Man Group plc Sells 91,746 Shares of Scorpio Tankers Inc. (NYSE:STNG)

Man Group plc reduced its holdings in shares of Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 26.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 250,898 shares of the shipping company's stock after selling 91,746 shares during the quarter. Man Group plc owned approximately 0.50% of Scorpio Tankers worth $12,467,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Assenagon Asset Management S.A. grew its holdings in Scorpio Tankers by 882.8% in the 4th quarter. Assenagon Asset Management S.A. now owns 201,653 shares of the shipping company's stock valued at $10,020,000 after buying an additional 181,135 shares in the last quarter. Norges Bank bought a new stake in shares of Scorpio Tankers in the fourth quarter valued at about $30,374,000. Barclays PLC boosted its position in shares of Scorpio Tankers by 873.6% in the third quarter. Barclays PLC now owns 188,195 shares of the shipping company's stock valued at $13,418,000 after acquiring an additional 168,866 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Scorpio Tankers in the fourth quarter valued at about $684,000. Finally, Savant Capital LLC bought a new position in Scorpio Tankers during the fourth quarter worth about $346,000. Institutional investors and hedge funds own 54.64% of the company's stock.

Scorpio Tankers Price Performance

Shares of Scorpio Tankers stock traded up $0.13 during midday trading on Friday, hitting $39.59. 88,278 shares of the company traded hands, compared to its average volume of 893,394. The firm's fifty day moving average price is $37.90 and its 200-day moving average price is $44.70. The stock has a market cap of $2.02 billion, a price-to-earnings ratio of 3.04 and a beta of -0.12. Scorpio Tankers Inc. has a 12 month low of $30.63 and a 12 month high of $84.67. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.39 and a current ratio of 2.43.

Scorpio Tankers (NYSE:STNG - Get Free Report) last posted its earnings results on Thursday, May 1st. The shipping company reported $1.03 earnings per share for the quarter, topping analysts' consensus estimates of $0.71 by $0.32. The firm had revenue of $204.20 million for the quarter, compared to analysts' expectations of $205.89 million. Scorpio Tankers had a net margin of 53.76% and a return on equity of 18.01%. The company's revenue was down 45.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.97 earnings per share. As a group, sell-side analysts forecast that Scorpio Tankers Inc. will post 5.29 earnings per share for the current year.

Scorpio Tankers Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be given a dividend of $0.40 per share. The ex-dividend date is Friday, May 30th. This represents a $1.60 dividend on an annualized basis and a yield of 4.04%. Scorpio Tankers's dividend payout ratio is currently 15.76%.

Analyst Ratings Changes

STNG has been the subject of several recent research reports. Fearnley Fonds upgraded Scorpio Tankers from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 6th. Stifel Nicolaus cut their target price on Scorpio Tankers from $51.00 to $49.00 and set a "hold" rating for the company in a research report on Friday, February 14th. Jefferies Financial Group reissued a "buy" rating and set a $65.00 target price on shares of Scorpio Tankers in a report on Thursday, May 1st. Finally, Evercore ISI dropped their price target on Scorpio Tankers from $60.00 to $57.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Scorpio Tankers has a consensus rating of "Moderate Buy" and an average target price of $60.50.

Scorpio Tankers Profile

Scorpio Tankers Inc, together with its subsidiaries, engages in the seaborne transportation of crude oi and refined petroleum products in the shipping markets worldwide. As of March 21, 2024, its fleet consisted of 110 owned and leases financed tanker, including 39 LR2, 57 MR, and 14 Handymax with a weighted average age of approximately 8.1 years.