Rockland Trust Co. Sells 3,484,111 Shares of Pangaea Logistics Solutions Ltd. $PANL

Rockland Trust Co. decreased its stake in Pangaea Logistics Solutions Ltd. (NASDAQ:PANL) by 73.1% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,282,830 shares of the shipping company’s stock after selling 3,484,111 shares during the quarter. Rockland Trust Co.’s holdings in Pangaea Logistics Solutions were worth $8,338,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its stake in Pangaea Logistics Solutions by 13.9% during the first quarter. Dimensional Fund Advisors LP now owns 2,884,470 shares of the shipping company’s stock worth $20,421,000 after buying an additional 351,385 shares during the period. Renaissance Technologies LLC increased its position in Pangaea Logistics Solutions by 33.0% during the first quarter. Renaissance Technologies LLC now owns 746,100 shares of the shipping company’s stock valued at $5,282,000 after acquiring an additional 185,100 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Pangaea Logistics Solutions by 66.4% in the first quarter. Arrowstreet Capital Limited Partnership now owns 208,875 shares of the shipping company’s stock valued at $1,479,000 after acquiring an additional 83,380 shares during the period. Creative Planning raised its stake in shares of Pangaea Logistics Solutions by 94.2% in the second quarter. Creative Planning now owns 23,094 shares of the shipping company’s stock valued at $109,000 after acquiring an additional 11,204 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Pangaea Logistics Solutions by 18.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,342 shares of the shipping company’s stock worth $102,000 after acquiring an additional 3,344 shares during the last quarter. Institutional investors own 60.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on PANL shares. Wall Street Zen raised shares of Pangaea Logistics Solutions from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 16th. Weiss Ratings lowered shares of Pangaea Logistics Solutions from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, May 27th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $9.00.

Pangaea Logistics Solutions Price Performance

PANL opened at $7.42 on Friday. The business has a fifty day moving average of $7.26 and a 200 day moving average of $7.70. The stock has a market cap of $485.38 million, a P/E ratio of 13.49 and a beta of 0.79. The company has a quick ratio of 1.37, a current ratio of 1.63 and a debt-to-equity ratio of 0.64. Pangaea Logistics Solutions Ltd. has a 52-week low of $4.54 and a 52-week high of $9.39.

Pangaea Logistics Solutions (NASDAQ:PANL) last released its earnings results on Monday, May 11th. The shipping company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.05 by $0.06. Pangaea Logistics Solutions had a return on equity of 5.71% and a net margin of 5.10%.The business had revenue of $170.58 million for the quarter, compared to analyst estimates of $165.78 million. As a group, sell-side analysts anticipate that Pangaea Logistics Solutions Ltd. will post 0.71 EPS for the current year.

Pangaea Logistics Solutions Company Profile

Pangaea Logistics Solutions Ltd. is a global transportation and logistics company that provides ocean transportation and integrated logistics services. The company operates a fleet of drybulk vessels, including Handysize, Supramax and Ultramax carriers, to transport commodities such as coal, grain, minerals, ores and steel products. In parallel, Pangaea offers asset-light logistics solutions spanning freight forwarding, supply chain management and project cargo services, enabling end-to-end transport for bulk and breakbulk shipments.

Founded in 2012 as a spin-off from an established maritime shipping group, Pangaea Logistics Solutions went public on the Nasdaq in 2013 under the ticker PANL.