Pangaea Logistics Solutions (NASDAQ:PANL) Releases Quarterly Earnings Results, Beats Estimates By $0.14 EPS

Pangaea Logistics Solutions (NASDAQ:PANL) issued its earnings results on Thursday. The shipping company reported $0.17 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.14, FiscalAI reports. The firm had revenue of $168.67 million for the quarter, compared to the consensus estimate of $159.32 million. Pangaea Logistics Solutions had a return on equity of 3.38% and a net margin of 1.52%.

Pangaea Logistics Solutions Price Performance

Shares of NASDAQ:PANL traded up $0.89 during midday trading on Friday, hitting $5.82. The company’s stock had a trading volume of 733,732 shares, compared to its average volume of 230,429. The company has a market cap of $379.71 million, a P/E ratio of 26.46 and a beta of 0.73. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.15 and a current ratio of 1.46. Pangaea Logistics Solutions has a 12-month low of $3.93 and a 12-month high of $6.80. The business’s 50 day simple moving average is $5.13 and its 200 day simple moving average is $4.89.

Pangaea Logistics Solutions Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend is Monday, December 1st. Pangaea Logistics Solutions’s dividend payout ratio (DPR) is currently 90.91%.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Weiss Ratings restated a “hold (c)” rating on shares of Pangaea Logistics Solutions in a research report on Wednesday. B. Riley lowered their price target on shares of Pangaea Logistics Solutions from $11.00 to $9.00 and set a “buy” rating on the stock in a report on Monday, August 11th. Finally, Wall Street Zen upgraded shares of Pangaea Logistics Solutions from a “sell” rating to a “hold” rating in a research report on Friday, July 18th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $9.00.

Hedge Funds Weigh In On Pangaea Logistics Solutions

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cable Car Capital LP lifted its holdings in shares of Pangaea Logistics Solutions by 2.1% in the 2nd quarter. Cable Car Capital LP now owns 985,623 shares of the shipping company’s stock worth $4,632,000 after acquiring an additional 20,000 shares during the last quarter. Bridgeway Capital Management LLC lifted its stake in Pangaea Logistics Solutions by 4.3% during the second quarter. Bridgeway Capital Management LLC now owns 707,479 shares of the shipping company’s stock worth $3,325,000 after purchasing an additional 29,260 shares in the last quarter. Empowered Funds LLC boosted its position in shares of Pangaea Logistics Solutions by 7.3% during the first quarter. Empowered Funds LLC now owns 381,919 shares of the shipping company’s stock worth $1,818,000 after buying an additional 25,851 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Pangaea Logistics Solutions by 6.6% in the first quarter. Goldman Sachs Group Inc. now owns 233,537 shares of the shipping company’s stock valued at $1,112,000 after buying an additional 14,357 shares in the last quarter. Finally, Jane Street Group LLC raised its holdings in shares of Pangaea Logistics Solutions by 231.2% in the 2nd quarter. Jane Street Group LLC now owns 62,799 shares of the shipping company’s stock valued at $295,000 after buying an additional 43,838 shares during the period. Institutional investors and hedge funds own 60.23% of the company’s stock.

Pangaea Logistics Solutions Company Profile

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.