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

Man Group plc trimmed its stake in shares of Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 26.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund 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 filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Assenagon Asset Management S.A. increased its position in Scorpio Tankers by 882.8% during 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 purchasing an additional 181,135 shares during the period. Norges Bank bought a new position in shares of Scorpio Tankers during the 4th quarter worth approximately $30,374,000. Barclays PLC grew its position in shares of Scorpio Tankers by 873.6% during the 3rd quarter. Barclays PLC now owns 188,195 shares of the shipping company's stock worth $13,418,000 after buying an additional 168,866 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Scorpio Tankers during the 4th quarter worth approximately $684,000. Finally, Savant Capital LLC bought a new stake in shares of Scorpio Tankers in the 4th quarter valued at $346,000. 54.64% of the stock is owned by institutional investors and hedge funds.

Scorpio Tankers Stock Down 1.6%

Shares of NYSE:STNG traded down $0.67 during midday trading on Wednesday, hitting $40.94. 397,919 shares of the company's stock were exchanged, compared to its average volume of 894,416. Scorpio Tankers Inc. has a 12 month low of $30.63 and a 12 month high of $84.67. The company has a market cap of $2.09 billion, a PE ratio of 3.14 and a beta of -0.12. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.43 and a quick ratio of 2.39. The stock has a 50 day moving average price of $37.89 and a 200-day moving average price of $44.85.

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

Scorpio Tankers Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be paid a $0.40 dividend. The ex-dividend date is Friday, May 30th. This represents a $1.60 annualized dividend and a dividend yield of 3.91%. Scorpio Tankers's payout ratio is 15.76%.

Wall Street Analysts Forecast Growth

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

About Scorpio Tankers

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.