First Wilshire Securities Management Inc. reduced its position in StealthGas Inc. (NASDAQ:GASS) by 53.6% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 189,849 shares of the shipping company’s stock after selling 218,886 shares during the quarter. First Wilshire Securities Management Inc.’s holdings in StealthGas were worth $653,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Russell Investments Group Ltd. increased its holdings in StealthGas by 18.2% in the 2nd quarter. Russell Investments Group Ltd. now owns 2,985,339 shares of the shipping company’s stock valued at $10,267,000 after buying an additional 460,335 shares during the period. Renaissance Technologies LLC increased its holdings in StealthGas by 5.6% in the 2nd quarter. Renaissance Technologies LLC now owns 2,087,726 shares of the shipping company’s stock valued at $7,182,000 after buying an additional 109,933 shares during the period. Towerview LLC increased its holdings in StealthGas by 7.9% in the 2nd quarter. Towerview LLC now owns 580,000 shares of the shipping company’s stock valued at $1,995,000 after buying an additional 42,525 shares during the period. Finally, Envestnet Asset Management Inc. bought a new position in StealthGas in the 2nd quarter valued at about $34,000. 58.71% of the stock is currently owned by hedge funds and other institutional investors.
GASS opened at $3.05 on Friday. The company’s 50 day moving average is $3.28 and its 200-day moving average is $3.40. StealthGas Inc. has a 1-year low of $2.73 and a 1-year high of $4.18. The company has a current ratio of 1.15, a quick ratio of 1.10 and a debt-to-equity ratio of 0.63. The company has a market cap of $124.39 million, a P/E ratio of 103.33 and a beta of 1.47.
In other StealthGas news, major shareholder Opportunities Fund L. Glendon bought 95,627 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were acquired at an average cost of $3.42 per share, for a total transaction of $327,044.34. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Glendon Capital Management Lp bought 50,000 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The shares were acquired at an average price of $3.36 per share, for a total transaction of $168,000.00. The disclosure for this purchase can be found here.
Several equities analysts have commented on the stock. ValuEngine lowered shares of StealthGas from a “buy” rating to a “hold” rating in a report on Monday, August 26th. Zacks Investment Research upgraded shares of StealthGas from a “sell” rating to a “hold” rating in a research note on Wednesday.
StealthGas Company Profile
StealthGas Inc, together with its subsidiaries, provides seaborne transportation services to liquefied petroleum gas (LPG) producers and users worldwide. It also provides crude oil and product carriers chartered to oil producers, refiners, and commodities traders. The company's carriers carry various petroleum gas products in liquefied form, including propane, butane, butadiene, isopropane, propylene, and vinyl chloride monomer; and refined petroleum products, such as gasoline, diesel, fuel oil, and jet fuel, as well as edible oils and chemicals.
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