Connor Clark & Lunn Investment Management Ltd. Reduces Stock Position in Nordic American Tankers Limited (NYSE:NAT)

Connor Clark & Lunn Investment Management Ltd. reduced its stake in Nordic American Tankers Limited (NYSE:NAT - Free Report) by 57.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 192,847 shares of the shipping company's stock after selling 264,318 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.09% of Nordic American Tankers worth $708,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Philip James Wealth Mangement LLC bought a new position in shares of Nordic American Tankers during the third quarter valued at $4,069,000. TrueMark Investments LLC bought a new stake in shares of Nordic American Tankers during the 2nd quarter valued at $4,373,000. American Century Companies Inc. lifted its position in shares of Nordic American Tankers by 40.5% during the 2nd quarter. American Century Companies Inc. now owns 3,499,565 shares of the shipping company's stock valued at $13,928,000 after buying an additional 1,009,096 shares in the last quarter. Millennium Management LLC boosted its holdings in Nordic American Tankers by 122.8% in the 2nd quarter. Millennium Management LLC now owns 1,291,682 shares of the shipping company's stock worth $5,141,000 after buying an additional 711,973 shares during the period. Finally, Dimensional Fund Advisors LP raised 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 purchasing an additional 621,588 shares during the period. Hedge funds and other institutional investors own 44.29% of the company's stock.

Nordic American Tankers Stock Performance

Shares of NAT traded down $0.20 during trading hours on Friday, hitting $2.68. The stock had a trading volume of 6,142,374 shares, compared to its average volume of 2,518,610. The firm has a 50-day moving average price of $3.36 and a 200 day moving average price of $3.67. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.63 and a current ratio of 0.79. Nordic American Tankers Limited has a fifty-two week low of $2.63 and a fifty-two week high of $4.64. The firm has a market capitalization of $559.58 million, a price-to-earnings ratio of 9.31 and a beta of -0.21.

Nordic American Tankers (NYSE:NAT - Get Free Report) last issued its quarterly earnings results on Tuesday, September 3rd. The shipping company reported $0.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.07 by $0.03. The firm had revenue of $66.10 million for the quarter, compared to analyst estimates of $54.34 million. Nordic American Tankers had a return on equity of 11.60% and a net margin of 26.35%. During the same period in the previous year, the company posted $0.13 earnings per share. As a group, research analysts anticipate that Nordic American Tankers Limited will post 0.28 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. StockNews.com cut Nordic American Tankers from a "hold" rating to a "sell" rating in a report on Thursday, November 14th. Jefferies Financial Group reiterated a "hold" rating and issued a $3.50 price target on shares of Nordic American Tankers in a report on Friday. Finally, Evercore ISI dropped their target price on shares of Nordic American Tankers from $4.50 to $4.00 and set an "in-line" rating on the stock in a research note on Friday, August 30th.

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.