Ritholtz Wealth Management Buys 9,279 Shares of Pangaea Logistics Solutions, Ltd. (NASDAQ:PANL)

Posted by Defense World Staff on Jul 5th, 2023

Ritholtz Wealth Management grew its stake in shares of Pangaea Logistics Solutions, Ltd. (NASDAQ:PANL – Free Report) by 18.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 58,920 shares of the shipping company’s stock after buying an additional 9,279 shares during the period. Ritholtz Wealth Management owned 0.13% of Pangaea Logistics Solutions worth $346,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. 683 Capital Management LLC bought a new stake in shares of Pangaea Logistics Solutions during the fourth quarter valued at approximately $187,000. Stokes Family Office LLC purchased a new position in shares of Pangaea Logistics Solutions in the third quarter valued at $72,000. Brandywine Global Investment Management LLC grew its holdings in shares of Pangaea Logistics Solutions by 24.0% in the fourth quarter. Brandywine Global Investment Management LLC now owns 19,760 shares of the shipping company’s stock valued at $102,000 after purchasing an additional 3,830 shares in the last quarter. O Shaughnessy Asset Management LLC grew its holdings in shares of Pangaea Logistics Solutions by 16.5% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 113,856 shares of the shipping company’s stock valued at $586,000 after purchasing an additional 16,166 shares in the last quarter. Finally, LSV Asset Management purchased a new position in shares of Pangaea Logistics Solutions in the fourth quarter valued at $494,000. Institutional investors own 44.74% of the company’s stock.

Insiders Place Their Bets

In other news, Director David Sgro sold 10,236 shares of Pangaea Logistics Solutions stock in a transaction on Thursday, June 29th. The stock was sold at an average price of $6.75, for a total transaction of $69,093.00. Following the completion of the sale, the director now directly owns 51,310 shares in the company, valued at $346,342.50. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 24.16% of the stock is owned by insiders.

Analyst Ratings Changes

Separately, StockNews.com raised shares of Pangaea Logistics Solutions from a “hold” rating to a “buy” rating in a report on Friday, May 12th.

Pangaea Logistics Solutions Trading Up 3.1 %

PANL stock opened at $6.98 on Wednesday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.22 and a current ratio of 2.52. The firm has a fifty day moving average price of $6.26 and a 200 day moving average price of $6.02. The firm has a market cap of $324.36 million, a PE ratio of 4.99 and a beta of 0.74. Pangaea Logistics Solutions, Ltd. has a fifty-two week low of $4.23 and a fifty-two week high of $7.24.

Pangaea Logistics Solutions (NASDAQ:PANL – Free Report) last posted its quarterly earnings data on Wednesday, May 10th. The shipping company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.05 by $0.06. The company had revenue of $113.70 million during the quarter, compared to analyst estimates of $103.60 million. Pangaea Logistics Solutions had a net margin of 10.10% and a return on equity of 20.00%. Sell-side analysts anticipate that Pangaea Logistics Solutions, Ltd. will post 0.84 earnings per share for the current fiscal year.

Pangaea Logistics Solutions Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 15th. Shareholders of record on Thursday, June 1st were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 5.73%. The ex-dividend date of this dividend was Wednesday, May 31st. Pangaea Logistics Solutions’s payout ratio is 28.57%.

About Pangaea Logistics Solutions

(Free Report)

Pangaea Logistics Solutions, Ltd., together with its subsidiaries, provides seaborne dry bulk logistics and transportation services to industrial customers worldwide. The company offers various dry bulk cargoes, such as grains, coal, iron ore, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite, and limestone.