Renaissance Technologies LLC Has $5.75 Million Stock Holdings in International Seaways Inc. $INSW

Renaissance Technologies LLC reduced its holdings in International Seaways Inc. (NYSE:INSW) by 46.5% during the 1st quarter, Holdings Channel reports. The institutional investor owned 78,950 shares of the transportation company’s stock after selling 68,563 shares during the quarter. Renaissance Technologies LLC’s holdings in International Seaways were worth $5,754,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. First Horizon Corp lifted its position in shares of International Seaways by 121.6% in the fourth quarter. First Horizon Corp now owns 687 shares of the transportation company’s stock valued at $33,000 after buying an additional 377 shares during the last quarter. Leonteq Securities AG bought a new position in shares of International Seaways during the 4th quarter worth approximately $44,000. Garton & Associates Financial Advisors LLC acquired a new position in shares of International Seaways during the 4th quarter worth approximately $46,000. Rockefeller Capital Management L.P. increased its holdings in shares of International Seaways by 583.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 963 shares of the transportation company’s stock worth $47,000 after acquiring an additional 822 shares during the last quarter. Finally, Advisory Services Network LLC bought a new stake in International Seaways in the 3rd quarter valued at $53,000. 67.29% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Zacks Research raised International Seaways from a “hold” rating to a “strong-buy” rating in a report on Friday, July 24th. Pareto Securities downgraded shares of International Seaways from a “buy” rating to a “hold” rating in a report on Monday, May 18th. Weiss Ratings raised shares of International Seaways from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, May 11th. BTIG Research raised their target price on shares of International Seaways from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $100.00 target price on shares of International Seaways in a report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $86.00.

International Seaways Stock Performance

Shares of NYSE:INSW opened at $90.94 on Thursday. The company’s 50 day simple moving average is $85.31 and its 200 day simple moving average is $76.79. The stock has a market capitalization of $4.50 billion, a price-to-earnings ratio of 8.28 and a beta of -0.13. The company has a debt-to-equity ratio of 0.26, a current ratio of 7.34 and a quick ratio of 7.28. International Seaways Inc. has a 1 year low of $41.20 and a 1 year high of $98.23.

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

Insiders Place Their Bets

In other news, CEO Lois K. Zabrocky sold 25,000 shares of International Seaways stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $88.08, for a total value of $2,202,000.00. Following the transaction, the chief executive officer owned 181,745 shares in the company, valued at approximately $16,008,099.60. This trade represents a 12.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Jeffrey Pribor sold 1,000 shares of the business’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $81.68, for a total value of $81,680.00. Following the transaction, 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 position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 42,530 shares of company stock worth $3,699,995. 1.70% of the stock is currently owned by company insiders.

International Seaways 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.