DHT Holdings, Inc. $DHT Stock Purchased by Congress Asset Management Co.

Key Points

• Congress Asset Management increased its DHT Holdings stake by 20.7% in the third quarter, purchasing 101,020 additional shares and bringing its total to 588,373 shares worth approximately $13.28 million.
• DHT reported strong quarterly results, with revenue rising 174.8% year over year and EPS of $1.22 exceeding estimates. The company also raised its quarterly dividend to $1.22 per share, implying a 20.7% annualized yield.
• Analysts maintain a “Moderate Buy” consensus with a $21.00 average price target, while BTIG raised its target to $28.00. However, insiders sold 583,803 shares valued at $11.84 million during the latest quarter.

Congress Asset Management Co. lifted its stake in DHT Holdings, Inc. (NYSE:DHT - Free Report) by 20.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 588,373 shares of the shipping company's stock after purchasing an additional 101,020 shares during the period. Congress Asset Management Co. owned about 0.37% of DHT worth $13,280,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in DHT. Arrowstreet Capital Limited Partnership grew its stake in DHT by 74.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,315,767 shares of the shipping company's stock worth $78,849,000 after acquiring an additional 1,836,892 shares in the last quarter. Bank of America Corp DE grew its stake in DHT by 168.3% in the first quarter. Bank of America Corp DE now owns 1,186,289 shares of the shipping company's stock worth $21,674,000 after purchasing an additional 744,130 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its stake in DHT by 1,072.1% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,162,300 shares of the shipping company's stock worth $21,235,000 after purchasing an additional 1,063,134 shares in the last quarter. Empowered Funds LLC increased its holdings in DHT by 6.0% during the 1st quarter. Empowered Funds LLC now owns 773,163 shares of the shipping company's stock worth $14,126,000 after purchasing an additional 43,514 shares during the period. Finally, Acorn Financial Advisory Services Inc. ADV purchased a new position in DHT during the 1st quarter worth $13,123,000. Hedge funds and other institutional investors own 58.53% of the company's stock.

Wall Street Analysts Forecast Growth

DHT has been the topic of several research reports. BTIG Research raised their price target on DHT from $23.00 to $28.00 and gave the company a "buy" rating in a research note on Friday, September 18th. Weiss Ratings raised shares of DHT from a "buy (b)" rating to a "buy (b+)" rating in a research note on Tuesday, September 8th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $21.00.

DHT Stock Down 1.1%

Shares of DHT stock opened at $23.55 on Wednesday. The firm's 50 day moving average price is $20.51 and its 200-day moving average price is $18.77. The company has a quick ratio of 3.32, a current ratio of 3.64 and a debt-to-equity ratio of 0.29. DHT Holdings, Inc. has a 52-week low of $10.83 and a 52-week high of $24.98. The company has a market cap of $3.79 billion, a P/E ratio of 8.01 and a beta of -0.03.

DHT (NYSE:DHT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The shipping company reported $1.22 EPS for the quarter, topping the consensus estimate of $1.18 by $0.04. The firm had revenue of $254.96 million during the quarter, compared to analyst estimates of $247.17 million. DHT had a net margin of 65.52% and a return on equity of 39.40%. DHT's revenue was up 174.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.35 EPS.

DHT Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 24th. Investors of record on Monday, August 17th were paid a dividend of $1.22 per share. This is a positive change from DHT's previous quarterly dividend of $0.64. The ex-dividend date was Monday, August 17th. This represents a $4.88 annualized dividend and a yield of 20.7%. DHT's dividend payout ratio (DPR) is presently 165.99%.

Insider Activity

In related news, Director Sophie Rossini sold 33,000 shares of the company's stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $20.04, for a total transaction of $661,320.00. Following the transaction, the director directly owned 78,543 shares of the company's stock, valued at $1,574,001.72. This represents a 29.59% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Erik Lind sold 30,000 shares of the stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $22.46, for a total value of $673,800.00. Following the completion of the sale, the director owned 132,294 shares of the company's stock, valued at approximately $2,971,323.24. This trade represents a 18.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 583,803 shares of company stock worth $11,843,097 over the last quarter.

DHT Company Profile

DHT Holdings, Inc NYSE: DHT is a maritime transportation company that owns and operates crude oil tankers. The company primarily focuses on very large crude carriers (VLCCs), which transport substantial volumes of crude oil between major production and refining regions around the world.

DHT provides ocean transportation services through a combination of time charters, voyage charters and pool arrangements. Its vessels serve the international energy industry by moving crude oil from exporting regions to refineries and storage facilities in global markets.

Want to see what other hedge funds are holding DHT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for DHT Holdings, Inc. (NYSE:DHT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.