Bank of New York Mellon Corp Purchases 793,470 Shares of Golden Ocean Group Limited (NASDAQ:GOGL)

Bank of New York Mellon Corp lifted its stake in shares of Golden Ocean Group Limited (NASDAQ:GOGL) by 229.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,139,248 shares of the shipping company’s stock after purchasing an additional 793,470 shares during the quarter. Bank of New York Mellon Corp’s holdings in Golden Ocean Group were worth $10,208,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of GOGL. Empowered Funds LLC grew its holdings in shares of Golden Ocean Group by 5.4% during the 3rd quarter. Empowered Funds LLC now owns 929,764 shares of the shipping company’s stock valued at $12,440,000 after purchasing an additional 47,302 shares during the last quarter. Jennison Associates LLC bought a new position in Golden Ocean Group during the 3rd quarter valued at about $744,000. Intech Investment Management LLC bought a new stake in shares of Golden Ocean Group in the third quarter worth $477,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Golden Ocean Group by 10.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 319,539 shares of the shipping company’s stock worth $4,275,000 after acquiring an additional 29,051 shares during the last quarter. Finally, Mirabella Financial Services LLP bought a new stake in Golden Ocean Group during the 3rd quarter worth approximately $9,360,000. 22.00% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Jefferies Financial Group reiterated a “hold” rating and issued a $10.00 target price on shares of Golden Ocean Group in a research report on Wednesday, February 26th. Pareto Securities reaffirmed a “hold” rating and set a $12.50 target price on shares of Golden Ocean Group in a research report on Thursday, November 21st.

Golden Ocean Group Trading Down 2.7 %

Shares of Golden Ocean Group stock opened at $7.88 on Friday. The firm has a fifty day moving average price of $9.12 and a 200 day moving average price of $10.41. The stock has a market cap of $1.58 billion, a PE ratio of 6.51 and a beta of 1.14. 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 Limited has a 1 year low of $7.62 and a 1 year high of $15.77.

Golden Ocean Group Cuts Dividend

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

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.