Cornercap Investment Counsel Inc. Reduces Holdings in Pangaea Logistics Solutions, Ltd. (NASDAQ:PANL)

Cornercap Investment Counsel Inc. decreased its position in shares of Pangaea Logistics Solutions, Ltd. (NASDAQ:PANL) by 49.5% in the third quarter, HoldingsChannel reports. The firm owned 38,027 shares of the shipping company’s stock after selling 37,251 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Pangaea Logistics Solutions were worth $275,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. BNP Paribas Financial Markets lifted its holdings in Pangaea Logistics Solutions by 55.7% in the first quarter. BNP Paribas Financial Markets now owns 59,895 shares of the shipping company’s stock valued at $417,000 after acquiring an additional 21,417 shares during the period. Janney Montgomery Scott LLC increased its holdings in shares of Pangaea Logistics Solutions by 8.6% in the first quarter. Janney Montgomery Scott LLC now owns 77,555 shares of the shipping company’s stock valued at $541,000 after purchasing an additional 6,125 shares during the last quarter. SG Americas Securities LLC increased its holdings in shares of Pangaea Logistics Solutions by 3.0% in the first quarter. SG Americas Securities LLC now owns 58,004 shares of the shipping company’s stock valued at $404,000 after purchasing an additional 1,672 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Pangaea Logistics Solutions by 14,583.3% in the first quarter. Russell Investments Group Ltd. now owns 31,716 shares of the shipping company’s stock valued at $221,000 after purchasing an additional 31,500 shares during the last quarter. Finally, Kingsview Wealth Management LLC acquired a new stake in shares of Pangaea Logistics Solutions in the first quarter valued at approximately $425,000. Institutional investors and hedge funds own 60.23% of the company’s stock.

Pangaea Logistics Solutions Price Performance

PANL stock opened at $6.30 on Monday. The business has a fifty day moving average of $6.58 and a two-hundred day moving average of $7.08. The company has a quick ratio of 1.82, a current ratio of 2.05 and a debt-to-equity ratio of 0.72. The stock has a market cap of $295.48 million, a price-to-earnings ratio of 13.40 and a beta of 0.87. Pangaea Logistics Solutions, Ltd. has a 52-week low of $6.09 and a 52-week high of $9.52.

Pangaea Logistics Solutions Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a dividend of $0.10 per share. The ex-dividend date is Friday, November 29th. This represents a $0.40 annualized dividend and a yield of 6.35%. Pangaea Logistics Solutions’s dividend payout ratio (DPR) is 85.11%.

Wall Street Analyst Weigh In

Separately, StockNews.com cut Pangaea Logistics Solutions from a “buy” rating to a “hold” rating in a research note on Friday.

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. It offers various dry bulk cargoes, such as grains, coal, iron ore, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite, and limestone.