel reports. The firm owned 34,880 shares of the shipping company’s stock after acquiring an additional 5,420 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Golden Ocean Group were worth $340,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Swiss National Bank increased its holdings in Golden Ocean Group by 1.4% during the third quarter. Swiss National Bank now owns 288,459 shares of the shipping company’s stock worth $2,282,000 after buying an additional 3,939 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Golden Ocean Group by 22.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 475,876 shares of the shipping company’s stock valued at $3,750,000 after purchasing an additional 86,628 shares during the period. BDL Capital Management acquired a new stake in Golden Ocean Group in the 4th quarter valued at about $930,000. GSA Capital Partners LLP bought a new position in Golden Ocean Group during the third quarter worth about $1,042,000. Finally, New York State Common Retirement Fund grew its holdings in Golden Ocean Group by 557.4% during the third quarter. New York State Common Retirement Fund now owns 249,523 shares of the shipping company’s stock worth $1,966,000 after purchasing an additional 211,567 shares during the period. Institutional investors and hedge funds own 22.00% of the company’s stock.

Wall Street Analyst Weigh In

GOGL has been the subject of a number of recent analyst reports. Jefferies Financial Group reaffirmed a “buy” rating and issued a $15.00 price objective on shares of Golden Ocean Group in a research report on Wednesday, February 28th. StockNews.com raised Golden Ocean Group from a “sell” rating to a “hold” rating in a report on Monday, March 4th. Three research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $12.50.

Golden Ocean Group Trading Up 0.9 %

Shares of NASDAQ:GOGL opened at $14.79 on Friday. Golden Ocean Group Limited has a 12-month low of $6.89 and a 12-month high of $14.81. The business has a 50 day moving average of $13.13 and a 200-day moving average of $10.67. The company has a quick ratio of 1.05, a current ratio of 1.23 and a debt-to-equity ratio of 0.69. The stock has a market cap of $2.95 billion, a PE ratio of 26.41 and a beta of 1.32.

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

Golden Ocean Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 25th. Investors of record on Wednesday, March 13th were paid a $0.30 dividend. The ex-dividend date was Tuesday, March 12th. This is an increase from Golden Ocean Group’s previous quarterly dividend of $0.10. This represents a $1.20 annualized dividend and a dividend yield of 8.11%. Golden Ocean Group’s dividend payout ratio is 214.29%.

Golden Ocean Group 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.