California Public Employees Retirement System increased its holdings in Golden Ocean Group Ltd (NASDAQ:GOGL) by 7.9% in the second quarter, HoldingsChannel reports. The firm owned 90,351 shares of the shipping company’s stock after acquiring an additional 6,631 shares during the period. California Public Employees Retirement System’s holdings in Golden Ocean Group were worth $785,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Renaissance Technologies LLC boosted its stake in shares of Golden Ocean Group by 27.2% in the 2nd quarter. Renaissance Technologies LLC now owns 1,530,646 shares of the shipping company’s stock valued at $13,291,000 after purchasing an additional 327,774 shares in the last quarter. Platinum Investment Management Ltd. purchased a new stake in shares of Golden Ocean Group in the 2nd quarter valued at $140,400,000. Duff & Phelps Investment Management Co. boosted its stake in shares of Golden Ocean Group by 26.5% in the 2nd quarter. Duff & Phelps Investment Management Co. now owns 774,395 shares of the shipping company’s stock valued at $6,717,000 after purchasing an additional 162,141 shares in the last quarter. Folketrygdfondet boosted its stake in shares of Golden Ocean Group by 0.8% in the 2nd quarter. Folketrygdfondet now owns 7,405,969 shares of the shipping company’s stock valued at $64,358,000 after purchasing an additional 57,685 shares in the last quarter. Finally, Macquarie Group Ltd. purchased a new stake in shares of Golden Ocean Group in the 2nd quarter valued at $184,000. 22.95% of the stock is owned by institutional investors.

A number of equities research analysts have recently issued reports on GOGL shares. Seaport Global Securities reaffirmed a “buy” rating and issued a $13.00 price objective on shares of Golden Ocean Group in a research note on Friday, August 17th. Zacks Investment Research raised shares of Golden Ocean Group from a “hold” rating to a “buy” rating and set a $11.00 price objective for the company in a research note on Monday, September 24th. Nordea Equity Research cut shares of Golden Ocean Group from a “buy” rating to a “hold” rating in a research report on Tuesday, October 23rd. BidaskClub raised shares of Golden Ocean Group from a “sell” rating to a “hold” rating in a research report on Wednesday, September 19th. Finally, ValuEngine cut shares of Golden Ocean Group from a “hold” rating to a “sell” rating in a research report on Tuesday, August 7th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. Golden Ocean Group presently has a consensus rating of “Hold” and an average price target of $11.13.

Shares of GOGL opened at $7.09 on Friday. The firm has a market cap of $1.10 billion, a price-to-earnings ratio of -354.50 and a beta of 2.42. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.33 and a quick ratio of 1.33. Golden Ocean Group Ltd has a twelve month low of $7.00 and a twelve month high of $10.05.

Golden Ocean Group (NASDAQ:GOGL) last announced its quarterly earnings results on Friday, August 17th. The shipping company reported $0.07 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.04. The business had revenue of $140.89 million during the quarter, compared to analysts’ expectations of $98.87 million. Golden Ocean Group had a net margin of 9.34% and a return on equity of 3.71%. As a group, equities research analysts forecast that Golden Ocean Group Ltd will post 0.47 EPS for the current fiscal year.

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About Golden Ocean Group

Golden Ocean Group Limited, a shipping company, engages in the transportation of bulk commodities worldwide. It owns and operates a fleet of dry bulk vessels, including Newcastlemax, Capesize, Panamax, and Ultramax vessels in the spot and time charter markets. The company transports bulk commodities, such as ores, coal, grains, and fertilizers.

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Institutional Ownership by Quarter for Golden Ocean Group (NASDAQ:GOGL)

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