Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Golden Ocean Group Limited (NASDAQ:GOGL – Get Rating) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 841,307 shares of the shipping company’s stock, valued at approximately $10,415,000.
A number of other large investors also recently added to or reduced their stakes in GOGL. Goldman Sachs Group Inc. raised its position in shares of Golden Ocean Group by 14.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 8,465,084 shares of the shipping company’s stock valued at $104,798,000 after acquiring an additional 1,076,285 shares during the period. Renaissance Technologies LLC raised its position in shares of Golden Ocean Group by 285.4% in the 1st quarter. Renaissance Technologies LLC now owns 3,658,689 shares of the shipping company’s stock valued at $45,295,000 after acquiring an additional 2,709,400 shares during the period. JPMorgan Chase & Co. raised its position in shares of Golden Ocean Group by 139.9% in the 1st quarter. JPMorgan Chase & Co. now owns 670,187 shares of the shipping company’s stock valued at $8,296,000 after acquiring an additional 390,850 shares during the period. Allianz Asset Management GmbH raised its position in shares of Golden Ocean Group by 7.1% in the 1st quarter. Allianz Asset Management GmbH now owns 353,786 shares of the shipping company’s stock valued at $4,380,000 after acquiring an additional 23,385 shares during the period. Finally, Swiss National Bank raised its position in shares of Golden Ocean Group by 7.7% in the 1st quarter. Swiss National Bank now owns 310,116 shares of the shipping company’s stock valued at $3,873,000 after acquiring an additional 22,192 shares during the period. 38.66% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Separately, Jefferies Financial Group initiated coverage on shares of Golden Ocean Group in a report on Wednesday, July 20th. They set a “buy” rating and a $14.00 target price on the stock.
Golden Ocean Group Stock Performance
Golden Ocean Group (NASDAQ:GOGL – Get Rating) last announced its earnings results on Wednesday, August 24th. The shipping company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.53 by $0.20. Golden Ocean Group had a net margin of 50.93% and a return on equity of 34.56%. During the same quarter in the prior year, the company posted $0.52 EPS. On average, analysts expect that Golden Ocean Group Limited will post 2.2 earnings per share for the current fiscal year.
Golden Ocean Group Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 14th. Stockholders of record on Wednesday, September 7th were paid a dividend of $0.60 per share. This is a boost from Golden Ocean Group’s previous quarterly dividend of $0.50. This represents a $2.40 annualized dividend and a dividend yield of 26.29%. The ex-dividend date was Tuesday, September 6th. Golden Ocean Group’s dividend payout ratio (DPR) is currently 70.38%.
Golden Ocean Group Company Profile
Golden Ocean Group Limited, a shipping company, owns and operates a fleet of dry bulk vessels comprising Newcastlemax, Capesize, Panamax, and Ultramax vessels worldwide. It owns and operates dry bulk vessels in the spot and time charter markets. The company transports bulk commodities, such as ores, coal, grains, and fertilizers.
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