Man Group plc Invests $867,000 in International Seaways Inc. $INSW

Man Group plc purchased a new stake in shares of International Seaways Inc. (NYSE:INSW) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 11,318 shares of the transportation company’s stock, valued at approximately $867,000.

Several other hedge funds have also recently bought and sold shares of INSW. Quantbot Technologies LP acquired a new stake in International Seaways during the 2nd quarter worth about $28,000. Leonteq Securities AG acquired a new position in shares of International Seaways in the 4th quarter valued at about $44,000. Garton & Associates Financial Advisors LLC acquired a new position in shares of International Seaways in the 4th quarter valued at about $46,000. Rockefeller Capital Management L.P. lifted its position in shares of International Seaways by 583.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 963 shares of the transportation company’s stock worth $47,000 after purchasing an additional 822 shares in the last quarter. Finally, Allworth Financial LP purchased a new stake in shares of International Seaways in the second quarter worth approximately $48,000. 67.29% of the stock is owned by hedge funds and other institutional investors.

International Seaways Stock Performance

Shares of NYSE INSW opened at $102.25 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 5.76 and a current ratio of 5.94. The firm has a market cap of $5.06 billion, a price-to-earnings ratio of 6.54, a P/E/G ratio of 0.26 and a beta of -0.13. The business’s 50-day simple moving average is $91.63 and its 200-day simple moving average is $82.38. International Seaways Inc. has a 52 week low of $42.26 and a 52 week high of $103.03.

International Seaways (NYSE:INSW) last issued its quarterly earnings results on Monday, August 10th. The transportation company reported $5.91 earnings per share for the quarter, beating analysts’ consensus estimates of $5.55 by $0.36. The firm had revenue of $467.29 million during the quarter, compared to the consensus estimate of $406.38 million. International Seaways had a net margin of 61.98% and a return on equity of 31.75%. The business’s revenue was up 138.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.02 EPS. As a group, equities research analysts expect that International Seaways Inc. will post 16.09 earnings per share for the current fiscal year.

International Seaways Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be paid a $5.05 dividend. The ex-dividend date is Thursday, September 10th. This is a boost from International Seaways’s previous quarterly dividend of $0.12. This represents a $20.20 annualized dividend and a dividend yield of 19.8%. International Seaways’s dividend payout ratio is 3.07%.

Wall Street Analyst Weigh In

INSW has been the topic of a number of research analyst reports. Jefferies Financial Group boosted their price objective on shares of International Seaways from $100.00 to $108.00 and gave the company a “buy” rating in a research report on Thursday, August 13th. Pareto Securities downgraded shares of International Seaways from a “buy” rating to a “hold” rating in a research report on Monday, May 18th. Zacks Research lowered shares of International Seaways from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 24th. BTIG Research boosted their price target on shares of International Seaways from $90.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of International Seaways in a report on Friday, August 7th. Five equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $94.75.

Insider Activity

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

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.