Denali Advisors LLC Has $5.06 Million Stock Position in Golden Ocean Group Limited (NASDAQ:GOGL)

Denali Advisors LLC reduced its stake in Golden Ocean Group Limited (NASDAQ:GOGL) by 17.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 390,558 shares of the shipping company’s stock after selling 82,300 shares during the quarter. Golden Ocean Group accounts for 1.5% of Denali Advisors LLC’s portfolio, making the stock its 16th largest position. Denali Advisors LLC owned approximately 0.20% of Golden Ocean Group worth $5,062,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Russell Investments Group Ltd. lifted its position in Golden Ocean Group by 184.9% in the 4th quarter. Russell Investments Group Ltd. now owns 108,374 shares of the shipping company’s stock valued at $1,058,000 after acquiring an additional 70,341 shares in the last quarter. BDL Capital Management bought a new stake in Golden Ocean Group during the 4th quarter worth about $930,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Golden Ocean Group by 18.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 34,880 shares of the shipping company’s stock worth $340,000 after buying an additional 5,420 shares in the last quarter. GSA Capital Partners LLP bought a new stake in Golden Ocean Group during the 3rd quarter worth about $1,042,000. Finally, Charles Schwab Investment Management Inc. lifted its position in Golden Ocean Group by 15.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,151,274 shares of the shipping company’s stock worth $11,236,000 after buying an additional 155,425 shares in the last quarter. 22.00% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. StockNews.com raised shares of Golden Ocean Group from a “sell” rating to a “hold” rating in a research report on Thursday, May 23rd. Jefferies Financial Group cut shares of Golden Ocean Group from a “buy” rating to a “hold” rating and set a $15.50 price target on the stock. in a research report on Wednesday, May 22nd.

Golden Ocean Group Stock Performance

Shares of Golden Ocean Group stock traded up $0.20 during trading on Wednesday, hitting $14.12. 1,382,638 shares of the stock were exchanged, compared to its average volume of 1,726,015. The stock has a market capitalization of $2.82 billion, a price-to-earnings ratio of 14.97 and a beta of 1.16. The company has a fifty day moving average price of $14.11 and a 200-day moving average price of $12.44. Golden Ocean Group Limited has a 1-year low of $6.89 and a 1-year high of $15.77. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.68.

Golden Ocean Group (NASDAQ:GOGL) last released its quarterly earnings data on Wednesday, May 22nd. The shipping company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.06. The company had revenue of $196.70 million for the quarter. Golden Ocean Group had a net margin of 19.92% and a return on equity of 8.67%. As a group, equities analysts predict that Golden Ocean Group Limited will post 1.43 EPS for the current fiscal year.

Golden Ocean Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Friday, June 7th were paid a $0.30 dividend. The ex-dividend date of this dividend was Friday, June 7th. This represents a $1.20 dividend on an annualized basis and a yield of 8.50%. Golden Ocean Group’s dividend payout ratio (DPR) is currently 129.03%.

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.