Rhumbline Advisers Sells 3,526 Shares of Golden Ocean Group Limited (NASDAQ:GOGL)

Rhumbline Advisers reduced its stake in Golden Ocean Group Limited (NASDAQ:GOGL) by 1.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 177,669 shares of the shipping company’s stock after selling 3,526 shares during the period. Rhumbline Advisers owned approximately 0.09% of Golden Ocean Group worth $1,418,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Golden Ocean Group by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 5,798,672 shares of the shipping company’s stock worth $50,978,000 after acquiring an additional 71,918 shares during the period. Encompass Capital Advisors LLC boosted its holdings in shares of Golden Ocean Group by 1,402.3% in the fourth quarter. Encompass Capital Advisors LLC now owns 1,905,407 shares of the shipping company’s stock worth $17,072,000 after acquiring an additional 1,778,571 shares during the period. Geode Capital Management LLC boosted its stake in Golden Ocean Group by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 1,663,334 shares of the shipping company’s stock valued at $14,903,000 after buying an additional 9,041 shares during the period. Bridgeway Capital Management LLC boosted its stake in Golden Ocean Group by 2.1% during the fourth quarter. Bridgeway Capital Management LLC now owns 1,651,405 shares of the shipping company’s stock valued at $14,797,000 after buying an additional 33,241 shares during the period. Finally, Mirabella Financial Services LLP boosted its stake in Golden Ocean Group by 114.2% during the fourth quarter. Mirabella Financial Services LLP now owns 1,499,244 shares of the shipping company’s stock valued at $13,222,000 after buying an additional 799,244 shares during the period. 22.00% of the stock is owned by institutional investors.

Golden Ocean Group Price Performance

NASDAQ:GOGL opened at $7.83 on Thursday. The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of 13.74 and a beta of 1.10. Golden Ocean Group Limited has a 52-week low of $6.27 and a 52-week high of $14.29. The stock has a fifty day moving average of $7.59 and a 200 day moving average of $8.39. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.81 and a current ratio of 0.81.

Golden Ocean Group (NASDAQ:GOGL) last posted its quarterly earnings data on Wednesday, May 21st. The shipping company reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.09). Golden Ocean Group had a net margin of 13.16% and a return on equity of 5.56%. The business had revenue of $115.00 million for the quarter, compared to the consensus estimate of $106.48 million. On average, research analysts expect that Golden Ocean Group Limited will post 1.14 EPS for the current fiscal year.

Golden Ocean Group Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Thursday, June 5th were given a dividend of $0.05 per share. The ex-dividend date was Thursday, June 5th. This represents a $0.20 dividend on an annualized basis and a yield of 2.55%. Golden Ocean Group’s payout ratio is 35.09%.

Wall Street Analyst Weigh In

GOGL has been the subject of several research analyst reports. Wall Street Zen initiated coverage on Golden Ocean Group in a research note on Thursday, May 22nd. They set a “hold” rating for the company. Jefferies Financial Group dropped their price objective on Golden Ocean Group from $10.00 to $8.00 and set a “hold” rating for the company in a research note on Wednesday, April 23rd.

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.