Pangaea Logistics Solutions (NASDAQ:PANL) Shares Cross Below 200 Day Moving Average – Here’s What Happened

Pangaea Logistics Solutions Ltd. (NASDAQ:PANL)’s share price passed below its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $7.81 and traded as low as $7.53. Pangaea Logistics Solutions shares last traded at $7.56, with a volume of 360,478 shares traded.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised shares of Pangaea Logistics Solutions from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, September 14th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Pangaea Logistics Solutions has a consensus rating of “Moderate Buy”.

Pangaea Logistics Solutions Trading Down 5.0%

The stock has a market capitalization of $494.95 million, a P/E ratio of 10.08 and a beta of 0.82. The stock’s fifty day moving average price is $8.17 and its 200 day moving average price is $7.81. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.38 and a quick ratio of 1.12.

Pangaea Logistics Solutions (NASDAQ:PANL) last posted its quarterly earnings results on Monday, August 10th. The shipping company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.02. The firm had revenue of $187.12 million during the quarter, compared to the consensus estimate of $192.76 million. Pangaea Logistics Solutions had a net margin of 6.70% and a return on equity of 9.42%. Research analysts forecast that Pangaea Logistics Solutions Ltd. will post 0.81 earnings per share for the current year.

Pangaea Logistics Solutions Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were issued a $0.10 dividend. The ex-dividend date was Tuesday, September 1st. This represents a $0.40 annualized dividend and a dividend yield of 5.3%. This is an increase from Pangaea Logistics Solutions’s previous quarterly dividend of $0.05. Pangaea Logistics Solutions’s dividend payout ratio (DPR) is presently 53.33%.

Hedge Funds Weigh In On Pangaea Logistics Solutions

A number of hedge funds and other institutional investors have recently modified their holdings of PANL. Dimensional Fund Advisors LP increased its holdings in Pangaea Logistics Solutions by 13.9% during the first quarter. Dimensional Fund Advisors LP now owns 2,884,470 shares of the shipping company’s stock valued at $20,421,000 after buying an additional 351,385 shares during the period. Renaissance Technologies LLC raised its stake in Pangaea Logistics Solutions by 33.0% in the first quarter. Renaissance Technologies LLC now owns 746,100 shares of the shipping company’s stock worth $5,282,000 after buying an additional 185,100 shares in the last quarter. Empowered Funds LLC raised its stake in Pangaea Logistics Solutions by 9.8% in the first quarter. Empowered Funds LLC now owns 413,152 shares of the shipping company’s stock worth $2,925,000 after buying an additional 36,990 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in Pangaea Logistics Solutions by 66.4% in the first quarter. Arrowstreet Capital Limited Partnership now owns 208,875 shares of the shipping company’s stock worth $1,479,000 after buying an additional 83,380 shares in the last quarter. Finally, Sei Investments Co. purchased a new stake in Pangaea Logistics Solutions during the first quarter worth $933,000. 60.23% of the stock is currently owned by institutional investors.

About Pangaea Logistics Solutions

Pangaea Logistics Solutions Ltd. (NASDAQ:PANL) is a global provider of drybulk shipping and logistics services. The company transports industrial commodities for customers and manages the movement of cargo from origin to destination, combining marine transportation with related supply-chain services.

Pangaea owns and operates a fleet of drybulk vessels, including Handysize, Supramax and Panamax-class ships. Its cargoes include a range of drybulk commodities such as coal, grain, cement, salt, gypsum, dolomite and iron ore.