Bank of New York Mellon Corp cut its position in SFL Co. Ltd. (NYSE:SFL – Free Report) by 45.6% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 2,135,860 shares of the shipping company’s stock after selling 1,790,365 shares during the period. Bank of New York Mellon Corp’s holdings in SFL were worth $19,928,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SFL. Cambridge Investment Research Advisors Inc. grew its stake in shares of SFL by 15.8% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 21,120 shares of the shipping company’s stock valued at $215,000 after acquiring an additional 2,889 shares in the last quarter. HighTower Advisors LLC bought a new position in shares of SFL during the first quarter worth approximately $126,000. Panagora Asset Management Inc. acquired a new stake in shares of SFL in the first quarter valued at approximately $503,000. LSV Asset Management boosted its stake in shares of SFL by 3,760.1% in the first quarter. LSV Asset Management now owns 445,453 shares of the shipping company’s stock valued at $4,535,000 after buying an additional 433,913 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in SFL by 10.0% during the first quarter. Dimensional Fund Advisors LP now owns 5,610,917 shares of the shipping company’s stock worth $57,119,000 after buying an additional 511,358 shares in the last quarter. 28.96% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
SFL has been the subject of a number of recent analyst reports. StockNews.com assumed coverage on SFL in a research report on Thursday, October 5th. They set a “hold” rating for the company. TheStreet upgraded shares of SFL from a “c” rating to a “b-” rating in a research report on Friday, August 18th. Citigroup increased their price target on shares of SFL from $9.50 to $10.00 and gave the stock a “neutral” rating in a research report on Friday, August 18th. Finally, Pareto Securities downgraded shares of SFL from a “buy” rating to a “hold” rating and set a $11.00 price objective for the company. in a research report on Friday, August 18th. Five investment analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $11.00.
SFL Stock Up 0.9 %
SFL stock opened at $10.88 on Monday. The stock has a market capitalization of $1.51 billion, a P/E ratio of 13.77 and a beta of 0.76. The company has a current ratio of 0.32, a quick ratio of 0.52 and a debt-to-equity ratio of 1.83. The firm has a 50-day moving average price of $11.01 and a 200-day moving average price of $10.03. SFL Co. Ltd. has a 12 month low of $8.43 and a 12 month high of $11.52.
SFL (NYSE:SFL – Get Free Report) last announced its quarterly earnings results on Thursday, August 17th. The shipping company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.03. SFL had a net margin of 13.64% and a return on equity of 7.55%. The company had revenue of $164.60 million during the quarter, compared to the consensus estimate of $170.44 million. During the same period in the prior year, the business earned $0.45 earnings per share. The company’s revenue for the quarter was up 7.4% compared to the same quarter last year.
SFL Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Shareholders of record on Friday, December 15th will be given a $0.25 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This is an increase from SFL’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a yield of 9.19%. SFL’s dividend payout ratio (DPR) is currently 121.52%.
SFL Corporation Ltd., a maritime and offshore asset owning and chartering company, engages in the ownership, operation, and chartering out of vessels and offshore related assets on medium and long-term charters. The company operates in various sectors of the maritime, and shipping and offshore industries, including oil transportation, dry bulk shipments, chemical transportation, oil products transportation, container transportation, car transportation, and drilling rigs.
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