Pangaea Logistics Solutions (NASDAQ:PANL) Share Price Crosses Above 50-Day Moving Average – Here’s What Happened

Pangaea Logistics Solutions Ltd. (NASDAQ:PANL) passed above its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of $7.84 and traded as high as $8.48. Pangaea Logistics Solutions shares last traded at $8.38, with a volume of 537,840 shares traded.

Analysts Set New Price Targets

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

Pangaea Logistics Solutions Price Performance

The company’s fifty day simple moving average is $7.88 and its 200-day simple moving average is $7.57. The stock has a market cap of $533.58 million, a P/E ratio of 10.87 and a beta of 0.79. The company has a current ratio of 1.38, a quick ratio of 1.12 and a debt-to-equity ratio of 0.55.

Pangaea Logistics Solutions (NASDAQ:PANL) last issued its 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 business had revenue of $187.12 million for the quarter, compared to analyst estimates of $192.76 million. Pangaea Logistics Solutions had a net margin of 6.70% and a return on equity of 9.42%. As a group, sell-side analysts forecast that Pangaea Logistics Solutions Ltd. will post 0.81 EPS for the current year.

Pangaea Logistics Solutions Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, September 1st. This is a positive change from Pangaea Logistics Solutions’s previous quarterly dividend of $0.05. This represents a $0.40 dividend on an annualized basis and a yield of 4.9%. Pangaea Logistics Solutions’s dividend payout ratio (DPR) is presently 53.33%.

Institutional Investors Weigh In On Pangaea Logistics Solutions

Several large investors have recently modified their holdings of PANL. Dimensional Fund Advisors LP boosted its stake in Pangaea Logistics Solutions by 13.9% in the 1st 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 in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Pangaea Logistics Solutions by 33.0% during the first quarter. Renaissance Technologies LLC now owns 746,100 shares of the shipping company’s stock valued at $5,282,000 after acquiring an additional 185,100 shares during the period. Sei Investments Co. acquired a new stake in shares of Pangaea Logistics Solutions in the 1st quarter valued at $933,000. Arrowstreet Capital Limited Partnership boosted its stake in shares of Pangaea Logistics Solutions by 66.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 208,875 shares of the shipping company’s stock valued at $1,479,000 after purchasing an additional 83,380 shares in the last quarter. Finally, Empowered Funds LLC grew its holdings in shares of Pangaea Logistics Solutions by 9.8% in the 1st quarter. Empowered Funds LLC now owns 413,152 shares of the shipping company’s stock worth $2,925,000 after purchasing an additional 36,990 shares during the last quarter. 60.23% of the stock is currently owned by institutional investors.

About Pangaea Logistics Solutions

Pangaea Logistics Solutions Ltd. (NASDAQ:PANL) is a drybulk shipping and logistics company that provides transportation and related services for industrial customers around the world. The company transports drybulk commodities, including coal, grain, bauxite, alumina, limestone, dolomite, salt and other raw materials.

Pangaea operates and charters a fleet of drybulk vessels, including Handymax, Supramax and Panamax ships. Its services extend beyond ocean transportation and include cargo loading and unloading, stevedoring, terminal operations, inland transportation, vessel chartering and logistics management.