Bank of New York Mellon bought more than 9 million shares of Scorpio Tankers just before the New Year.
According to Securities and Exchange Commission filings, the bank upped its stake in the company from 16.2 million shares to 25.4 million on 31 December.
The bank's ownership in the New York-listed tanker owner dropped from 5.23% to 4.97% due to share dilution.
After the close Tuesday, shares were trading at $20.03, down 4.85%.
Scorpio Tankers announced a 10-for-1 reverse stock split last week effective 18 January, after president Robert Bugbee floated the idea at the company's investors day in mid-December.
At the event — with shares trading around $2 — he said the sweet spot for the stock was between $10 and $20. He said a rally in the tanker sector could get stock up to $5 or $6, but hoped to get shares higher.
