Rhumbline Advisers Has $753,000 Holdings in Nordic American Tankers Limited $NAT

Key Points

• Rhumbline Advisers reduced its stake in Nordic American Tankers Limited by 36.7% in the first quarter, now holding approximately 0.14% of the company's shares valued at $753,000.
• Nordic American Tankers announced an increase in its quarterly dividend to $0.10 per share, up from $0.07, with an annualized dividend yield of 12.3%.
• The company's stock price opened at $3.26 on Monday, contrasting with a year low of $2.13 and a year high of $3.83.

Rhumbline Advisers cut its stake in Nordic American Tankers Limited (NYSE:NAT - Free Report) by 36.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 306,047 shares of the shipping company's stock after selling 177,410 shares during the quarter. Rhumbline Advisers owned approximately 0.14% of Nordic American Tankers worth $753,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Nordic American Tankers by 61.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,326,919 shares of the shipping company's stock worth $10,644,000 after acquiring an additional 1,648,496 shares in the last quarter. CenterBook Partners LP grew its position in Nordic American Tankers by 88.0% during the first quarter. CenterBook Partners LP now owns 3,135,619 shares of the shipping company's stock worth $7,714,000 after buying an additional 1,467,916 shares during the period. Nuveen LLC acquired a new stake in shares of Nordic American Tankers in the first quarter valued at approximately $3,150,000. Squarepoint Ops LLC raised its holdings in Nordic American Tankers by 2,001.0% in the 4th quarter. Squarepoint Ops LLC now owns 413,568 shares of the shipping company's stock valued at $1,034,000 after acquiring an additional 393,884 shares during the last quarter. Finally, AQR Capital Management LLC grew its holdings in Nordic American Tankers by 269.8% in the first quarter. AQR Capital Management LLC now owns 129,546 shares of the shipping company's stock valued at $319,000 after purchasing an additional 94,514 shares during the period. Hedge funds and other institutional investors own 44.29% of the company's stock.

Nordic American Tankers Price Performance

Shares of Nordic American Tankers stock traded down $0.03 during trading on Monday, reaching $3.24. The company's stock had a trading volume of 1,757,799 shares, compared to its average volume of 2,327,412. The stock has a 50-day moving average price of $2.97 and a two-hundred day moving average price of $2.73. The company has a current ratio of 2.33, a quick ratio of 2.04 and a debt-to-equity ratio of 0.84. Nordic American Tankers Limited has a one year low of $2.13 and a one year high of $3.83. The stock has a market capitalization of $685.01 million, a P/E ratio of 46.21 and a beta of -0.22.

Nordic American Tankers (NYSE:NAT - Get Free Report) last announced its quarterly earnings results on Thursday, August 28th. The shipping company reported ($0.02) EPS for the quarter, missing analysts' consensus estimates of $0.03 by ($0.05). Nordic American Tankers had a net margin of 7.58% and a return on equity of 2.67%. The company had revenue of $40.15 million during the quarter, compared to the consensus estimate of $53.35 million. As a group, sell-side analysts anticipate that Nordic American Tankers Limited will post 0.24 EPS for the current fiscal year.

Nordic American Tankers Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, September 12th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 12.4%. The ex-dividend date is Friday, September 12th. This is a positive change from Nordic American Tankers's previous quarterly dividend of $0.07. Nordic American Tankers's dividend payout ratio (DPR) is 571.43%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on NAT. Wall Street Zen lowered shares of Nordic American Tankers from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. Jefferies Financial Group restated a "hold" rating and issued a $3.00 target price on shares of Nordic American Tankers in a research report on Thursday, August 28th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $3.00.

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.