Cornercap Investment Counsel Inc. Takes Position in Golden Ocean Group Limited (NASDAQ:GOGL)

Cornercap Investment Counsel Inc. acquired a new position in Golden Ocean Group Limited (NASDAQ:GOGL) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 19,542 shares of the shipping company’s stock, valued at approximately $175,000.

Several other hedge funds have also recently bought and sold shares of the company. Swiss National Bank raised its stake in Golden Ocean Group by 0.6% during the 4th quarter. Swiss National Bank now owns 257,524 shares of the shipping company’s stock valued at $2,259,000 after acquiring an additional 1,658 shares in the last quarter. Point72 Hong Kong Ltd bought a new stake in shares of Golden Ocean Group during the third quarter valued at about $28,000. Jones Financial Companies Lllp raised its stake in shares of Golden Ocean Group by 683.1% during the fourth quarter. Jones Financial Companies Lllp now owns 2,741 shares of the shipping company’s stock valued at $25,000 after purchasing an additional 2,391 shares in the last quarter. Commonwealth Equity Services LLC grew its position in Golden Ocean Group by 9.2% in the 4th quarter. Commonwealth Equity Services LLC now owns 36,786 shares of the shipping company’s stock valued at $330,000 after buying an additional 3,106 shares in the last quarter. Finally, Onyx Bridge Wealth Group LLC increased its stake in Golden Ocean Group by 10.4% during the 4th quarter. Onyx Bridge Wealth Group LLC now owns 35,091 shares of the shipping company’s stock valued at $314,000 after buying an additional 3,315 shares during the period. 22.00% of the stock is currently owned by institutional investors.

Golden Ocean Group Stock Up 2.7 %

Shares of GOGL stock opened at $8.36 on Monday. Golden Ocean Group Limited has a 1 year low of $7.49 and a 1 year high of $15.77. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.22 and a current ratio of 1.22. The business’s fifty day moving average is $8.86 and its 200-day moving average is $10.08. The stock has a market cap of $1.67 billion, a PE ratio of 6.91 and a beta of 1.14.

Golden Ocean Group Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Tuesday, March 11th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 7.18%. The ex-dividend date was Tuesday, March 11th. Golden Ocean Group’s payout ratio is currently 53.57%.

Analyst Ratings Changes

Separately, Jefferies Financial Group restated a “hold” rating and set a $10.00 price target on shares of Golden Ocean Group in a research report on Wednesday, February 26th.

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.