Zurcher Kantonalbank Zurich Cantonalbank Raises Position in Golden Ocean Group Limited (NASDAQ:GOGL)

Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Golden Ocean Group Limited (NASDAQ:GOGL) by 18.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 34,880 shares of the shipping company’s stock after purchasing an additional 5,420 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Golden Ocean Group were worth $340,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Blue Trust Inc. acquired a new stake in shares of Golden Ocean Group in the 4th quarter valued at approximately $53,000. Vanguard Personalized Indexing Management LLC boosted its position in shares of Golden Ocean Group by 39.9% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 16,405 shares of the shipping company’s stock worth $129,000 after purchasing an additional 4,678 shares in the last quarter. Commonwealth Equity Services LLC grew its stake in shares of Golden Ocean Group by 64.1% during the 3rd quarter. Commonwealth Equity Services LLC now owns 17,626 shares of the shipping company’s stock worth $139,000 after purchasing an additional 6,884 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Golden Ocean Group by 39.3% in the third quarter. Principal Financial Group Inc. now owns 18,219 shares of the shipping company’s stock valued at $144,000 after purchasing an additional 5,142 shares during the period. Finally, SG Americas Securities LLC purchased a new stake in Golden Ocean Group during the fourth quarter worth about $243,000. Institutional investors and hedge funds own 22.00% of the company’s stock.

Golden Ocean Group Stock Performance

Golden Ocean Group stock opened at $14.79 on Friday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.05 and a current ratio of 1.23. Golden Ocean Group Limited has a fifty-two week low of $6.89 and a fifty-two week high of $14.81. The stock has a fifty day moving average of $13.13 and a two-hundred day moving average of $10.67. The company has a market capitalization of $2.95 billion, a price-to-earnings ratio of 26.41 and a beta of 1.32.

Golden Ocean Group (NASDAQ:GOGL) last announced its earnings results on Wednesday, February 28th. The shipping company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.07. Golden Ocean Group had a net margin of 12.68% and a return on equity of 5.91%. The firm had revenue of $196.75 million during the quarter, compared to the consensus estimate of $187.19 million. On average, analysts anticipate that Golden Ocean Group Limited will post 1.52 EPS for the current fiscal year.

Golden Ocean Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 25th. Stockholders of record on Wednesday, March 13th were paid a $0.30 dividend. This is a positive change from Golden Ocean Group’s previous quarterly dividend of $0.10. This represents a $1.20 annualized dividend and a dividend yield of 8.11%. The ex-dividend date was Tuesday, March 12th. Golden Ocean Group’s payout ratio is currently 214.29%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on GOGL. StockNews.com raised Golden Ocean Group from a “sell” rating to a “hold” rating in a research note on Monday, March 4th. Jefferies Financial Group reaffirmed a “buy” rating and set a $15.00 price target on shares of Golden Ocean Group in a research note on Wednesday, February 28th. Three investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $12.50.

Golden Ocean Group Profile

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.