Cornercap Investment Counsel Inc. Trims Stock Position in Pangaea Logistics Solutions, Ltd. (NASDAQ:PANL)

Cornercap Investment Counsel Inc. reduced its stake in shares of Pangaea Logistics Solutions, Ltd. (NASDAQ:PANL) by 49.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 38,027 shares of the shipping company’s stock after selling 37,251 shares during the quarter. Cornercap Investment Counsel Inc. owned approximately 0.08% of Pangaea Logistics Solutions worth $275,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Victory Capital Management Inc. grew its position in Pangaea Logistics Solutions by 16.7% during the 3rd quarter. Victory Capital Management Inc. now owns 142,917 shares of the shipping company’s stock valued at $1,033,000 after purchasing an additional 20,498 shares during the last quarter. Janney Montgomery Scott LLC purchased a new stake in Pangaea Logistics Solutions in the 3rd quarter worth approximately $761,000. Wealth Enhancement Advisory Services LLC purchased a new stake in Pangaea Logistics Solutions in the 3rd quarter worth approximately $113,000. Lakewood Asset Management LLC increased its holdings in Pangaea Logistics Solutions by 8.4% in the 3rd quarter. Lakewood Asset Management LLC now owns 36,337 shares of the shipping company’s stock worth $263,000 after acquiring an additional 2,830 shares in the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new stake in Pangaea Logistics Solutions in the 2nd quarter worth approximately $270,000. 60.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, StockNews.com lowered shares of Pangaea Logistics Solutions from a “buy” rating to a “hold” rating in a report on Friday.

Pangaea Logistics Solutions Trading Down 1.7 %

PANL stock opened at $6.30 on Monday. The firm has a fifty day moving average price of $6.58 and a 200 day moving average price of $7.08. Pangaea Logistics Solutions, Ltd. has a fifty-two week low of $6.09 and a fifty-two week high of $9.52. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.82 and a current ratio of 2.05. The firm has a market cap of $295.48 million, a PE ratio of 13.40 and a beta of 0.87.

Pangaea Logistics Solutions Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be given a $0.10 dividend. The ex-dividend date is Friday, November 29th. This represents a $0.40 dividend on an annualized basis and a yield of 6.35%. Pangaea Logistics Solutions’s dividend payout ratio is presently 85.11%.

Pangaea Logistics Solutions 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.