Citigroup Inc. Reduces Stock Position in Golden Ocean Group Limited (NASDAQ:GOGL)

Citigroup Inc. trimmed its holdings in Golden Ocean Group Limited (NASDAQ:GOGL) by 27.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 558,763 shares of the shipping company’s stock after selling 208,720 shares during the period. Citigroup Inc.’s holdings in Golden Ocean Group were worth $7,470,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Nisa Investment Advisors LLC increased its stake in shares of Golden Ocean Group by 1,720.1% in the second quarter. Nisa Investment Advisors LLC now owns 3,804 shares of the shipping company’s stock worth $52,000 after buying an additional 3,595 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Golden Ocean Group by 2,319.5% during the second quarter. EverSource Wealth Advisors LLC now owns 9,170 shares of the shipping company’s stock valued at $127,000 after purchasing an additional 8,791 shares during the period. Lazard Asset Management LLC bought a new stake in shares of Golden Ocean Group during the first quarter valued at about $149,000. Vanguard Personalized Indexing Management LLC lifted its holdings in Golden Ocean Group by 16.0% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 16,420 shares of the shipping company’s stock worth $225,000 after purchasing an additional 2,267 shares during the period. Finally, Blue Trust Inc. grew its position in Golden Ocean Group by 10,268.6% in the 2nd quarter. Blue Trust Inc. now owns 19,493 shares of the shipping company’s stock valued at $253,000 after buying an additional 19,305 shares in the last quarter. 22.00% of the stock is currently owned by hedge funds and other institutional investors.

Golden Ocean Group Stock Down 0.9 %

NASDAQ GOGL opened at $10.00 on Friday. The company has a market capitalization of $2.00 billion, a P/E ratio of 8.26 and a beta of 1.20. Golden Ocean Group Limited has a 12 month low of $8.42 and a 12 month high of $15.77. 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’s 50 day simple moving average is $11.69 and its 200 day simple moving average is $12.51.

Golden Ocean Group (NASDAQ:GOGL) last announced its quarterly earnings data on Wednesday, August 28th. The shipping company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.04. The company had revenue of $197.35 million during the quarter, compared to the consensus estimate of $187.74 million. Golden Ocean Group had a return on equity of 13.14% and a net margin of 23.89%. Equities research analysts expect that Golden Ocean Group Limited will post 1.18 earnings per share for the current fiscal year.

Golden Ocean Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Monday, December 9th will be given a $0.30 dividend. The ex-dividend date is Monday, December 9th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 12.00%. Golden Ocean Group’s dividend payout ratio (DPR) is 99.17%.

Analysts Set New Price Targets

A number of analysts have commented on GOGL shares. StockNews.com downgraded shares of Golden Ocean Group from a “buy” rating to a “hold” rating in a research report on Saturday, October 5th. Pareto Securities restated a “hold” rating and issued a $12.50 target price on shares of Golden Ocean Group in a research report on Thursday, November 21st. Finally, Jefferies Financial Group dropped their price objective on Golden Ocean Group from $12.50 to $12.00 and set a “hold” rating on the stock in a research note on Wednesday.

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.