Connor Clark & Lunn Investment Management Ltd. Sells 144,610 Shares of Golden Ocean Group Limited (NASDAQ:GOGL)

Connor Clark & Lunn Investment Management Ltd. trimmed its position in Golden Ocean Group Limited (NASDAQ:GOGL) by 51.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 137,994 shares of the shipping company’s stock after selling 144,610 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.07% of Golden Ocean Group worth $1,846,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Nisa Investment Advisors LLC lifted its stake in Golden Ocean Group by 1,720.1% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,804 shares of the shipping company’s stock valued at $52,000 after acquiring an additional 3,595 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Golden Ocean Group by 2,319.5% in 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 last quarter. Lazard Asset Management LLC bought a new stake in shares of Golden Ocean Group in the first quarter worth $149,000. Bayesian Capital Management LP acquired a new position in Golden Ocean Group during the first quarter worth $151,000. Finally, Vanguard Personalized Indexing Management LLC grew its position 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 valued at $225,000 after purchasing an additional 2,267 shares in the last quarter. 22.00% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on GOGL shares. Pareto Securities reaffirmed a “hold” rating and issued a $12.50 target price on shares of Golden Ocean Group in a report on Thursday, November 21st. StockNews.com downgraded Golden Ocean Group from a “buy” rating to a “hold” rating in a report on Saturday, October 5th. Finally, Jefferies Financial Group decreased their price objective on shares of 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 Price Performance

Shares of NASDAQ GOGL opened at $11.08 on Tuesday. The business’s 50 day moving average is $11.84 and its 200-day moving average is $12.62. The firm has a market cap of $2.22 billion, a P/E ratio of 10.36 and a beta of 1.20. Golden Ocean Group Limited has a 1-year low of $8.42 and a 1-year high of $15.77. The company has a current ratio of 1.17, a quick ratio of 1.00 and a debt-to-equity ratio of 0.66.

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

Golden Ocean Group Announces Dividend

The firm also recently disclosed 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 annualized dividend and a yield of 10.83%. The ex-dividend date was Wednesday, September 11th. Golden Ocean Group’s dividend payout ratio (DPR) is 112.15%.

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.