The Manufacturers Life Insurance Company Has $294,000 Stock Holdings in Nordic American Tankers Limited (NYSE:NAT)

The Manufacturers Life Insurance Company reduced its holdings in shares of Nordic American Tankers Limited (NYSE:NAT) by 62.5% in the second quarter, Holdings Channel reports. The institutional investor owned 73,816 shares of the shipping company’s stock after selling 122,856 shares during the period. The Manufacturers Life Insurance Company’s holdings in Nordic American Tankers were worth $294,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in NAT. Millennium Management LLC boosted its stake in Nordic American Tankers by 122.8% during the 2nd quarter. Millennium Management LLC now owns 1,291,682 shares of the shipping company’s stock valued at $5,141,000 after purchasing an additional 711,973 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of Nordic American Tankers by 180.9% in the second quarter. AQR Capital Management LLC now owns 420,727 shares of the shipping company’s stock valued at $1,674,000 after purchasing an additional 270,946 shares in the last quarter. Sei Investments Co. grew its holdings in Nordic American Tankers by 9.1% during the second quarter. Sei Investments Co. now owns 91,791 shares of the shipping company’s stock worth $365,000 after buying an additional 7,663 shares in the last quarter. XTX Topco Ltd purchased a new stake in Nordic American Tankers in the 2nd quarter valued at $260,000. Finally, Dimensional Fund Advisors LP lifted its stake in Nordic American Tankers by 5.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 11,606,339 shares of the shipping company’s stock valued at $46,195,000 after acquiring an additional 621,588 shares in the last quarter. 44.29% of the stock is owned by institutional investors.

Nordic American Tankers Price Performance

Shares of NYSE:NAT opened at $3.57 on Friday. Nordic American Tankers Limited has a fifty-two week low of $3.31 and a fifty-two week high of $4.83. The company’s 50-day moving average is $3.65 and its 200 day moving average is $3.83. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.63 and a current ratio of 0.79. The company has a market capitalization of $745.40 million, a P/E ratio of 11.16 and a beta of -0.20.

Nordic American Tankers (NYSE:NAT) last released its earnings results on Tuesday, September 3rd. The shipping company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.03. The firm had revenue of $66.10 million for the quarter, compared to analysts’ expectations of $54.34 million. Nordic American Tankers had a net margin of 26.35% and a return on equity of 11.60%. During the same period in the previous year, the company earned $0.13 earnings per share. On average, equities research analysts forecast that Nordic American Tankers Limited will post 0.38 earnings per share for the current year.

Nordic American Tankers Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 26th. Shareholders of record on Thursday, September 26th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 13.45%. The ex-dividend date is Thursday, September 26th. Nordic American Tankers’s dividend payout ratio is currently 150.00%.

Wall Street Analyst Weigh In

NAT has been the subject of several analyst reports. Evercore ISI lowered their target price on shares of Nordic American Tankers from $4.50 to $4.00 and set an “in-line” rating for the company in a report on Friday, August 30th. StockNews.com upgraded shares of Nordic American Tankers from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $4.00 target price on shares of Nordic American Tankers in a report on Thursday, September 12th.

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.