MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Increases Stock Holdings in Nordic American Tankers Limited $NAT

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Nordic American Tankers by 61.5%, owning over 4.3 million shares worth approximately $10.6 million as of the end of the first quarter.
• Nordic American Tankers announced a quarterly dividend of $0.10 per share, reflecting an increase from the previous dividend of $0.07, with a dividend yield of 12.5%.
• The company's recent earnings report indicated a loss of $0.02 per share, falling short of analysts' estimates, and a revenue of $40.15 million, which was below expectations of $53.35 million.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Nordic American Tankers Limited (NYSE:NAT - Free Report) by 61.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,326,919 shares of the shipping company's stock after acquiring an additional 1,648,496 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned 2.04% of Nordic American Tankers worth $10,644,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of NAT. Red Door Wealth Management LLC purchased a new position in Nordic American Tankers during the 1st quarter valued at about $39,000. Watts Gwilliam & Co. LLC purchased a new position in Nordic American Tankers during the 1st quarter valued at about $49,000. Cerity Partners LLC boosted its holdings in Nordic American Tankers by 34.0% during the 1st quarter. Cerity Partners LLC now owns 22,072 shares of the shipping company's stock valued at $54,000 after acquiring an additional 5,605 shares during the period. PNC Financial Services Group Inc. boosted its holdings in Nordic American Tankers by 312.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 21,974 shares of the shipping company's stock valued at $54,000 after acquiring an additional 16,644 shares during the period. Finally, Pettinga Financial Advisors LLC boosted its holdings in Nordic American Tankers by 42.0% during the 1st quarter. Pettinga Financial Advisors LLC now owns 23,650 shares of the shipping company's stock valued at $58,000 after acquiring an additional 7,000 shares during the period. 44.29% of the stock is currently owned by hedge funds and other institutional investors.

Nordic American Tankers Stock Down 1.5%

NAT stock opened at $3.20 on Wednesday. The company's 50 day moving average price is $2.87 and its 200 day moving average price is $2.68. The company has a debt-to-equity ratio of 0.84, a quick ratio of 2.04 and a current ratio of 2.33. Nordic American Tankers Limited has a fifty-two week low of $2.13 and a fifty-two week high of $3.83. The firm has a market capitalization of $677.60 million, a price-to-earnings ratio of 45.71 and a beta of -0.22.

Nordic American Tankers (NYSE:NAT - Get Free Report) last released 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). Nordic American Tankers had a return on equity of 2.67% and a net margin of 7.58%.The firm had revenue of $40.15 million for the quarter, compared to analysts' expectations of $53.35 million. On average, equities research analysts anticipate that Nordic American Tankers Limited will post 0.24 EPS for the current fiscal year.

Nordic American Tankers Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, September 12th will be given a dividend of $0.10 per share. This is a boost from Nordic American Tankers's previous quarterly dividend of $0.07. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.40 annualized dividend and a dividend yield of 12.5%. Nordic American Tankers's dividend payout ratio is 400.00%.

Analyst Upgrades and Downgrades

NAT has been the subject of a number of research analyst reports. Wall Street Zen cut Nordic American Tankers from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Jefferies Financial Group restated a "hold" rating and set a $3.00 target price on shares of Nordic American Tankers in a report on Thursday, August 28th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $3.00.

About Nordic American Tankers

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.

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