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

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

Pangaea Logistics Solutions Trading Up 18.1%

NASDAQ PANL traded up $0.89 on Friday, hitting $5.82. 733,732 shares of the company were exchanged, compared to its average volume of 230,429. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.46 and a quick ratio of 1.15. Pangaea Logistics Solutions has a twelve month low of $3.93 and a twelve month high of $6.80. The firm has a market capitalization of $379.71 million, a P/E ratio of 26.46 and a beta of 0.73. The company’s 50 day moving average price is $5.13 and its 200-day moving average price is $4.89.

Pangaea Logistics Solutions Dividend Announcement

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

Institutional Investors Weigh In On Pangaea Logistics Solutions

Hedge funds have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Pangaea Logistics Solutions by 18.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,342 shares of the shipping company’s stock worth $102,000 after purchasing an additional 3,344 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in Pangaea Logistics Solutions by 110.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 9,211 shares of the shipping company’s stock worth $43,000 after acquiring an additional 4,825 shares in the last quarter. Tidal Investments LLC grew its stake in Pangaea Logistics Solutions by 54.7% during the 2nd quarter. Tidal Investments LLC now owns 28,149 shares of the shipping company’s stock valued at $132,000 after acquiring an additional 9,953 shares in the last quarter. Creative Planning increased its holdings in shares of Pangaea Logistics Solutions by 94.2% in the 2nd quarter. Creative Planning now owns 23,094 shares of the shipping company’s stock valued at $109,000 after purchasing an additional 11,204 shares during the period. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Pangaea Logistics Solutions by 6.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 233,537 shares of the shipping company’s stock valued at $1,112,000 after purchasing an additional 14,357 shares during the period. Hedge funds and other institutional investors own 60.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on PANL. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Pangaea Logistics Solutions in a research note on Wednesday. B. Riley decreased their price target on Pangaea Logistics Solutions from $11.00 to $9.00 and set a “buy” rating for the company in a research note on Monday, August 11th. Finally, Wall Street Zen upgraded Pangaea Logistics Solutions from a “sell” rating to a “hold” rating in a research report on Friday, July 18th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Pangaea Logistics Solutions has an average rating of “Moderate Buy” and an average price target of $9.00.

About Pangaea Logistics Solutions

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.