State Street Corp Reduces Stake in Golden Ocean Group Limited (NASDAQ:GOGL)

State Street Corp lessened its stake in shares of Golden Ocean Group Limited (NASDAQ:GOGL) by 0.7% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,133,914 shares of the shipping company’s stock after selling 14,116 shares during the period. State Street Corp owned 1.07% of Golden Ocean Group worth $28,552,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of GOGL. Marshall Wace LLP raised its stake in Golden Ocean Group by 96.9% during the second quarter. Marshall Wace LLP now owns 1,557,288 shares of the shipping company’s stock worth $21,491,000 after purchasing an additional 766,436 shares during the period. Hsbc Holdings PLC raised its position in shares of Golden Ocean Group by 55.5% during the 2nd quarter. Hsbc Holdings PLC now owns 1,169,814 shares of the shipping company’s stock valued at $16,219,000 after buying an additional 417,539 shares during the period. Acadian Asset Management LLC raised its position in shares of Golden Ocean Group by 42.7% during the 2nd quarter. Acadian Asset Management LLC now owns 991,898 shares of the shipping company’s stock valued at $13,683,000 after buying an additional 296,842 shares during the period. Empowered Funds LLC lifted its holdings in Golden Ocean Group by 5.4% in the third quarter. Empowered Funds LLC now owns 929,764 shares of the shipping company’s stock valued at $12,440,000 after acquiring an additional 47,302 shares during the last quarter. Finally, Mirabella Financial Services LLP purchased a new position in Golden Ocean Group in the third quarter worth approximately $9,360,000. Institutional investors and hedge funds own 22.00% of the company’s stock.

Wall Street Analyst Weigh In

GOGL has been the topic of several recent analyst reports. Pareto Securities reaffirmed a “hold” rating and issued a $12.50 price target on shares of Golden Ocean Group in a research note on Thursday, November 21st. StockNews.com lowered shares of Golden Ocean Group from a “buy” rating to a “hold” rating in a research note on Saturday, October 5th. Finally, Jefferies Financial Group lowered their price objective on shares of Golden Ocean Group from $12.50 to $12.00 and set a “hold” rating for the company in a research note on Wednesday, November 27th.

Golden Ocean Group Stock Up 1.0 %

Shares of NASDAQ GOGL opened at $8.71 on Friday. The stock has a market cap of $1.74 billion, a P/E ratio of 7.20 and a beta of 1.16. The business’s fifty day simple moving average is $10.63 and its 200-day simple moving average is $11.95. Golden Ocean Group Limited has a 12-month low of $8.52 and a 12-month high of $15.77. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.65.

Golden Ocean Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Monday, December 9th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 13.78%. The ex-dividend date was Monday, December 9th. Golden Ocean Group’s dividend payout ratio is currently 99.17%.

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.