Quantbot Technologies LP Lowers Stock Holdings in Nordic American Tankers Limited $NAT

Key Points

• Quantbot Technologies LP reduced its stake in Nordic American Tankers Limited by 90.6% in the first quarter, now holding only 30,522 shares worth $75,000.
• The company declared a quarterly dividend of $0.10 per share, increasing from the previous $0.07, indicating a strong dividend yield of 12.8%.
• Nordic American Tankers missed analysts' EPS expectations in its recent quarterly earnings, reporting ($0.02) per share against an expected $0.03, with revenue at $40.15 million, below forecasts.

Quantbot Technologies LP cut its stake in shares of Nordic American Tankers Limited (NYSE:NAT - Free Report) by 90.6% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 30,522 shares of the shipping company's stock after selling 294,738 shares during the period. Quantbot Technologies LP's holdings in Nordic American Tankers were worth $75,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of NAT. Red Door Wealth Management LLC purchased a new stake in shares of Nordic American Tankers during the first quarter worth about $39,000. Two Sigma Securities LLC purchased a new stake in Nordic American Tankers during the 4th quarter worth approximately $49,000. Watts Gwilliam & Co. LLC purchased a new stake in Nordic American Tankers during the 1st quarter worth approximately $49,000. Cerity Partners LLC raised its holdings in shares of Nordic American Tankers by 34.0% during the first 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 last quarter. Finally, PNC Financial Services Group Inc. lifted its position in shares of Nordic American Tankers by 312.3% in the first 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 in the last quarter. Institutional investors and hedge funds own 44.29% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on NAT. Jefferies Financial Group reiterated a "hold" rating and set a $3.00 price target on shares of Nordic American Tankers in a research report on Thursday, August 28th. Wall Street Zen cut shares of Nordic American Tankers from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $3.00.

Nordic American Tankers Trading Up 2.4%

NYSE:NAT traded up $0.08 during trading hours on Wednesday, hitting $3.19. The company had a trading volume of 1,856,504 shares, compared to its average volume of 2,510,293. Nordic American Tankers Limited has a 1 year low of $2.13 and a 1 year high of $3.83. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.53. The company has a 50-day moving average of $2.82 and a 200 day moving average of $2.66. The company has a market cap of $674.42 million, a P/E ratio of 45.50 and a beta of -0.22.

Nordic American Tankers (NYSE:NAT - Get Free Report) last released its quarterly earnings data on Thursday, August 28th. The shipping company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.05). Nordic American Tankers had a return on equity of 2.64% and a net margin of 7.58%.The firm had revenue of $40.15 million for the quarter, compared to analyst estimates of $53.35 million. Sell-side analysts expect that Nordic American Tankers Limited will post 0.24 earnings per share for the current year.

Nordic American Tankers Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, September 12th will be issued a $0.10 dividend. The ex-dividend date is Friday, September 12th. This represents a $0.40 annualized dividend and a dividend yield of 12.6%. This is an increase from Nordic American Tankers's previous quarterly dividend of $0.07. Nordic American Tankers's dividend payout ratio (DPR) is currently 400.00%.

Nordic American Tankers Profile

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.