Intech Investment Management LLC Sells 7,065 Shares of International Seaways Inc. $INSW

Intech Investment Management LLC lowered its position in shares of International Seaways Inc. (NYSE:INSW) by 30.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,247 shares of the transportation company’s stock after selling 7,065 shares during the period. Intech Investment Management LLC’s holdings in International Seaways were worth $749,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Federated Hermes Inc. increased its holdings in shares of International Seaways by 99.5% in the 3rd quarter. Federated Hermes Inc. now owns 758 shares of the transportation company’s stock worth $35,000 after buying an additional 378 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in International Seaways by 601.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,508 shares of the transportation company’s stock valued at $55,000 after buying an additional 1,293 shares during the period. Hantz Financial Services Inc. grew its position in shares of International Seaways by 450.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 1,541 shares of the transportation company’s stock worth $71,000 after buying an additional 1,261 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in International Seaways by 240.1% in the second quarter. NewEdge Advisors LLC now owns 2,010 shares of the transportation company’s stock valued at $73,000 after acquiring an additional 1,419 shares in the last quarter. Finally, State of Wyoming purchased a new position in shares of International Seaways during the second quarter valued at about $87,000. Institutional investors own 67.29% of the company’s stock.

International Seaways Stock Up 4.9%

INSW stock opened at $75.93 on Tuesday. The company has a market cap of $3.75 billion, a price-to-earnings ratio of 12.19 and a beta of -0.23. The company has a debt-to-equity ratio of 0.27, a quick ratio of 3.71 and a current ratio of 3.71. The business’s 50-day moving average is $60.94 and its two-hundred day moving average is $52.99. International Seaways Inc. has a fifty-two week low of $27.20 and a fifty-two week high of $78.51.

International Seaways (NYSE:INSW) last announced its earnings results on Thursday, February 26th. The transportation company reported $2.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.75 by $0.70. International Seaways had a net margin of 36.67% and a return on equity of 13.92%. The company had revenue of $267.88 million during the quarter, compared to analyst estimates of $245.29 million. During the same period in the previous year, the business posted $0.90 earnings per share. The firm’s quarterly revenue was up 37.7% compared to the same quarter last year. As a group, analysts forecast that International Seaways Inc. will post 7.77 earnings per share for the current year.

International Seaways Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 30th. Investors of record on Friday, March 20th will be given a dividend of $0.12 per share. The ex-dividend date is Friday, March 20th. This represents a $0.48 annualized dividend and a dividend yield of 0.6%. International Seaways’s dividend payout ratio (DPR) is currently 7.70%.

Insider Activity at International Seaways

In other International Seaways news, Director Alexandra Kate Blankenship sold 4,000 shares of the stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $75.69, for a total transaction of $302,760.00. Following the completion of the sale, the director directly owned 15,213 shares of the company’s stock, valued at $1,151,471.97. This trade represents a 20.82% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP William F. Nugent sold 9,583 shares of the firm’s stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $76.00, for a total transaction of $728,308.00. Following the transaction, the senior vice president directly owned 52,572 shares of the company’s stock, valued at $3,995,472. The trade was a 15.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 51,218 shares of company stock worth $3,692,217 in the last three months. Corporate insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. BTIG Research raised their target price on shares of International Seaways from $70.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Zacks Research upgraded shares of International Seaways from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 2nd. Deutsche Bank Aktiengesellschaft lifted their target price on shares of International Seaways from $63.00 to $80.00 and gave the stock a “buy” rating in a report on Monday. Wall Street Zen upgraded shares of International Seaways from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of International Seaways in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $68.00.

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.