Jefferies Financial Group Cuts Golden Ocean Group (NASDAQ:GOGL) Price Target to $8.00

Golden Ocean Group (NASDAQ:GOGL) had its price objective reduced by Jefferies Financial Group from $10.00 to $8.00 in a report issued on Wednesday morning,Benzinga reports. They currently have a hold rating on the shipping company’s stock.

Golden Ocean Group Trading Up 0.4 %

Shares of GOGL opened at $7.77 on Wednesday. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.65. The firm has a 50-day moving average price of $8.04 and a 200 day moving average price of $9.33. Golden Ocean Group has a 12-month low of $6.27 and a 12-month high of $15.77. The firm has a market capitalization of $1.55 billion, a P/E ratio of 6.42 and a beta of 1.10.

Golden Ocean Group Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Tuesday, March 11th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 7.72%. The ex-dividend date of this dividend was Tuesday, March 11th. Golden Ocean Group’s payout ratio is presently 53.57%.

Institutional Investors Weigh In On Golden Ocean Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GOGL. MetLife Investment Management LLC increased its position 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 worth $641,000 after purchasing an additional 1,201 shares during the last quarter. State of Wyoming boosted its stake 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 worth $122,000 after buying an additional 1,268 shares during the period. Swiss National Bank increased its position in shares of Golden Ocean Group by 0.6% during 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 last quarter. Tower Research Capital LLC TRC raised its stake in shares of Golden Ocean Group by 47.1% in the 4th 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. lifted its holdings in shares of 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 worth $965,000 after acquiring an additional 2,078 shares during the last quarter. Hedge funds and other institutional investors own 22.00% of the company’s stock.

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.