Kingsview Wealth Management LLC Increases Position in International Seaways Inc. $INSW

Kingsview Wealth Management LLC lifted its holdings in shares of International Seaways Inc. (NYSE:INSW) by 252.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 64,528 shares of the transportation company’s stock after acquiring an additional 46,234 shares during the quarter. Kingsview Wealth Management LLC’s holdings in International Seaways were worth $3,133,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Geode Capital Management LLC increased its position in shares of International Seaways by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 1,010,815 shares of the transportation company’s stock worth $49,083,000 after acquiring an additional 4,250 shares during the last quarter. Hantz Financial Services Inc. increased its position in shares of International Seaways by 23.4% during the fourth quarter. Hantz Financial Services Inc. now owns 1,902 shares of the transportation company’s stock worth $92,000 after acquiring an additional 361 shares during the last quarter. Jefferies Financial Group Inc. purchased a new stake in shares of International Seaways during the fourth quarter worth about $238,000. Leonteq Securities AG purchased a new stake in shares of International Seaways during the fourth quarter worth about $44,000. Finally, ProShare Advisors LLC increased its position in shares of International Seaways by 3.2% during the fourth quarter. ProShare Advisors LLC now owns 7,825 shares of the transportation company’s stock worth $380,000 after acquiring an additional 241 shares during the last quarter. 67.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on INSW. Weiss Ratings raised International Seaways from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, May 11th. BTIG Research lifted their target price on International Seaways from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, April 22nd. Benchmark reissued a “buy” rating on shares of International Seaways in a report on Thursday, February 26th. Jefferies Financial Group reissued a “buy” rating and issued a $100.00 price objective on shares of International Seaways in a report on Friday, May 8th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on International Seaways from $63.00 to $80.00 and gave the company a “buy” rating in a report on Monday, March 9th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, International Seaways has a consensus rating of “Buy” and a consensus target price of $83.50.

Insider Transactions at International Seaways

In other news, Director Alexandra Kate Blankenship sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $74.88, for a total transaction of $374,400.00. Following the completion of the transaction, the director directly owned 10,213 shares of the company’s stock, valued at approximately $764,749.44. This represents a 32.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Jeffrey Pribor sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $83.72, for a total value of $83,720.00. Following the transaction, the chief financial officer directly owned 102,984 shares of the company’s stock, valued at $8,621,820.48. This trade represents a 0.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 97,227 shares of company stock valued at $7,781,495 over the last 90 days. Corporate insiders own 1.70% of the company’s stock.

International Seaways Stock Up 0.7%

Shares of International Seaways stock opened at $77.34 on Friday. The company has a quick ratio of 7.28, a current ratio of 7.34 and a debt-to-equity ratio of 0.26. The firm has a market cap of $3.83 billion, a P/E ratio of 7.04 and a beta of -0.09. International Seaways Inc. has a fifty-two week low of $35.60 and a fifty-two week high of $92.66. The business has a 50-day moving average price of $78.74 and a 200 day moving average price of $65.11.

International Seaways (NYSE:INSW) last announced its quarterly earnings data 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. The firm had revenue of $325.48 million during the quarter, compared to analyst estimates of $279.34 million. International Seaways had a return on equity of 21.04% and a net margin of 55.39%.International Seaways’s quarterly revenue was up 77.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.80 earnings per share. On average, sell-side analysts forecast that International Seaways Inc. will post 14.99 earnings per share for the current fiscal year.

International Seaways Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 12th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Friday, June 12th. International Seaways’s payout ratio is currently 4.37%.

International Seaways Company Profile

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.