American Century Companies Inc. Decreases Holdings in Nordic American Tankers Limited $NAT

Key Points

• American Century Companies Inc. has reduced its stake in Nordic American Tankers Limited by 22.5%, now holding 3,649,027 shares valued at approximately $8.98 million.
• Other institutional investors, such as Russell Investments Group Ltd. and PNC Financial Services Group Inc., have also adjusted their positions, with PNC increasing its stake by 312.3%.
• Nordic American Tankers recently raised its quarterly dividend to $0.07 per share, resulting in a dividend yield of 9.3%.

American Century Companies Inc. lowered its position in Nordic American Tankers Limited (NYSE:NAT - Free Report) by 22.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,649,027 shares of the shipping company's stock after selling 1,059,909 shares during the period. American Century Companies Inc. owned about 1.72% of Nordic American Tankers worth $8,977,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Russell Investments Group Ltd. raised its holdings in shares of Nordic American Tankers by 19.4% in the first quarter. Russell Investments Group Ltd. now owns 23,886 shares of the shipping company's stock valued at $59,000 after purchasing an additional 3,875 shares during the last quarter. SBI Securities Co. Ltd. increased its holdings in Nordic American Tankers by 11.9% during the first quarter. SBI Securities Co. Ltd. now owns 41,487 shares of the shipping company's stock worth $102,000 after buying an additional 4,409 shares during the last quarter. Cerity Partners LLC increased its holdings in Nordic American Tankers by 34.0% during the first quarter. Cerity Partners LLC now owns 22,072 shares of the shipping company's stock worth $54,000 after buying an additional 5,605 shares during the last quarter. Legal & General Group Plc increased its holdings in Nordic American Tankers by 20.1% during the fourth quarter. Legal & General Group Plc now owns 40,074 shares of the shipping company's stock worth $100,000 after buying an additional 6,712 shares during the last quarter. Finally, Pettinga Financial Advisors LLC increased its holdings in Nordic American Tankers by 42.0% during the first quarter. Pettinga Financial Advisors LLC now owns 23,650 shares of the shipping company's stock worth $58,000 after buying an additional 7,000 shares during the last quarter. Hedge funds and other institutional investors own 44.29% of the company's stock.

Analysts Set New Price Targets

NAT has been the subject of a number of research analyst reports. Jefferies Financial Group restated a "hold" rating and set a $3.00 price objective on shares of Nordic American Tankers in a report on Thursday. Wall Street Zen downgraded shares of Nordic American Tankers from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat, Nordic American Tankers has an average rating of "Hold" and a consensus target price of $3.00.

Nordic American Tankers Price Performance

NAT traded up $0.11 on Monday, reaching $3.12. The company had a trading volume of 2,446,716 shares, compared to its average volume of 1,784,391. The business has a 50 day simple moving average of $2.81 and a 200 day simple moving average of $2.66. The company has a market cap of $659.60 million, a price-to-earnings ratio of 44.50 and a beta of -0.22. 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.

Nordic American Tankers (NYSE:NAT - Get Free Report) last announced its earnings results on Thursday, August 28th. The shipping company reported ($0.02) earnings per share for the quarter, missing analysts' consensus estimates of $0.03 by ($0.05). The company had revenue of $40.15 million during the quarter, compared to analysts' expectations of $53.35 million. Nordic American Tankers had a net margin of 7.58% and a return on equity of 2.64%. As a group, sell-side 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. Investors of record on Friday, September 12th will be paid a $0.10 dividend. This is an increase from Nordic American Tankers's previous quarterly dividend of $0.07. This represents a $0.40 dividend on an annualized basis and a yield of 12.8%. The ex-dividend date of this dividend is Friday, September 12th. Nordic American Tankers's payout ratio is 400.00%.

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.