Zacks Investment Research cut shares of Pangaea Logistics Solutions (NASDAQ:PANL) from a hold rating to a sell rating in a research note published on Friday morning.

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 also recently issued research reports about the company. TheStreet upgraded Pangaea Logistics Solutions from a c rating to a b- rating in a report on Friday, August 31st. Noble Financial reiterated a buy rating and issued a $5.50 price objective on shares of Pangaea Logistics Solutions in a report on Tuesday, November 13th.

PANL stock opened at $3.19 on Friday. The company has a current ratio of 1.54, a quick ratio of 1.25 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $141.84 million, a P/E ratio of 8.39 and a beta of 0.31. Pangaea Logistics Solutions has a 12-month low of $2.13 and a 12-month high of $5.05.

Pangaea Logistics Solutions (NASDAQ:PANL) last posted its quarterly earnings data on Friday, November 9th. The shipping company reported $0.19 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.20 by ($0.01). The firm had revenue of $95.35 million during the quarter, compared to analysts’ expectations of $120.45 million. Pangaea Logistics Solutions had a net margin of 6.00% and a return on equity of 10.59%. On average, research analysts expect that Pangaea Logistics Solutions will post 0.5 EPS for the current year.

A hedge fund recently bought a new stake in Pangaea Logistics Solutions stock. Renaissance Technologies LLC purchased a new position in shares of Pangaea Logistics Solutions Ltd (NASDAQ:PANL) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 31,600 shares of the shipping company’s stock, valued at approximately $111,000. Renaissance Technologies LLC owned 0.07% of Pangaea Logistics Solutions at the end of the most recent reporting period. Institutional investors and hedge funds own 27.52% of the company’s stock.

About Pangaea Logistics Solutions

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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