Is Scorpio Tankers Inc. (NYSE:STNG) a bargain? The smart money is taking an optimistic view. The number of bullish hedge fund bets advanced by three in recent months.
Scorpio Tankers Inc. began trading ex-dividend on November 29, 2013. A cash dividend payment of $0.07 per share was paid on December 18, 2013. Shareholders who purchased STNG stock prior to the ex-dividend date are eligible for the cash dividend payment.
Now, we’re going to take a gander at the key action encompassing Scorpio Tankers Inc. (NYSE:STNG).
Hedge fund activity in Scorpio Tankers Inc. (NYSE:STNG)
Heading into Q4, a total of 34 of the hedge funds Insider Monkey tracks were long in this stock, a change of 10 percent from one quarter earlier. With hedgies’ capital changing hands, there exists a few noteworthy hedge fund managers who were upping their holdings significantly.
According to hedge fund intelligence website Insider Monkey, Kensico Capital, managed by Michael Lowenstein, holds the largest position in Scorpio Tankers Inc. (NYSE:STNG). Kensico Capital has a $104.5 million position in the stock, comprising 2.6 percent of its 13F portfolio. The second most bullish hedge fund manager is Marc Lasry of Avenue Capital, with a $71.8 million position; 8.6 percent of its 13F portfolio is allocated to the stock. Other hedgies that hold long positions include Michael Weinstock’s Monarch Alternative Capital, Kenneth Mario Garschina’s Mason Capital Management and James Dinan’s York Capital Management.
As one would reasonably expect, key money managers were leading the bulls’ herd. PEAK6 Capital Management, managed by Matthew Hulsizer, established the most valuable position in Scorpio Tankers Inc. (NYSE:STNG). PEAK6 Capital Management had 6.6 million invested in the company at the end of the quarter. Dmitry Balyasny’s Balyasny Asset Management also made a $6.4 million investment in the stock during the quarter. The other funds with new positions in the stock are Gavin Saitowitz and Cisco J. del Valle’s Springbok Capital, Cliff Asness’s AQR Capital Management, and Stanley Shopkorn and Douglas Day’s Hilltop Park Associates.
What do corporate executives and insiders think about Scorpio Tankers Inc. (NYSE:STNG)?
Bullish insider trading is at its handiest when the company in question has seen transactions within the past six months. Over the last six-month time period, Scorpio Tankers Inc. (NYSE:STNG) has seen zero unique insiders purchasing, and zero insider sales (see the details of insider trades here).
Let’s go over hedge fund and insider activity in other stocks similar to Scorpio Tankers Inc. (NYSE:STNG). These stocks are Navios Maritime Partners L.P. (NYSE:NMM), Diana Shipping Inc. (NYSE:DSX), Seaspan Corporation (NYSE:SSW), Costamare Inc (NYSE:CMRE), and Alexander & Baldwin Holdings Inc (NYSE:MATX). This group of stocks belong to the shipping industry and their market caps resemble STNG’s market cap.
Company Name
# of Hedge Funds
# of Insiders Buying
# of Insiders Selling
Navios Maritime Partners L.P. (NYSE:NMM)
Diana Shipping Inc. (NYSE:DSX)
Seaspan Corporation (NYSE:SSW)
Costamare Inc (NYSE:CMRE)
Alexander & Baldwin Holdings Inc (NYSE:MATX)
More hedge funds are long Scorpio Tankers Inc. than any other shipping industry equities, as the chart above indicates.
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Tags: Alexander & Baldwin Holdings Inc (NYSE:MATX), AQR Capital Management, Avenue Capital, Balyasny Asset Management, Cliff Asness, Costamare Inc (NYSE:CMRE), Diana Shipping Inc. (NYSE:DSX), Dmitry Balyasny, Gavin Saitowitz and Cisco J. del Valle, Hilltop Park Associates, James Dinan, Kenneth Mario Garschina, Kensico Capital, Marc Lasry, Mason Capital Management, Matthew Hulsizer, Michael Lowenstein, Michael Weinstock, Monarch Alternative Capital, Navios Maritime Partners L.P. (NYSE:NMM), PEAK6 Capital Management, Scorpio Tankers Inc. (NYSE:STNG), Seaspan Corporation (NYSE:SSW), Springbok Capital, Stanley Shopkorn and Douglas Day, York Capital Management