Pangaea Logistics Solutions Ltd. $PANL Shares Sold by Rockland Trust Co.

Rockland Trust Co. trimmed its stake in shares of Pangaea Logistics Solutions Ltd. (NASDAQ:PANL) by 13.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,108,416 shares of the shipping company’s stock after selling 174,414 shares during the quarter. Rockland Trust Co.’s holdings in Pangaea Logistics Solutions were worth $8,889,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. AXQ Capital LP acquired a new stake in shares of Pangaea Logistics Solutions in the 4th quarter valued at about $94,000. Ritholtz Wealth Management bought a new stake in Pangaea Logistics Solutions in the 1st quarter valued at about $158,000. Bank of America Corp DE raised its holdings in shares of Pangaea Logistics Solutions by 5.6% during the first 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 last quarter. Counterpoint Mutual Funds LLC acquired a new position in shares of Pangaea Logistics Solutions during the first quarter valued at $242,000. Finally, Relyea Zuckerberg Hanson LLC raised its position in shares of Pangaea Logistics Solutions by 61.3% during the 1st quarter. Relyea Zuckerberg Hanson LLC now owns 37,228 shares of the shipping company’s stock worth $264,000 after buying an additional 14,151 shares in the last quarter. 60.23% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Pangaea Logistics Solutions Stock Up 0.9%

PANL stock traded up $0.07 during midday trading on Monday, reaching $8.51. The company had a trading volume of 255,500 shares, compared to its average volume of 561,871. The company has a market capitalization of $556.82 million, a P/E ratio of 11.34 and a beta of 0.82. Pangaea Logistics Solutions Ltd. has a 1 year low of $4.54 and a 1 year high of $9.39. The company has a current ratio of 1.38, a quick ratio of 1.12 and a debt-to-equity ratio of 0.55. The company has a 50 day moving average of $7.97 and a two-hundred day moving average of $7.60.

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

Pangaea Logistics Solutions Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were paid a dividend of $0.10 per share. This is a boost from Pangaea Logistics Solutions’s previous quarterly dividend of $0.05. The ex-dividend date was Tuesday, September 1st. This represents a $0.40 annualized dividend and a dividend yield of 4.7%. Pangaea Logistics Solutions’s dividend payout ratio is currently 53.33%.

About Pangaea Logistics Solutions

Pangaea Logistics Solutions Ltd. (NASDAQ:PANL) is a drybulk shipping and logistics company that provides ocean transportation services for industrial and agricultural commodities. The company transports cargoes such as coal, grain, salt, gypsum, dolomite, bauxite and other bulk materials for customers involved in mining, energy, construction and manufacturing.

Pangaea owns and operates a fleet of drybulk vessels and also charters additional ships to support its transportation activities.