Allspring Global Investments Holdings LLC Lowers Stock Holdings in Golden Ocean Group Limited (NASDAQ:GOGL)

Allspring Global Investments Holdings LLC cut its stake in shares of Golden Ocean Group Limited (NASDAQ:GOGL) by 60.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 70,057 shares of the shipping company’s stock after selling 106,866 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Golden Ocean Group were worth $684,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Blue Trust Inc. purchased a new position in Golden Ocean Group during the 4th quarter worth $53,000. Vanguard Personalized Indexing Management LLC increased its stake in shares of Golden Ocean Group by 39.9% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 16,405 shares of the shipping company’s stock valued at $129,000 after buying an additional 4,678 shares during the period. Commonwealth Equity Services LLC lifted its stake in Golden Ocean Group by 64.1% in the third quarter. Commonwealth Equity Services LLC now owns 17,626 shares of the shipping company’s stock worth $139,000 after acquiring an additional 6,884 shares during the period. Principal Financial Group Inc. lifted its stake in Golden Ocean Group by 39.3% in the third quarter. Principal Financial Group Inc. now owns 18,219 shares of the shipping company’s stock worth $144,000 after acquiring an additional 5,142 shares during the period. Finally, Axxcess Wealth Management LLC grew its holdings in Golden Ocean Group by 133.6% during the 3rd quarter. Axxcess Wealth Management LLC now owns 29,174 shares of the shipping company’s stock worth $230,000 after acquiring an additional 16,684 shares in the last quarter. Institutional investors own 22.00% of the company’s stock.

Golden Ocean Group Stock Up 1.6 %

Shares of Golden Ocean Group stock opened at $13.59 on Thursday. The company has a quick ratio of 1.05, a current ratio of 1.23 and a debt-to-equity ratio of 0.69. The company has a market cap of $2.71 billion, a P/E ratio of 24.27 and a beta of 1.39. The firm’s 50 day moving average price is $12.72 and its 200-day moving average price is $10.37. Golden Ocean Group Limited has a 52-week low of $6.89 and a 52-week high of $13.95.

Golden Ocean Group (NASDAQ:GOGL) last released its quarterly earnings results on Wednesday, February 28th. The shipping company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.07. Golden Ocean Group had a net margin of 12.68% and a return on equity of 5.91%. The business had revenue of $196.75 million for the quarter, compared to analyst estimates of $187.19 million. On average, sell-side analysts predict that Golden Ocean Group Limited will post 1.52 EPS for the current fiscal year.

Golden Ocean Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 25th. Investors of record on Wednesday, March 13th were given a dividend of $0.30 per share. This is a positive change from Golden Ocean Group’s previous quarterly dividend of $0.10. This represents a $1.20 annualized dividend and a yield of 8.83%. The ex-dividend date of this dividend was Tuesday, March 12th. Golden Ocean Group’s dividend payout ratio is currently 214.29%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. StockNews.com raised shares of Golden Ocean Group from a “sell” rating to a “hold” rating in a research report on Monday, March 4th. Jefferies Financial Group reaffirmed a “buy” rating and set a $15.00 target price on shares of Golden Ocean Group in a research report on Wednesday, February 28th. Finally, BTIG Research reiterated a “neutral” rating on shares of Golden Ocean Group in a report on Friday, January 5th. Three analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $12.50.

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.