QRG Capital Management Inc. Decreases Stock Position in International Seaways Inc. $INSW

QRG Capital Management Inc. cut its position in International Seaways Inc. (NYSE:INSW) by 27.8% during the fourth quarter, HoldingsChannel.com reports. The fund owned 26,244 shares of the transportation company’s stock after selling 10,091 shares during the period. QRG Capital Management Inc.’s holdings in International Seaways were worth $1,274,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in INSW. First Horizon Corp raised its stake in International Seaways by 121.6% in the 4th quarter. First Horizon Corp now owns 687 shares of the transportation company’s stock valued at $33,000 after purchasing an additional 377 shares during the last quarter. Federated Hermes Inc. lifted its holdings in International Seaways by 99.5% in the 3rd quarter. Federated Hermes Inc. now owns 758 shares of the transportation company’s stock valued at $35,000 after purchasing an additional 378 shares in the last quarter. Founders Capital Management boosted its stake in International Seaways by 37.5% during the 4th quarter. Founders Capital Management now owns 1,100 shares of the transportation company’s stock worth $53,000 after purchasing an additional 300 shares during the last quarter. Advisory Services Network LLC purchased a new stake in shares of International Seaways during the third quarter worth $53,000. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of International Seaways by 601.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,508 shares of the transportation company’s stock worth $55,000 after buying an additional 1,293 shares in the last quarter. 67.29% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, SVP William F. Nugent sold 9,583 shares of the stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $76.00, for a total value of $728,308.00. Following the completion of the sale, the senior vice president owned 52,572 shares of the company’s stock, valued at $3,995,472. This represents a 15.42% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Randee E. Day sold 4,090 shares of the firm’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $74.93, for a total transaction of $306,463.70. Following the sale, the director owned 18,435 shares of the company’s stock, valued at $1,381,334.55. This represents a 18.16% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 60,697 shares of company stock worth $4,517,070 over the last ninety days. 2.00% of the stock is currently owned by insiders.

International Seaways Stock Up 1.4%

Shares of INSW opened at $91.47 on Friday. International Seaways Inc. has a 52-week low of $35.60 and a 52-week high of $92.66. The company has a market capitalization of $4.53 billion, a PE ratio of 8.33 and a beta of -0.09. The stock has a fifty day simple moving average of $74.69 and a two-hundred day simple moving average of $61.28. The company has a quick ratio of 3.71, a current ratio of 7.34 and a debt-to-equity ratio of 0.26.

International Seaways (NYSE:INSW) last announced its quarterly earnings results on Thursday, May 7th. The transportation company reported $3.90 earnings per share for the quarter, beating the consensus estimate of $2.87 by $1.03. International Seaways had a net margin of 55.39% and a return on equity of 21.04%. The firm had revenue of $325.48 million for the quarter, compared to analysts’ expectations of $279.34 million. During the same quarter in the previous year, the company posted $0.80 EPS. The company’s revenue was up 77.5% compared to the same quarter last year. As a group, equities analysts forecast that International Seaways Inc. will post 9.73 EPS for the current year.

International Seaways Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 12th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.5%. The ex-dividend date is Friday, June 12th. International Seaways’s payout ratio is presently 7.70%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Pareto Securities raised shares of International Seaways from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a research note on Tuesday, January 20th. BTIG Research upped their price objective on shares of International Seaways from $80.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Jefferies Financial Group reiterated a “buy” rating and issued a $100.00 price objective on shares of International Seaways in a report on Friday. Benchmark reissued a “buy” rating on shares of International Seaways in a research note on Thursday, February 26th. Finally, Weiss Ratings cut International Seaways from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, April 7th. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, International Seaways presently has an average rating of “Moderate Buy” and an average price target of $83.50.

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.