US Bancorp DE Reduces Holdings in Golden Ocean Group Limited (NASDAQ:GOGL)

US Bancorp DE reduced its holdings in shares of Golden Ocean Group Limited (NASDAQ:GOGL) by 34.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,532 shares of the shipping company’s stock after selling 15,265 shares during the quarter. US Bancorp DE’s holdings in Golden Ocean Group were worth $228,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. CWM LLC increased its holdings in Golden Ocean Group by 330.1% during the 1st quarter. CWM LLC now owns 3,402 shares of the shipping company’s stock valued at $27,000 after acquiring an additional 2,611 shares in the last quarter. Sterling Capital Management LLC increased its holdings in Golden Ocean Group by 830.1% during the 4th quarter. Sterling Capital Management LLC now owns 3,897 shares of the shipping company’s stock valued at $35,000 after acquiring an additional 3,478 shares in the last quarter. Quarry LP increased its holdings in Golden Ocean Group by 195.3% during the 4th quarter. Quarry LP now owns 4,981 shares of the shipping company’s stock valued at $45,000 after acquiring an additional 3,294 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in Golden Ocean Group by 47.1% during 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 in the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings in Golden Ocean Group by 405.6% during the 1st quarter. Nisa Investment Advisors LLC now owns 8,100 shares of the shipping company’s stock valued at $65,000 after acquiring an additional 6,498 shares in the last quarter. 22.00% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Jefferies Financial Group dropped their target price on shares of Golden Ocean Group from $10.00 to $8.00 and set a “hold” rating for the company in a report on Wednesday, April 23rd. Wall Street Zen assumed coverage on shares of Golden Ocean Group in a report on Thursday, May 22nd. They set a “hold” rating for the company.

Golden Ocean Group Stock Performance

Shares of NASDAQ GOGL opened at $7.77 on Friday. The company has a market cap of $1.55 billion, a PE ratio of 13.63 and a beta of 1.09. Golden Ocean Group Limited has a 12 month low of $6.27 and a 12 month high of $13.44. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.81 and a quick ratio of 0.81. The company has a 50-day simple moving average of $8.08 and a 200-day simple moving average of $8.11.

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

Golden Ocean Group Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Investors of record on Thursday, June 5th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was Thursday, June 5th. Golden Ocean Group’s payout ratio is presently 35.09%.

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.