Pangaea Logistics Solutions (NASDAQ:PANL) Cut to Hold at StockNews.com

StockNews.com downgraded shares of Pangaea Logistics Solutions (NASDAQ:PANL) from a buy rating to a hold rating in a research note released on Wednesday morning.

Pangaea Logistics Solutions Price Performance

PANL stock opened at $6.70 on Wednesday. The firm has a 50 day moving average of $6.67 and a 200-day moving average of $7.16. The firm has a market capitalization of $314.24 million, a P/E ratio of 8.82 and a beta of 0.86. Pangaea Logistics Solutions has a 12 month low of $5.74 and a 12 month high of $9.52. The company has a current ratio of 2.16, a quick ratio of 1.82 and a debt-to-equity ratio of 0.57.

Pangaea Logistics Solutions (NASDAQ:PANL) last posted its earnings results on Thursday, August 8th. The shipping company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.05). The firm had revenue of $131.50 million during the quarter, compared to analysts’ expectations of $98.09 million. Pangaea Logistics Solutions had a return on equity of 8.76% and a net margin of 7.02%. During the same quarter in the prior year, the company earned $0.10 earnings per share. As a group, sell-side analysts predict that Pangaea Logistics Solutions will post 0.76 earnings per share for the current fiscal year.

Pangaea Logistics Solutions Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Monday, September 2nd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 5.97%. The ex-dividend date was Friday, August 30th. Pangaea Logistics Solutions’s payout ratio is 52.63%.

Institutional Trading of Pangaea Logistics Solutions

Institutional investors and hedge funds have recently modified their holdings of the business. Quarry LP bought a new position in shares of Pangaea Logistics Solutions in the fourth quarter worth approximately $35,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Pangaea Logistics Solutions in the 2nd quarter worth $58,000. Lazard Asset Management LLC bought a new position in shares of Pangaea Logistics Solutions in the 1st quarter worth $61,000. Mackenzie Financial Corp purchased a new stake in shares of Pangaea Logistics Solutions during the 2nd quarter valued at $110,000. Finally, Hillsdale Investment Management Inc. bought a new stake in shares of Pangaea Logistics Solutions during the 1st quarter worth $114,000. Hedge funds and other institutional investors own 60.23% of the company’s stock.

About Pangaea Logistics Solutions

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