Cornercap Investment Counsel Inc. Makes New Investment in Golden Ocean Group Limited (NASDAQ:GOGL)

Cornercap Investment Counsel Inc. purchased a new stake in Golden Ocean Group Limited (NASDAQ:GOGL) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 19,542 shares of the shipping company’s stock, valued at approximately $175,000.

Other hedge funds have also made changes to their positions in the company. Swiss National Bank raised its stake in Golden Ocean Group by 0.6% during the 4th quarter. Swiss National Bank now owns 257,524 shares of the shipping company’s stock valued at $2,259,000 after purchasing an additional 1,658 shares during the period. Point72 Hong Kong Ltd purchased a new position in shares of Golden Ocean Group during the third quarter valued at $28,000. Jones Financial Companies Lllp raised its position in Golden Ocean Group by 683.1% during the fourth quarter. Jones Financial Companies Lllp now owns 2,741 shares of the shipping company’s stock valued at $25,000 after buying an additional 2,391 shares during the period. Commonwealth Equity Services LLC lifted its stake in Golden Ocean Group by 9.2% in the 4th quarter. Commonwealth Equity Services LLC now owns 36,786 shares of the shipping company’s stock worth $330,000 after acquiring an additional 3,106 shares in the last quarter. Finally, Onyx Bridge Wealth Group LLC boosted its position in Golden Ocean Group by 10.4% during the 4th quarter. Onyx Bridge Wealth Group LLC now owns 35,091 shares of the shipping company’s stock worth $314,000 after acquiring an additional 3,315 shares during the period. Hedge funds and other institutional investors own 22.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group reiterated a “hold” rating and issued a $10.00 target price on shares of Golden Ocean Group in a report on Wednesday, February 26th.

Golden Ocean Group Trading Up 2.7 %

NASDAQ GOGL opened at $8.36 on Monday. The company has a market capitalization of $1.67 billion, a PE ratio of 6.91 and a beta of 1.14. Golden Ocean Group Limited has a 1-year low of $7.49 and a 1-year high of $15.77. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.65. The firm’s fifty day simple moving average is $8.86 and its 200-day simple moving average is $10.08.

Golden Ocean Group Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Tuesday, March 11th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 7.18%. The ex-dividend date was Tuesday, March 11th. Golden Ocean Group’s dividend payout ratio (DPR) is presently 53.57%.

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.