Jennison Associates LLC Takes Position in Golden Ocean Group Limited (NASDAQ:GOGL)

Jennison Associates LLC acquired a new position in shares of Golden Ocean Group Limited (NASDAQ:GOGL) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 55,632 shares of the shipping company’s stock, valued at approximately $744,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of GOGL. Sei Investments Co. bought a new stake in shares of Golden Ocean Group during the 1st quarter valued at about $677,000. ProShare Advisors LLC increased its position in Golden Ocean Group by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 22,128 shares of the shipping company’s stock valued at $287,000 after buying an additional 1,742 shares in the last quarter. Vanguard Group Inc. raised its stake in Golden Ocean Group by 273.9% during the 1st quarter. Vanguard Group Inc. now owns 5,190,885 shares of the shipping company’s stock worth $67,274,000 after buying an additional 3,802,652 shares during the period. Quadrature Capital Ltd boosted its holdings in Golden Ocean Group by 232.1% in the first quarter. Quadrature Capital Ltd now owns 58,000 shares of the shipping company’s stock worth $751,000 after acquiring an additional 40,534 shares in the last quarter. Finally, Lazard Asset Management LLC acquired a new stake in Golden Ocean Group in the first quarter valued at approximately $149,000. Institutional investors and hedge funds own 22.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on GOGL shares. Pareto Securities reissued a “hold” rating and issued a $12.50 price target on shares of Golden Ocean Group in a research report on Thursday. StockNews.com lowered Golden Ocean Group from a “buy” rating to a “hold” rating in a report on Saturday, October 5th. Finally, Jefferies Financial Group dropped their target price on Golden Ocean Group from $15.50 to $14.50 and set a “hold” rating on the stock in a report on Wednesday, August 28th.

Golden Ocean Group Stock Performance

NASDAQ GOGL opened at $11.14 on Friday. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.17 and a quick ratio of 1.00. The company has a fifty day moving average price of $11.86 and a 200-day moving average price of $12.67. Golden Ocean Group Limited has a 1 year low of $8.42 and a 1 year high of $15.77. The firm has a market cap of $2.23 billion, a price-to-earnings ratio of 10.41 and a beta of 1.20.

Golden Ocean Group (NASDAQ:GOGL) last posted its quarterly earnings data on Wednesday, August 28th. The shipping company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.28 by $0.04. The firm had revenue of $197.35 million during the quarter, compared to analyst estimates of $187.74 million. Golden Ocean Group had a net margin of 22.01% and a return on equity of 10.57%. As a group, equities research analysts predict that Golden Ocean Group Limited will post 1.18 EPS for the current fiscal year.

Golden Ocean Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Wednesday, September 11th were paid a $0.30 dividend. The ex-dividend date of this dividend was Wednesday, September 11th. This represents a $1.20 dividend on an annualized basis and a yield of 10.77%. Golden Ocean Group’s dividend payout ratio is currently 112.15%.

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.