Gabelli Funds LLC Trims Stock Holdings in International Seaways Inc. $INSW

Gabelli Funds LLC reduced its holdings in shares of International Seaways Inc. (NYSE:INSW) by 15.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 71,730 shares of the transportation company’s stock after selling 13,273 shares during the quarter. Gabelli Funds LLC owned about 0.14% of International Seaways worth $5,228,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. First Horizon Corp grew 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 buying an additional 377 shares in the last quarter. Leonteq Securities AG bought a new position in shares of International Seaways in the fourth quarter worth $44,000. Garton & Associates Financial Advisors LLC purchased a new position in shares of International Seaways in the fourth quarter valued at $46,000. Rockefeller Capital Management L.P. grew 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 valued at $47,000 after purchasing an additional 822 shares in the last quarter. Finally, Parallel Advisors LLC raised its stake in shares of International Seaways by 85.0% during the 1st quarter. Parallel Advisors LLC now owns 1,099 shares of the transportation company’s stock valued at $80,000 after purchasing an additional 505 shares during the period. 67.29% of the stock is owned by institutional investors.

International Seaways Stock Down 1.9%

Shares of INSW opened at $90.53 on Tuesday. International Seaways Inc. has a 1 year low of $39.06 and a 1 year high of $93.48. The company has a debt-to-equity ratio of 0.26, a current ratio of 7.34 and a quick ratio of 7.28. The stock has a 50 day simple moving average of $83.86 and a two-hundred day simple moving average of $74.87. The firm has a market cap of $4.48 billion, a P/E ratio of 8.24 and a beta of -0.12.

International Seaways (NYSE:INSW) last posted its quarterly earnings results on Thursday, May 7th. The transportation company reported $3.90 EPS for the quarter, topping the consensus estimate of $2.87 by $1.03. The firm had revenue of $325.48 million for the quarter, compared to the consensus estimate of $279.34 million. International Seaways had a net margin of 55.39% and a return on equity of 21.04%. The business’s revenue was up 77.5% compared to the same quarter last year. During the same period last year, the firm posted $0.80 earnings per share. On average, analysts forecast that International Seaways Inc. will post 15.62 earnings per share for the current fiscal year.

International Seaways Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 12th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date was Friday, June 12th. International Seaways’s dividend payout ratio (DPR) is presently 4.37%.

Insider Buying and Selling at International Seaways

In other International Seaways news, SVP Derek G. Solon sold 4,700 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $89.22, for a total value of $419,334.00. Following the completion of the sale, the senior vice president directly owned 49,719 shares of the company’s stock, valued at $4,435,929.18. The trade was a 8.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Lois K. Zabrocky sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $88.08, for a total value of $2,202,000.00. Following the transaction, the chief executive officer directly owned 181,745 shares in the company, valued at $16,008,099.60. This trade represents a 12.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 42,530 shares of company stock worth $3,699,995 in the last 90 days. 1.70% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have issued reports on INSW. Weiss Ratings upgraded shares of International Seaways from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, May 11th. Pareto Securities lowered shares of International Seaways from a “buy” rating to a “hold” rating in a research report on Monday, May 18th. BTIG Research upped their price target on shares of International Seaways from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Zacks Research downgraded International Seaways from a “strong-buy” rating to a “hold” rating in a research report on Thursday, June 25th. Finally, Jefferies Financial Group reissued a “buy” rating and set a $100.00 price objective on shares of International Seaways in a research note on Friday, May 8th. Five investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $86.00.

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.