Connor Clark & Lunn Investment Management Ltd. Sells 144,610 Shares of Golden Ocean Group Limited (NASDAQ:GOGL)

Connor Clark & Lunn Investment Management Ltd. cut its stake in Golden Ocean Group Limited (NASDAQ:GOGL) by 51.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 137,994 shares of the shipping company’s stock after selling 144,610 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Golden Ocean Group were worth $1,846,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Nisa Investment Advisors LLC raised its stake in Golden Ocean Group by 1,720.1% in the second quarter. Nisa Investment Advisors LLC now owns 3,804 shares of the shipping company’s stock valued at $52,000 after purchasing an additional 3,595 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in Golden Ocean Group by 2,319.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 9,170 shares of the shipping company’s stock valued at $127,000 after buying an additional 8,791 shares during the period. Lazard Asset Management LLC acquired a new position in shares of Golden Ocean Group in the 1st quarter valued at approximately $149,000. Bayesian Capital Management LP bought a new stake in shares of Golden Ocean Group during the 1st quarter worth approximately $151,000. Finally, Vanguard Personalized Indexing Management LLC lifted its holdings in shares of Golden Ocean Group by 16.0% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 16,420 shares of the shipping company’s stock worth $225,000 after acquiring an additional 2,267 shares during the period. 22.00% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. StockNews.com downgraded shares of Golden Ocean Group from a “buy” rating to a “hold” rating in a research report on Saturday, October 5th. Jefferies Financial Group lowered their price target on Golden Ocean Group from $15.50 to $14.50 and set a “hold” rating for the company in a report on Wednesday, August 28th. Finally, Pareto Securities restated a “hold” rating and set a $12.50 price objective on shares of Golden Ocean Group in a research report on Thursday, November 21st.

Golden Ocean Group Price Performance

Shares of NASDAQ:GOGL opened at $11.08 on Tuesday. Golden Ocean Group Limited has a one year low of $8.42 and a one year high of $15.77. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.17 and a quick ratio of 1.00. The company has a market cap of $2.22 billion, a price-to-earnings ratio of 10.36 and a beta of 1.20. The firm has a 50 day simple moving average of $11.84 and a 200 day simple moving average of $12.62.

Golden Ocean Group (NASDAQ:GOGL) last announced its quarterly earnings results on Wednesday, August 28th. The shipping company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.04. Golden Ocean Group had a return on equity of 10.57% and a net margin of 22.01%. The company had revenue of $197.35 million during the quarter, compared to analysts’ expectations of $187.74 million. Research analysts predict that Golden Ocean Group Limited will post 1.18 earnings per share for the current fiscal year.

Golden Ocean Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Wednesday, September 11th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 10.83%. The ex-dividend date of this dividend was Wednesday, September 11th. Golden Ocean Group’s payout ratio is 112.15%.

Golden Ocean Group Company 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.