Pangaea Logistics Solutions (NASDAQ:PANL) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of Pangaea Logistics Solutions (NASDAQ:PANL) from a hold rating to a sell rating in a research note released on Tuesday, Zacks.com reports.

According to Zacks, “Pangaea Logistics Solutions Ltd. operates as a global logistics company. It provides seaborne drybulk transportation services. The Company provides logistics services to a broad base of industrial customers who require the transportation of a wide variety of dry bulk cargoes, including grains, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite, and limestone. It provides dry bulk cargo transportation services for steel, aluminum, energy, agricultural, and other sectors. Pangaea Logistics Solutions Ltd. is headquartered in Newport, Rhode Island. “

Several other equities research analysts also recently issued reports on the stock. Noble Financial set a $6.00 price target on shares of Pangaea Logistics Solutions and gave the stock a buy rating in a research note on Friday, May 17th. ValuEngine downgraded shares of Pangaea Logistics Solutions from a sell rating to a strong sell rating in a research note on Thursday, August 1st.

NASDAQ PANL traded up $0.04 during trading hours on Tuesday, hitting $3.29. 1,072 shares of the stock were exchanged, compared to its average volume of 14,744. The company has a market cap of $144.47 million, a price-to-earnings ratio of 6.21 and a beta of 0.29. Pangaea Logistics Solutions has a 12-month low of $2.71 and a 12-month high of $4.35. The stock has a 50-day moving average of $3.26 and a 200 day moving average of $3.37. The company has a quick ratio of 1.17, a current ratio of 1.44 and a debt-to-equity ratio of 0.66.

Pangaea Logistics Solutions (NASDAQ:PANL) last issued its earnings results on Monday, August 12th. The shipping company reported $0.09 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.11). The company had revenue of $83.29 million during the quarter, compared to analysts’ expectations of $109.72 million. Pangaea Logistics Solutions had a net margin of 4.28% and a return on equity of 8.39%. During the same period last year, the business posted $0.13 earnings per share. On average, equities research analysts expect that Pangaea Logistics Solutions will post 0.6 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 26th were paid a dividend of $0.035 per share. This represents a $0.14 annualized dividend and a yield of 4.26%. The ex-dividend date of this dividend was Friday, August 23rd. Pangaea Logistics Solutions’s dividend payout ratio (DPR) is 26.42%.

A number of institutional investors have recently added to or reduced their stakes in PANL. BlackRock Inc. increased its stake in Pangaea Logistics Solutions by 132.5% during the 2nd quarter. BlackRock Inc. now owns 56,094 shares of the shipping company’s stock worth $188,000 after buying an additional 31,969 shares during the period. Citadel Advisors LLC acquired a new position in Pangaea Logistics Solutions during the 2nd quarter worth $35,000. WealthTrust Axiom LLC grew its holdings in Pangaea Logistics Solutions by 57.1% during the 2nd quarter. WealthTrust Axiom LLC now owns 22,000 shares of the shipping company’s stock worth $73,000 after acquiring an additional 8,000 shares in the last quarter. Finally, Susquehanna International Group LLP grew its holdings in Pangaea Logistics Solutions by 36.4% during the 2nd quarter. Susquehanna International Group LLP now owns 19,327 shares of the shipping company’s stock worth $65,000 after acquiring an additional 5,153 shares in the last quarter. 26.17% of the stock is currently owned by hedge funds and other institutional investors.

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. The company offers various dry bulk cargoes, including grains, coal, iron ore, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite, and limestone.

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