New York State Common Retirement Fund Cuts Position in Golden Ocean Group Limited (NASDAQ:GOGL)

New York State Common Retirement Fund reduced its holdings in shares of Golden Ocean Group Limited (NASDAQ:GOGL) by 11.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 220,456 shares of the shipping company’s stock after selling 29,067 shares during the quarter. New York State Common Retirement Fund’s holdings in Golden Ocean Group were worth $2,152,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the business. Blue Trust Inc. purchased a new stake in Golden Ocean Group during the 4th quarter worth $53,000. Vanguard Personalized Indexing Management LLC grew its stake in shares of 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 buying an additional 4,678 shares in the last quarter. Commonwealth Equity Services LLC raised its holdings in shares of 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 valued at $139,000 after buying an additional 6,884 shares during the period. Principal Financial Group Inc. raised its holdings in shares of 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 valued at $144,000 after buying an additional 5,142 shares during the period. Finally, Axxcess Wealth Management LLC lifted its position in Golden Ocean Group by 133.6% during the 3rd quarter. Axxcess Wealth Management LLC now owns 29,174 shares of the shipping company’s stock worth $230,000 after acquiring an additional 16,684 shares in the last quarter. Institutional investors and hedge funds own 22.00% of the company’s stock.

Golden Ocean Group Stock Performance

Shares of GOGL opened at $14.86 on Wednesday. The firm has a market cap of $2.97 billion, a price-to-earnings ratio of 26.54 and a beta of 1.32. 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 business’s 50 day moving average is $13.25 and its two-hundred day moving average is $10.78. Golden Ocean Group Limited has a 52-week low of $6.89 and a 52-week high of $14.88.

Golden Ocean Group (NASDAQ:GOGL) last posted 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 firm had revenue of $196.75 million for 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%. Analysts forecast that Golden Ocean Group Limited will post 1.52 EPS for the current fiscal year.

Golden Ocean Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 25th. Investors of record on Wednesday, March 13th were issued a $0.30 dividend. This is a positive change from Golden Ocean Group’s previous quarterly dividend of $0.10. This represents a $1.20 annualized dividend and a yield of 8.08%. The ex-dividend date of this dividend was Tuesday, March 12th. Golden Ocean Group’s payout ratio is currently 214.29%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on GOGL shares. StockNews.com raised shares of Golden Ocean Group from a “sell” rating to a “hold” rating in a research report on Monday, March 4th. Jefferies Financial Group reissued a “buy” rating and issued a $15.00 price objective on shares of Golden Ocean Group in a research 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 stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $12.50.

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.