Nuveen LLC Takes $3.15 Million Position in Nordic American Tankers Limited $NAT

Key Points

• Nuveen LLC has acquired a new position in Nordic American Tankers Limited by purchasing 1,280,381 shares valued at approximately $3,150,000, representing about 0.60% of the company's stock.
• Other institutional investors have also increased their stakes, with CenterBook Partners LP raising its position by 88% during the first quarter.
• Analysts have lowered their ratings on Nordic American Tankers, with one firm moving it from a "hold" to a "sell" rating, reflecting concerns about the company's earnings performance.

Nuveen LLC bought a new position in Nordic American Tankers Limited (NYSE:NAT - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm bought 1,280,381 shares of the shipping company's stock, valued at approximately $3,150,000. Nuveen LLC owned approximately 0.60% of Nordic American Tankers as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of NAT. CenterBook Partners LP raised its position in Nordic American Tankers by 88.0% in the 1st quarter. CenterBook Partners LP now owns 3,135,619 shares of the shipping company's stock valued at $7,714,000 after buying an additional 1,467,916 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Nordic American Tankers by 2.6% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 502,148 shares of the shipping company's stock worth $1,235,000 after acquiring an additional 12,781 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in Nordic American Tankers by 312.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 21,974 shares of the shipping company's stock worth $54,000 after acquiring an additional 16,644 shares during the last quarter. XTX Topco Ltd boosted its stake in Nordic American Tankers by 46.5% in the 1st quarter. XTX Topco Ltd now owns 78,086 shares of the shipping company's stock worth $192,000 after purchasing an additional 24,774 shares during the period. Finally, Cetera Investment Advisers boosted its stake in Nordic American Tankers by 5.1% in the 1st quarter. Cetera Investment Advisers now owns 292,146 shares of the shipping company's stock worth $719,000 after purchasing an additional 14,100 shares during the period. 44.29% of the stock is currently owned by institutional investors.

Nordic American Tankers Stock Up 1.4%

Shares of NYSE NAT traded up $0.05 during mid-day trading on Wednesday, hitting $3.16. 597,572 shares of the stock traded hands, compared to its average volume of 2,502,484. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.34 and a current ratio of 1.54. Nordic American Tankers Limited has a 52 week low of $2.13 and a 52 week high of $3.83. The company has a market cap of $668.07 million, a price-to-earnings ratio of 45.21 and a beta of -0.22. The stock has a fifty day moving average price of $2.82 and a 200-day moving average price of $2.66.

Nordic American Tankers (NYSE:NAT - Get Free Report) last released its quarterly earnings results on Thursday, August 28th. The shipping company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.05). Nordic American Tankers had a net margin of 7.58% and a return on equity of 2.64%. The firm had revenue of $40.15 million for the quarter, compared to the consensus estimate of $53.35 million. Research analysts anticipate that Nordic American Tankers Limited will post 0.24 EPS for the current year.

Nordic American Tankers Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, September 12th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 12.7%. This is a positive change from Nordic American Tankers's previous quarterly dividend of $0.07. The ex-dividend date of this dividend is Friday, September 12th. Nordic American Tankers's dividend payout ratio is presently 400.00%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Jefferies Financial Group reiterated a "hold" rating and set a $3.00 price target on shares of Nordic American Tankers in a research report on Thursday, August 28th. Wall Street Zen cut Nordic American Tankers from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $3.00.

Nordic American Tankers Company Profile

Nordic American Tankers Limited, a tanker company, acquires and charters double-hull tankers in Bermuda and internationally. It operates a fleet of 20 Suezmax crude oil tankers. The company was incorporated in 1995 and is headquartered in Hamilton, Bermuda.