O Shaughnessy Asset Management LLC Purchases New Position in Golden Ocean Group Limited (NASDAQ:GOGL)

Posted by Defense World Staff on Jun 2nd, 2023

O Shaughnessy Asset Management LLC acquired a new stake in Golden Ocean Group Limited (NASDAQ:GOGL – Get Rating) in the fourth quarter, according to its most recent filing with the SEC. The fund acquired 28,528 shares of the shipping company’s stock, valued at approximately $248,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Jupiter Asset Management Ltd. purchased a new position in Golden Ocean Group during the 4th quarter valued at about $3,311,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in Golden Ocean Group by 1.1% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,141,547 shares of the shipping company’s stock worth $9,920,000 after acquiring an additional 12,764 shares during the period. Victory Capital Management Inc. purchased a new stake in Golden Ocean Group in the 4th quarter worth approximately $1,241,000. Principal Financial Group Inc. grew its position in shares of Golden Ocean Group by 942.9% during the 4th quarter. Principal Financial Group Inc. now owns 132,326 shares of the shipping company’s stock valued at $1,150,000 after purchasing an additional 119,638 shares in the last quarter. Finally, Aviva PLC bought a new position in shares of Golden Ocean Group in the fourth quarter worth $692,000. Institutional investors own 37.16% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on GOGL. StockNews.com upgraded Golden Ocean Group from a “sell” rating to a “hold” rating in a research report on Monday. Pareto Securities upgraded shares of Golden Ocean Group from a “sell” rating to a “hold” rating in a research report on Friday, May 12th. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $9.50 price target on shares of Golden Ocean Group in a report on Thursday, February 16th.

Golden Ocean Group Price Performance

GOGL opened at $7.17 on Friday. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $1.44 billion, a P/E ratio of 4.40 and a beta of 1.25. The stock has a 50-day moving average price of $8.73 and a 200-day moving average price of $9.02. Golden Ocean Group Limited has a 12-month low of $6.99 and a 12-month high of $16.46.

Golden Ocean Group Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 6th. Shareholders of record on Friday, May 26th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 5.58%. The ex-dividend date is Thursday, May 25th. Golden Ocean Group’s payout ratio is currently 24.54%.

Golden Ocean Group Company Profile

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Golden Ocean Group Ltd. engages in the ownership and operation of dry bulk vessels. It manages Newcastlemax, Capesize, Panamax, and Ultramax vessels and transports bulk commodities, including ores, coal, grains, and fertilizers. It is also involved in the charter, purchase, and sale of vessels. The company was founded on September 18, 1996 and is headquartered in Hamilton, Bermuda.