Golden Ocean Group Limited (NASDAQ:GOGL) Shares Acquired by Empowered Funds LLC

Empowered Funds LLC raised its holdings in shares of Golden Ocean Group Limited (NASDAQ:GOGL) by 5.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 929,764 shares of the shipping company’s stock after purchasing an additional 47,302 shares during the quarter. Empowered Funds LLC’s holdings in Golden Ocean Group were worth $12,440,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Summit Global Investments acquired a new stake in shares of Golden Ocean Group during the third quarter worth approximately $436,000. US Bancorp DE increased its position in shares of Golden Ocean Group by 1,127.7% in the 3rd quarter. US Bancorp DE now owns 43,632 shares of the shipping company’s stock worth $584,000 after purchasing an additional 40,078 shares during the last quarter. Custom Index Systems LLC raised its stake in shares of Golden Ocean Group by 11.9% in the 3rd quarter. Custom Index Systems LLC now owns 28,389 shares of the shipping company’s stock valued at $380,000 after purchasing an additional 3,026 shares in the last quarter. X Square Capital LLC bought a new position in shares of Golden Ocean Group during the third quarter worth about $335,000. Finally, Blue Trust Inc. grew its stake in Golden Ocean Group by 105.9% in the third quarter. Blue Trust Inc. now owns 40,145 shares of the shipping company’s stock worth $554,000 after purchasing an additional 20,652 shares in the last quarter. 22.00% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

GOGL has been the topic of a number of research analyst reports. Jefferies Financial Group reduced 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. StockNews.com downgraded shares of Golden Ocean Group from a “buy” rating to a “hold” rating in a report on Saturday, October 5th.

Golden Ocean Group Price Performance

GOGL opened at $12.09 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.17 and a debt-to-equity ratio of 0.66. The company’s 50-day moving average price is $11.80 and its 200 day moving average price is $12.80. Golden Ocean Group Limited has a fifty-two week low of $7.51 and a fifty-two week high of $15.77. The firm has a market cap of $2.42 billion, a price-to-earnings ratio of 11.19 and a beta of 1.20.

Golden Ocean Group (NASDAQ:GOGL) last announced its quarterly earnings results on Wednesday, August 28th. The shipping company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.04. Golden Ocean Group had a return on equity of 10.57% and a net margin of 22.01%. The business had revenue of $197.35 million for the quarter, compared to analysts’ expectations of $187.74 million. As a group, sell-side analysts expect that Golden Ocean Group Limited will post 1.18 earnings per share for the current year.

Golden Ocean Group Dividend Announcement

The business 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. This represents a $1.20 dividend on an annualized basis and a yield of 9.93%. The ex-dividend date of this dividend was Wednesday, September 11th. Golden Ocean Group’s payout ratio is 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.