International Seaways Inc. $INSW Shares Sold by Private Management Group Inc.

Private Management Group Inc. lowered its position in International Seaways Inc. (NYSE:INSW) by 20.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 178,409 shares of the transportation company’s stock after selling 46,894 shares during the quarter. Private Management Group Inc.’s holdings in International Seaways were worth $13,664,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. BlackRock Inc. purchased a new position in shares of International Seaways during the second quarter worth approximately $505,153,000. Dimensional Fund Advisors LP raised its position in International Seaways by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,024,755 shares of the transportation company’s stock valued at $220,436,000 after purchasing an additional 52,743 shares during the last quarter. Geode Capital Management LLC raised its position in International Seaways by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 1,010,815 shares of the transportation company’s stock valued at $49,083,000 after purchasing an additional 4,250 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in International Seaways by 1.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 638,791 shares of the transportation company’s stock worth $31,013,000 after purchasing an additional 12,188 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its position in International Seaways by 167.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 608,265 shares of the transportation company’s stock worth $44,330,000 after purchasing an additional 380,931 shares during the last quarter. 67.29% of the stock is owned by institutional investors and hedge funds.

International Seaways Price Performance

Shares of INSW opened at $98.92 on Friday. The company has a current ratio of 5.94, a quick ratio of 5.76 and a debt-to-equity ratio of 0.27. The stock’s 50 day moving average is $90.54 and its two-hundred day moving average is $81.16. International Seaways Inc. has a twelve month low of $42.26 and a twelve month high of $102.36. The firm has a market capitalization of $4.90 billion, a PE ratio of 6.32 and a beta of -0.13.

International Seaways (NYSE:INSW) last issued its earnings results on Monday, August 10th. The transportation company reported $5.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.55 by $0.36. International Seaways had a return on equity of 31.75% and a net margin of 61.98%.The business had revenue of $467.29 million during the quarter, compared to the consensus estimate of $406.38 million. During the same period in the prior year, the business posted $1.02 EPS. The company’s revenue for the quarter was up 138.9% on a year-over-year basis. Research analysts anticipate that International Seaways Inc. will post 15.89 earnings per share for the current year.

International Seaways Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be given a $5.05 dividend. The ex-dividend date is Thursday, September 10th. This is a positive change from International Seaways’s previous quarterly dividend of $0.12. This represents a $20.20 annualized dividend and a yield of 20.4%. International Seaways’s dividend payout ratio (DPR) is currently 3.07%.

Insiders Place Their Bets

In other news, CFO Jeffrey Pribor sold 1,000 shares of the company’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $81.68, for a total transaction of $81,680.00. Following the transaction, the chief financial officer directly owned 101,984 shares of the company’s stock, valued at $8,330,053.12. This represents a 0.97% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $98.44, for a total transaction of $196,880.00. Following the completion of the transaction, the chief executive officer owned 173,745 shares of the company’s stock, valued at $17,103,457.80. This represents a 1.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 5,000 shares of company stock valued at $441,240. 1.70% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on INSW. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of International Seaways in a report on Friday, August 7th. Zacks Research downgraded International Seaways from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 24th. Pareto Securities cut International Seaways from a “buy” rating to a “hold” rating in a research report on Monday, May 18th. BTIG Research lifted their target price on International Seaways from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. Finally, Jefferies Financial Group boosted their target price on International Seaways from $100.00 to $108.00 and gave the company a “buy” rating in a report on Thursday, August 13th. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $88.00.

About International Seaways

International Seaways, Inc (NYSE: INSW) is an independent tanker company that provides seaborne transportation services to oil companies, commodity traders and national oil companies. The firm’s operations focus on the carriage of crude oil and refined petroleum products, offering both time­ charter and voyage­ charter arrangements. With a modern fleet of very large crude carriers (VLCCs), Suezmax and Aframax tankers, as well as medium range (MR) and Handy product tankers, International Seaways supports global energy supply chains across major trade routes.

Founded in 1997 as Diamond S Shipping, the company completed its initial public offering in the late 1990s and rebranded to International Seaways in September 2018.