Golden Ocean Group (NASDAQ:GOGL) Sees Unusually-High Trading Volume – Here’s What Happened

Golden Ocean Group Limited (NASDAQ:GOGL) saw unusually-high trading volume on Thursday . Approximately 5,101,072 shares changed hands during trading, an increase of 176% from the previous session’s volume of 1,850,221 shares.The stock last traded at $8.15 and had previously closed at $8.00.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group restated a “hold” rating and set a $10.00 price objective on shares of Golden Ocean Group in a research note on Wednesday, February 26th.

Golden Ocean Group Price Performance

The company has a debt-to-equity ratio of 0.65, a current ratio of 1.22 and a quick ratio of 1.22. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of 6.75 and a beta of 1.14. The company has a 50-day simple moving average of $8.89 and a two-hundred day simple moving average of $10.13.

Golden Ocean Group Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Tuesday, March 11th were paid a $0.15 dividend. The ex-dividend date was Tuesday, March 11th. This represents a $0.60 annualized dividend and a dividend yield of 7.38%. Golden Ocean Group’s payout ratio is currently 53.57%.

Hedge Funds Weigh In On Golden Ocean Group

Several hedge funds and other institutional investors have recently made changes to their positions in the business. MetLife Investment Management LLC raised its stake in Golden Ocean Group by 1.7% during the 4th quarter. MetLife Investment Management LLC now owns 71,533 shares of the shipping company’s stock valued at $641,000 after acquiring an additional 1,201 shares in the last quarter. State of Wyoming lifted its holdings in Golden Ocean Group by 10.3% in the fourth quarter. State of Wyoming now owns 13,596 shares of the shipping company’s stock worth $122,000 after purchasing an additional 1,268 shares during the period. Swiss National Bank grew its position in Golden Ocean Group by 0.6% in the 4th quarter. Swiss National Bank now owns 257,524 shares of the shipping company’s stock valued at $2,259,000 after buying an additional 1,658 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in Golden Ocean Group by 47.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 5,294 shares of the shipping company’s stock valued at $47,000 after buying an additional 1,694 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Golden Ocean Group by 2.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,525 shares of the shipping company’s stock worth $965,000 after acquiring an additional 2,078 shares during the period. 22.00% of the stock is currently owned by institutional investors and hedge funds.

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.