Golden Ocean Group (NASDAQ:GOGL) Sets New 12-Month Low – Should You Sell?

Shares of Golden Ocean Group Limited (NASDAQ:GOGL) hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $7.62 and last traded at $7.78, with a volume of 7174965 shares trading hands. The stock had previously closed at $8.23.

Analyst Ratings Changes

Several brokerages have commented on GOGL. Pareto Securities reissued a “hold” rating and set a $12.50 price target on shares of Golden Ocean Group in a research report on Thursday, November 21st. Jefferies Financial Group reiterated a “hold” rating and set a $10.00 target price on shares of Golden Ocean Group in a report on Wednesday, February 26th.

Golden Ocean Group Stock Down 2.7 %

The firm has a market capitalization of $1.58 billion, a P/E ratio of 6.51 and a beta of 1.14. The firm’s 50 day moving average is $9.12 and its two-hundred day moving average is $10.41. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.22 and a quick ratio of 1.22.

Golden Ocean Group Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Tuesday, March 11th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Tuesday, March 11th. This represents a $0.60 annualized dividend and a dividend yield of 7.61%. Golden Ocean Group’s dividend payout ratio is presently 53.57%.

Institutional Trading of Golden Ocean Group

Several institutional investors and hedge funds have recently bought and sold shares of GOGL. New York State Common Retirement Fund lifted its holdings in Golden Ocean Group by 16.5% during the 4th quarter. New York State Common Retirement Fund now owns 222,238 shares of the shipping company’s stock valued at $1,991,000 after purchasing an additional 31,500 shares during the last quarter. Empowered Funds LLC lifted its stake in shares of Golden Ocean Group by 3.6% during the 4th quarter. Empowered Funds LLC now owns 963,005 shares of the shipping company’s stock worth $8,629,000 after buying an additional 33,241 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Golden Ocean Group by 31.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 444,453 shares of the shipping company’s stock worth $5,947,000 after buying an additional 106,966 shares during the period. Kingsview Wealth Management LLC acquired a new position in Golden Ocean Group in the 4th quarter valued at about $519,000. Finally, SBI Securities Co. Ltd. bought a new position in Golden Ocean Group in the 4th quarter valued at about $46,000. Institutional investors own 22.00% of the company’s stock.

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.