Pangaea Logistics Solutions (NASDAQ:PANL) Shares Gap Up After Analyst Upgrade

Pangaea Logistics Solutions Ltd. (NASDAQ:PANL) gapped up prior to trading on Monday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock had previously closed at $7.57, but opened at $8.10. Pangaea Logistics Solutions shares last traded at $8.3050, with a volume of 136,932 shares changing hands.

Separately, Weiss Ratings raised Pangaea Logistics Solutions from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy”.

Hedge Funds Weigh In On Pangaea Logistics Solutions

Large investors have recently made changes to their positions in the business. Bank of America Corp DE increased its stake in Pangaea Logistics Solutions by 5.6% in the 1st quarter. Bank of America Corp DE now owns 28,844 shares of the shipping company’s stock valued at $204,000 after buying an additional 1,534 shares during the period. Bank of New York Mellon Corp lifted its position in Pangaea Logistics Solutions by 2.2% in the 1st quarter. Bank of New York Mellon Corp now owns 80,261 shares of the shipping company’s stock worth $568,000 after buying an additional 1,732 shares in the last quarter. State of Alaska Department of Revenue lifted its position in Pangaea Logistics Solutions by 77.6% in the 3rd quarter. State of Alaska Department of Revenue now owns 5,238 shares of the shipping company’s stock worth $41,000 after buying an additional 2,289 shares in the last quarter. Lakewood Asset Management LLC boosted its stake in shares of Pangaea Logistics Solutions by 6.8% during the 3rd quarter. Lakewood Asset Management LLC now owns 45,173 shares of the shipping company’s stock valued at $362,000 after buying an additional 2,894 shares during the period. Finally, Tidal Investments LLC boosted its stake in shares of Pangaea Logistics Solutions by 25.0% during the 2nd quarter. Tidal Investments LLC now owns 49,705 shares of the shipping company’s stock valued at $323,000 after buying an additional 9,943 shares during the period. Institutional investors and hedge funds own 60.23% of the company’s stock.

Pangaea Logistics Solutions Stock Up 5.2%

The business’s 50 day simple moving average is $8.13 and its 200-day simple moving average is $7.83. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.12 and a current ratio of 1.52. The company has a market cap of $559.15 million, a price-to-earnings ratio of 7.43 and a beta of 0.91.

Pangaea Logistics Solutions (NASDAQ:PANL) last posted its quarterly earnings results on Thursday, November 5th. The shipping company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.21. Pangaea Logistics Solutions had a net margin of 9.68% and a return on equity of 13.64%. The business had revenue of $219.06 million for the quarter, compared to the consensus estimate of $204.90 million. Sell-side analysts expect that Pangaea Logistics Solutions Ltd. will post 1.22 earnings per share for the current year.

Pangaea Logistics Solutions Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 1st will be issued a $0.10 dividend. The ex-dividend date is Tuesday, December 1st. This represents a $0.40 dividend on an annualized basis and a yield of 4.7%. Pangaea Logistics Solutions’s dividend payout ratio is currently 34.78%.

Pangaea Logistics Solutions Company Profile

Pangaea Logistics Solutions Ltd. is a global provider of dry-bulk shipping and logistics services. The company transports commodities such as minerals, grain and other bulk cargoes, coordinating ocean carriage with related logistics services. Its operations include vessel ownership and chartering, cargo planning, port and terminal services, stevedoring, and cargo loading and unloading. Pangaea also operates specialized vessels, including ice-class ships designed to serve ports and routes with challenging ice conditions.