The Manufacturers Life Insurance Company Increases Stake in FLEX LNG Ltd. (NYSE:FLNG)

The Manufacturers Life Insurance Company increased its stake in FLEX LNG Ltd. (NYSE:FLNG) by 6.3% in the second quarter, Holdings Channel.com reports. The institutional investor owned 10,935 shares of the company’s stock after acquiring an additional 652 shares during the period. The Manufacturers Life Insurance Company’s holdings in FLEX LNG were worth $296,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of FLNG. Vanguard Group Inc. grew its holdings in shares of FLEX LNG by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 1,241,810 shares of the company’s stock worth $31,579,000 after acquiring an additional 21,793 shares during the period. Renaissance Technologies LLC boosted its position in shares of FLEX LNG by 6.8% during the second quarter. Renaissance Technologies LLC now owns 400,200 shares of the company’s stock valued at $10,821,000 after purchasing an additional 25,600 shares in the last quarter. Gilman Hill Asset Management LLC raised its holdings in FLEX LNG by 1.4% in the second quarter. Gilman Hill Asset Management LLC now owns 290,908 shares of the company’s stock worth $7,866,000 after purchasing an additional 4,041 shares in the last quarter. Hosking Partners LLP lifted its position in FLEX LNG by 42.0% during the second quarter. Hosking Partners LLP now owns 287,625 shares of the company’s stock valued at $7,777,000 after buying an additional 85,040 shares during the period. Finally, Denali Advisors LLC boosted its holdings in shares of FLEX LNG by 96.5% during the 2nd quarter. Denali Advisors LLC now owns 158,400 shares of the company’s stock valued at $4,283,000 after buying an additional 77,800 shares in the last quarter.

Analyst Ratings Changes

Separately, Jefferies Financial Group raised shares of FLEX LNG from an “underperform” rating to a “hold” rating and set a $24.00 target price on the stock in a research report on Wednesday, August 14th.

FLEX LNG Price Performance

Shares of NYSE FLNG opened at $25.44 on Friday. The company has a debt-to-equity ratio of 2.01, a quick ratio of 2.54 and a current ratio of 2.57. The company has a 50 day simple moving average of $26.24 and a two-hundred day simple moving average of $26.73. FLEX LNG Ltd. has a fifty-two week low of $24.16 and a fifty-two week high of $32.23. The company has a market capitalization of $1.35 billion, a price-to-earnings ratio of 10.02 and a beta of 0.71.

FLEX LNG (NYSE:FLNG) last announced its quarterly earnings data on Wednesday, August 14th. The company reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.09. FLEX LNG had a return on equity of 16.79% and a net margin of 32.60%. The business had revenue of $84.70 million during the quarter. Analysts expect that FLEX LNG Ltd. will post 2.37 EPS for the current fiscal year.

FLEX LNG Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Thursday, August 29th were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 11.79%. The ex-dividend date was Thursday, August 29th. FLEX LNG’s dividend payout ratio (DPR) is 118.11%.

FLEX LNG Company Profile

Flex LNG Ltd., together with its subsidiaries, engages in the seaborne transportation of liquefied natural gas (LNG) worldwide. The company owns and operates vessels with M-type electronically controlled gas injection LNG carriers; and vessels with generation X dual fuel propulsion systems. Flex LNG Ltd.