State of New Jersey Common Pension Fund D lowered its holdings in Golden Ocean Group Limited (NASDAQ:GOGL – Get Rating) by 79.1% during the third quarter, HoldingsChannel.com reports. The fund owned 21,131 shares of the shipping company’s stock after selling 80,076 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Golden Ocean Group were worth $158,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also recently bought and sold shares of GOGL. Folketrygdfondet lifted its holdings in Golden Ocean Group by 7,444.0% in the second quarter. Folketrygdfondet now owns 7,599,324 shares of the shipping company’s stock worth $88,457,000 after acquiring an additional 7,498,591 shares during the last quarter. Mirabella Financial Services LLP lifted its holdings in Golden Ocean Group by 3,200.0% in the third quarter. Mirabella Financial Services LLP now owns 3,687,952 shares of the shipping company’s stock worth $3,689,000 after acquiring an additional 3,576,196 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in Golden Ocean Group by 285.4% in the first quarter. Renaissance Technologies LLC now owns 3,658,689 shares of the shipping company’s stock worth $45,295,000 after acquiring an additional 2,709,400 shares during the last quarter. State Street Corp bought a new position in Golden Ocean Group in the second quarter worth about $19,387,000. Finally, Goldman Sachs Group Inc. lifted its holdings in Golden Ocean Group by 14.6% in the first quarter. Goldman Sachs Group Inc. now owns 8,465,084 shares of the shipping company’s stock worth $104,798,000 after acquiring an additional 1,076,285 shares during the last quarter. Institutional investors own 37.16% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities analysts have issued reports on GOGL shares. Jefferies Financial Group cut shares of Golden Ocean Group from a “buy” rating to a “hold” rating and cut their target price for the stock from $14.00 to $10.00 in a report on Monday, September 26th. StockNews.com began coverage on Golden Ocean Group in a report on Wednesday, October 12th. They set a “hold” rating on the stock.
Golden Ocean Group Stock Performance
Golden Ocean Group (NASDAQ:GOGL – Get Rating) last released its quarterly earnings results on Wednesday, November 16th. The shipping company reported $0.52 earnings per share for the quarter. The company had revenue of $195.59 million for the quarter, compared to analysts’ expectations of $181.50 million. Golden Ocean Group had a return on equity of 29.95% and a net margin of 47.96%. On average, analysts predict that Golden Ocean Group Limited will post 1.85 earnings per share for the current year.
Golden Ocean Group Cuts Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, December 5th. Investors of record on Monday, November 28th were issued a dividend of $0.35 per share. The ex-dividend date was Friday, November 25th. This represents a $1.40 annualized dividend and a yield of 14.85%. Golden Ocean Group’s payout ratio is 47.30%.
About Golden Ocean Group
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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