Mirae Asset Global Investments Co. Ltd. Acquires New Holdings in Scorpio Tankers Inc. $STNG

Key Points

• Mirae Asset Global Investments opened a new position in Scorpio Tankers during the third quarter, acquiring 12,405 shares worth about $1.04 million. Institutional investors collectively own 54.64% of the company.
• Scorpio Tankers reported quarterly EPS of $2.49, beating the $2.06 consensus, while revenue rose 10.4% year over year to $266.47 million. The company also raised its quarterly dividend from $0.45 to $0.75 per share.
• Analysts’ consensus rating is “Moderate Buy,” with an average price target of $109.56. Insiders sold 654,770 shares over the last quarter.

Mirae Asset Global Investments Co. Ltd. acquired a new position in Scorpio Tankers Inc. (NYSE:STNG - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 12,405 shares of the shipping company's stock, valued at approximately $1,038,000.

Several other large investors also recently added to or reduced their stakes in the business. State of Wyoming boosted its stake in shares of Scorpio Tankers by 7.4% during the 3rd quarter. State of Wyoming now owns 7,474 shares of the shipping company's stock worth $626,000 after acquiring an additional 515 shares during the last quarter. Hanseatic Management Services Inc. purchased a new stake in shares of Scorpio Tankers in the 3rd quarter worth $272,000. Signaturefd LLC increased its stake in shares of Scorpio Tankers by 36.2% in the 3rd quarter. Signaturefd LLC now owns 2,395 shares of the shipping company's stock worth $200,000 after purchasing an additional 636 shares in the last quarter. U S Global Investors Inc. increased its stake in shares of Scorpio Tankers by 10.9% in the 3rd quarter. U S Global Investors Inc. now owns 10,513 shares of the shipping company's stock worth $880,000 after purchasing an additional 1,033 shares in the last quarter. Finally, Root Financial Partners LLC bought a new position in Scorpio Tankers in the 3rd quarter worth $50,000. 54.64% of the stock is currently owned by institutional investors.

Scorpio Tankers Stock Performance

Shares of NYSE STNG opened at $80.84 on Monday. The firm has a fifty day moving average price of $84.38 and a 200-day moving average price of $77.43. The company has a debt-to-equity ratio of 0.14, a current ratio of 20.65 and a quick ratio of 20.59. The stock has a market cap of $4.08 billion, a PE ratio of 4.28, a price-to-earnings-growth ratio of 1.65 and a beta of -0.10. Scorpio Tankers Inc. has a 1 year low of $48.93 and a 1 year high of $95.60.

Scorpio Tankers (NYSE:STNG - Get Free Report) last released its earnings results on Wednesday, October 28th. The shipping company reported $2.49 earnings per share for the quarter, beating analysts' consensus estimates of $2.06 by $0.43. The company had revenue of $266.47 million for the quarter, compared to analysts' expectations of $243.98 million. Scorpio Tankers had a net margin of 77.07% and a return on equity of 17.06%. Scorpio Tankers's revenue for the quarter was up 10.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.49 EPS. Equities analysts anticipate that Scorpio Tankers Inc. will post 15.59 earnings per share for the current fiscal year.

Scorpio Tankers Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 4th. Shareholders of record on Friday, November 13th will be issued a dividend of $0.75 per share. This is a boost from Scorpio Tankers's previous quarterly dividend of $0.45. This represents a $3.00 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend is Friday, November 13th. Scorpio Tankers's payout ratio is 9.53%.

Insider Buying and Selling at Scorpio Tankers

In other news, insider Auste Adelborg sold 6,834 shares of the company's stock in a transaction dated Thursday, September 17th. The stock was sold at an average price of $89.64, for a total value of $612,599.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Cameron Mackey sold 125,000 shares of the company's stock in a transaction dated Thursday, September 17th. The stock was sold at an average price of $89.03, for a total value of $11,128,750.00. Following the completion of the transaction, the chief operating officer directly owned 739,531 shares of the company's stock, valued at approximately $65,840,444.93. This trade represents a 14.46% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 654,770 shares of company stock valued at $58,404,395. 7.34% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

STNG has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft lifted their target price on Scorpio Tankers from $102.00 to $113.00 and gave the company a "buy" rating in a research report on Thursday, October 29th. Bank of America restated an "underperform" rating on shares of Scorpio Tankers in a research report on Tuesday, September 8th. Wall Street Zen downgraded Scorpio Tankers from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, July 14th. BTIG Research reaffirmed a "buy" rating and set a $110.00 price objective on shares of Scorpio Tankers in a research report on Wednesday, October 28th. Finally, Morgan Stanley lifted their price objective on Scorpio Tankers from $76.00 to $90.00 and gave the company an "equal weight" rating in a research report on Tuesday, October 13th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $109.56.

Scorpio Tankers Company Profile

Scorpio Tankers Inc is a marine transportation company focused on moving refined petroleum products around the world. Its product tankers carry cargoes such as gasoline, diesel, jet fuel and naphtha between refineries, storage facilities and end markets.

The company serves international shipping routes, connecting major refining and consumption regions. Its fleet includes medium-range and larger product tankers designed to transport petroleum products across regional and long-distance routes.

Scorpio Tankers was founded in 2009 and is headquartered in Monaco.

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