California Public Employees Retirement System Buys 6,631 Shares of Golden Ocean Group Ltd (GOGL)

California Public Employees Retirement System grew its stake in Golden Ocean Group Ltd (NASDAQ:GOGL) by 7.9% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 90,351 shares of the shipping company’s stock after acquiring an additional 6,631 shares during the quarter. California Public Employees Retirement System owned about 0.06% of Golden Ocean Group worth $785,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Millennium Management LLC raised its position in shares of Golden Ocean Group by 62.8% in the first quarter. Millennium Management LLC now owns 846,690 shares of the shipping company’s stock valued at $6,731,000 after purchasing an additional 326,735 shares during the period. Folketrygdfondet raised its position in shares of Golden Ocean Group by 0.8% in the second 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 during the period. Duff & Phelps Investment Management Co. raised its position in shares of Golden Ocean Group by 26.5% in the second 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 during the period. Renaissance Technologies LLC raised its position in shares of Golden Ocean Group by 27.2% in the second 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 during the period. Finally, Bank of America Corp DE raised its position in shares of Golden Ocean Group by 37.2% in the second quarter. Bank of America Corp DE now owns 531,063 shares of the shipping company’s stock valued at $4,614,000 after purchasing an additional 143,878 shares during the period. 22.95% of the stock is owned by institutional investors and hedge funds.

Golden Ocean Group stock opened at $7.09 on Friday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.33 and a current ratio of 1.33. The company has a market cap of $1.10 billion, a P/E ratio of -354.50 and a beta of 2.42. Golden Ocean Group Ltd has a 1-year low of $7.00 and a 1-year high of $10.05.

Golden Ocean Group (NASDAQ:GOGL) last posted its earnings results on Friday, August 17th. The shipping company reported $0.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.04. The business had revenue of $140.89 million for the quarter, compared to analyst estimates of $98.87 million. Golden Ocean Group had a net margin of 9.34% and a return on equity of 3.71%. Research analysts expect that Golden Ocean Group Ltd will post 0.47 EPS for the current year.

Several analysts have recently issued reports on GOGL shares. Seaport Global Securities reissued a “buy” rating and issued a $13.00 price target on shares of Golden Ocean Group in a research report 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 target on the stock in a research report on Monday, September 24th. Nordea Equity Research lowered shares of Golden Ocean Group from a “buy” rating to a “hold” rating in a report on Tuesday, October 23rd. BidaskClub raised shares of Golden Ocean Group from a “sell” rating to a “hold” rating in a report on Wednesday, September 19th. Finally, ValuEngine lowered shares of Golden Ocean Group from a “hold” rating to a “sell” rating in a report on Tuesday, August 7th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $11.13.

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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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