Pangaea Logistics Solutions (NASDAQ:PANL) Shares Gap Up – Here’s Why

Shares of Pangaea Logistics Solutions Ltd. (NASDAQ:PANL) gapped up prior to trading on Monday. The stock had previously closed at $7.57, but opened at $8.10. Pangaea Logistics Solutions shares last traded at $8.3050, with a volume of 136,932 shares.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings raised shares of Pangaea Logistics Solutions from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, September 14th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy”.

Pangaea Logistics Solutions Stock Up 7.3%

The business has a 50-day simple moving average of $8.12 and a two-hundred day simple moving average of $7.82. The stock has a market capitalization of $531.68 million, a P/E ratio of 7.05 and a beta of 0.91. The company has a quick ratio of 1.12, a current ratio of 1.38 and a debt-to-equity ratio of 0.55.

Pangaea Logistics Solutions (NASDAQ:PANL) last issued its quarterly earnings data on Thursday, November 5th. The shipping company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.21. Pangaea Logistics Solutions had a return on equity of 13.94% and a net margin of 9.68%. The company had revenue of $219.06 million during the quarter, compared to analysts’ expectations of $204.90 million. Equities research analysts forecast that Pangaea Logistics Solutions Ltd. will post 0.81 earnings per share for the current fiscal year.

Pangaea Logistics Solutions Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 1st will be given a dividend of $0.10 per share. The ex-dividend date is Tuesday, December 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.9%. Pangaea Logistics Solutions’s dividend payout ratio (DPR) is 34.78%.

Hedge Funds Weigh In On Pangaea Logistics Solutions

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PANL. State of Alaska Department of Revenue lifted its position in Pangaea Logistics Solutions by 77.6% during the 3rd quarter. State of Alaska Department of Revenue now owns 5,238 shares of the shipping company’s stock worth $41,000 after buying an additional 2,289 shares in the last quarter. Ethic Inc. acquired a new stake in Pangaea Logistics Solutions in the 3rd quarter valued at about $94,000. Bank of America Corp DE increased its position in Pangaea Logistics Solutions by 5.6% in the 1st quarter. Bank of America Corp DE now owns 28,844 shares of the shipping company’s stock valued at $204,000 after acquiring an additional 1,534 shares in the last quarter. Relyea Zuckerberg Hanson LLC increased its position in Pangaea Logistics Solutions by 61.3% in the 1st quarter. Relyea Zuckerberg Hanson LLC now owns 37,228 shares of the shipping company’s stock valued at $264,000 after acquiring an additional 14,151 shares in the last quarter. Finally, Tidal Investments LLC raised its stake in shares of Pangaea Logistics Solutions by 25.0% in the second quarter. Tidal Investments LLC now owns 49,705 shares of the shipping company’s stock worth $323,000 after acquiring an additional 9,943 shares during the last quarter. 60.23% of the stock is currently owned by institutional investors and hedge funds.

About Pangaea Logistics Solutions

Pangaea Logistics Solutions Ltd. (NASDAQ:PANL) is a global provider of drybulk shipping and logistics services. The company transports industrial commodities for customers and manages the movement of cargo from origin to destination, combining marine transportation with related supply-chain services.

Pangaea owns and operates a fleet of drybulk vessels, including Handysize, Supramax and Panamax-class ships. Its cargoes include a range of drybulk commodities such as coal, grain, cement, salt, gypsum, dolomite and iron ore.