Zacks Investment Research Downgrades Pangaea Logistics Solutions (NASDAQ:PANL) to Sell

Zacks Investment Research cut shares of Pangaea Logistics Solutions (NASDAQ:PANL) from a hold rating to a sell rating in a report published on Tuesday morning, 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. “

Other equities research analysts have also issued reports about the company. ValuEngine lowered Pangaea Logistics Solutions from a sell rating to a strong sell rating in a research report on Thursday, August 1st. Noble Financial set a $6.00 price objective on Pangaea Logistics Solutions and gave the stock a buy rating in a research report on Friday, May 17th.

Shares of Pangaea Logistics Solutions stock opened at $3.08 on Tuesday. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.44 and a quick ratio of 1.17. The business’s 50 day simple moving average is $3.40 and its two-hundred day simple moving average is $3.38. The stock has a market capitalization of $144.47 million, a P/E ratio of 5.81 and a beta of 0.26. Pangaea Logistics Solutions has a one year low of $2.71 and a one year high of $4.35.

Pangaea Logistics Solutions (NASDAQ:PANL) last announced its quarterly earnings results on Monday, August 12th. The shipping company reported $0.09 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 return on equity of 8.39% and a net margin of 4.28%. During the same period last year, the firm earned $0.13 earnings per share. Sell-side analysts expect that Pangaea Logistics Solutions will post 0.6 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Monday, August 26th will be given a $0.035 dividend. The ex-dividend date of this dividend is Friday, August 23rd. This represents a $0.14 dividend on an annualized basis and a dividend yield of 4.55%. Pangaea Logistics Solutions’s dividend payout ratio is currently 26.42%.

Several hedge funds have recently modified their holdings of PANL. Susquehanna International Group LLP increased its position in Pangaea Logistics Solutions by 36.4% in the second quarter. Susquehanna International Group LLP now owns 19,327 shares of the shipping company’s stock worth $65,000 after buying an additional 5,153 shares in the last quarter. Citadel Advisors LLC bought a new position in shares of Pangaea Logistics Solutions in the second quarter worth about $35,000. BlackRock Inc. boosted its stake in shares of Pangaea Logistics Solutions by 132.5% in the second quarter. BlackRock Inc. now owns 56,094 shares of the shipping company’s stock worth $188,000 after acquiring an additional 31,969 shares during the period. WealthTrust Axiom LLC boosted its stake in shares of Pangaea Logistics Solutions by 57.1% in the second 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 during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Pangaea Logistics Solutions by 37.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 111,547 shares of the shipping company’s stock worth $338,000 after acquiring an additional 30,352 shares during the period. Hedge funds and other institutional investors own 26.25% of the company’s stock.

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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