Allspring Global Investments Holdings LLC Reduces Position in Nordic American Tankers Limited (NYSE:NAT)

Allspring Global Investments Holdings LLC cut its holdings in Nordic American Tankers Limited (NYSE:NAT - Free Report) by 14.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,283,065 shares of the shipping company's stock after selling 552,769 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 1.57% of Nordic American Tankers worth $12,049,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Kingswood Wealth Advisors LLC increased its position in shares of Nordic American Tankers by 321.2% during the first quarter. Kingswood Wealth Advisors LLC now owns 43,593 shares of the shipping company's stock worth $171,000 after acquiring an additional 33,243 shares during the last quarter. Pettinga Financial Advisors LLC increased its stake in shares of Nordic American Tankers by 38.3% during the first quarter. Pettinga Financial Advisors LLC now owns 15,900 shares of the shipping company's stock valued at $62,000 after acquiring an additional 4,400 shares during the period. Saxon Interests Inc. acquired a new stake in Nordic American Tankers in the 1st quarter valued at about $158,000. Principal Financial Group Inc. boosted its stake in shares of Nordic American Tankers by 355.5% during the 1st quarter. Principal Financial Group Inc. now owns 118,585 shares of the shipping company's stock worth $465,000 after acquiring an additional 92,552 shares in the last quarter. Finally, Commonwealth Equity Services LLC raised its stake in Nordic American Tankers by 4.6% during the 1st quarter. Commonwealth Equity Services LLC now owns 236,324 shares of the shipping company's stock valued at $926,000 after purchasing an additional 10,444 shares during the period. 44.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on NAT shares. Evercore ISI dropped their price target on shares of Nordic American Tankers from $4.50 to $4.00 and set an "in-line" rating on the stock in a research report on Friday, August 30th. StockNews.com upgraded Nordic American Tankers from a "sell" rating to a "hold" rating in a report on Wednesday, October 2nd. Finally, Jefferies Financial Group reiterated a "hold" rating and issued a $4.00 price target on shares of Nordic American Tankers in a research report on Thursday, September 12th.

Nordic American Tankers Trading Down 0.9 %

NAT traded down $0.03 during trading on Friday, hitting $3.35. The company's stock had a trading volume of 2,575,547 shares, compared to its average volume of 2,501,529. The company has a quick ratio of 0.63, a current ratio of 0.79 and a debt-to-equity ratio of 0.36. Nordic American Tankers Limited has a twelve month low of $3.31 and a twelve month high of $4.83. The stock's fifty day moving average price is $3.63 and its 200-day moving average price is $3.81. The firm has a market capitalization of $699.48 million, a P/E ratio of 11.53 and a beta of -0.20.

Nordic American Tankers (NYSE:NAT - Get Free Report) last released its quarterly earnings data on Tuesday, September 3rd. The shipping company reported $0.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.07 by $0.03. Nordic American Tankers had a return on equity of 11.60% and a net margin of 26.35%. The company had revenue of $66.10 million for the quarter, compared to analyst estimates of $54.34 million. During the same period in the previous year, the company posted $0.13 EPS. Analysts anticipate that Nordic American Tankers Limited will post 0.38 EPS for the current year.

Nordic American Tankers Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 26th. Investors of record on Thursday, September 26th will be given a $0.12 dividend. The ex-dividend date of this dividend is Thursday, September 26th. This represents a $0.48 annualized dividend and a yield of 14.33%. Nordic American Tankers's dividend payout ratio (DPR) is presently 165.52%.

Nordic American Tankers Company 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.