Golden Ocean Group Limited (NASDAQ:GOGL) Shares Sold by Citigroup Inc.

Citigroup Inc. trimmed its holdings in shares of Golden Ocean Group Limited (NASDAQ:GOGL) by 27.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 558,763 shares of the shipping company’s stock after selling 208,720 shares during the period. Citigroup Inc. owned about 0.28% of Golden Ocean Group worth $7,470,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. increased its position in Golden Ocean Group by 273.9% during the first 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 in the last quarter. Marshall Wace LLP raised its stake in Golden Ocean Group by 96.9% in the 2nd quarter. Marshall Wace LLP now owns 1,557,288 shares of the shipping company’s stock valued at $21,491,000 after purchasing an additional 766,436 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in Golden Ocean Group by 1,372.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,260,278 shares of the shipping company’s stock valued at $17,392,000 after purchasing an additional 1,174,716 shares in the last quarter. Hsbc Holdings PLC boosted its stake in shares of Golden Ocean Group by 55.5% during the 2nd quarter. Hsbc Holdings PLC now owns 1,169,814 shares of the shipping company’s stock worth $16,219,000 after purchasing an additional 417,539 shares during the last quarter. Finally, Acadian Asset Management LLC grew its holdings in shares of Golden Ocean Group by 42.7% during the second quarter. Acadian Asset Management LLC now owns 991,898 shares of the shipping company’s stock worth $13,683,000 after buying an additional 296,842 shares in the last quarter. 22.00% of the stock is currently owned by institutional investors and hedge funds.

Golden Ocean Group Stock Performance

Shares of GOGL stock opened at $10.00 on Friday. The company’s fifty day simple moving average is $11.69 and its 200-day simple moving average is $12.51. 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 Limited has a 52 week low of $8.42 and a 52 week high of $15.77. The company has a market cap of $2.00 billion, a PE ratio of 8.26 and a beta of 1.20.

Golden Ocean Group (NASDAQ:GOGL) last issued its quarterly earnings data on Wednesday, August 28th. The shipping company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.04. Golden Ocean Group had a return on equity of 13.14% and a net margin of 23.89%. The company had revenue of $197.35 million for the quarter, compared to analysts’ expectations of $187.74 million. As a group, equities research analysts anticipate that Golden Ocean Group Limited will post 1.18 EPS for the current year.

Golden Ocean Group Dividend Announcement

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

Analyst Ratings Changes

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