TIAA CREF Investment Management LLC Has $4.02 Million Stake in Scorpio Tankers Inc. (STNG)
TIAA CREF Investment Management LLC increased its position in Scorpio Tankers Inc. (NASDAQ:STNG) by 34.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 904,593 shares of the shipping company’s stock after buying an additional 232,159 shares during the period. TIAA CREF Investment Management LLC owned about 0.56% of Scorpio Tankers worth $4,016,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in the company. American International Group Inc. boosted its position in Scorpio Tankers by 7.1% in the first quarter. American International Group Inc. now owns 100,667 shares of the shipping company’s stock worth $447,000 after buying an additional 6,647 shares during the period. State Street Corp boosted its position in Scorpio Tankers by 4.9% in the fourth quarter. State Street Corp now owns 3,021,986 shares of the shipping company’s stock worth $13,688,000 after buying an additional 142,519 shares during the period. GSA Capital Partners LLP bought a new position in Scorpio Tankers during the fourth quarter worth approximately $244,000. Norges Bank bought a new position in Scorpio Tankers during the fourth quarter worth approximately $2,881,000. Finally, Acadian Asset Management LLC bought a new position in Scorpio Tankers during the first quarter worth approximately $1,240,000.
Shares of Scorpio Tankers Inc. (STNG) traded up 3.54% on Friday, reaching $3.51. The company’s stock had a trading volume of 2,226,538 shares. The stock’s market cap is $571.12 million. The firm’s 50-day moving average price is $3.67 and its 200-day moving average price is $3.96. Scorpio Tankers Inc. has a 12 month low of $3.20 and a 12 month high of $5.40.
A number of equities research analysts have recently issued reports on STNG shares. Credit Suisse Group set a $7.00 target price on shares of Scorpio Tankers and gave the company a “buy” rating in a research report on Wednesday, May 24th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $5.50 price target (down previously from $6.00) on shares of Scorpio Tankers in a research note on Saturday, July 22nd. BidaskClub raised Scorpio Tankers from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 3rd. Stifel Nicolaus reaffirmed a “buy” rating and issued a $8.00 price target on shares of Scorpio Tankers in a research note on Thursday, May 25th. Finally, Bank of America Corporation raised Scorpio Tankers from an “underperform” rating to a “buy” rating and set a $6.00 price target for the company in a research note on Friday, May 12th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $6.44.
Scorpio Tankers Company Profile
Scorpio Tankers Inc (Scorpio Tankers) is engaged in the seaborne transportation of refined petroleum products in the international shipping markets. The Company operates through four segments: Handymax, MR, LR1/Panamax and LR2. As of March 15, 2017, the Company’s fleet consisted of 78 owned tankers (22 LR2, 14 Handymax and 42 MR) with a weighted average age of approximately 2.3 years, and 19 time or bareboat chartered-in tankers, which it operated (one LR2, one LR1, eight MR and nine Handymax) (collectively referred to as its Operating Fleet).
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