Ieq Capital LLC Takes $3.96 Million Position in International Seaways Inc. $INSW

Ieq Capital LLC purchased a new position in shares of International Seaways Inc. (NYSE:INSW) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 51,699 shares of the transportation company’s stock, valued at approximately $3,960,000. Ieq Capital LLC owned about 0.10% of International Seaways at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in International Seaways during the second quarter worth $505,153,000. Dimensional Fund Advisors LP lifted its stake in shares of International Seaways by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,024,755 shares of the transportation company’s stock valued at $220,436,000 after purchasing an additional 52,743 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of International Seaways by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 1,010,815 shares of the transportation company’s stock worth $49,083,000 after purchasing an additional 4,250 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of International Seaways by 1.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 638,791 shares of the transportation company’s stock worth $31,013,000 after purchasing an additional 12,188 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its position in shares of International Seaways by 167.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 608,265 shares of the transportation company’s stock worth $44,330,000 after purchasing an additional 380,931 shares during the last quarter. Hedge funds and other institutional investors own 67.29% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on INSW. BTIG Research boosted their price objective on shares of International Seaways from $90.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Pareto Securities cut shares of International Seaways from a “buy” rating to a “hold” rating in a research report on Monday, May 18th. Weiss Ratings reissued a “buy (b-)” rating on shares of International Seaways in a research note on Friday, August 7th. Zacks Research upgraded shares of International Seaways from a “hold” rating to a “strong-buy” rating in a report on Friday, July 24th. Finally, Jefferies Financial Group upped their price objective on shares of International Seaways from $100.00 to $108.00 and gave the stock a “buy” rating in a report on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $88.00.

Insider Buying and Selling

In other International Seaways news, CFO Jeffrey Pribor sold 1,000 shares of the business’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $81.68, for a total value of $81,680.00. Following the completion of the transaction, the chief financial officer owned 101,984 shares in the company, valued at $8,330,053.12. The trade was a 0.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Lois K. Zabrocky sold 2,000 shares of the company’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $98.44, for a total value of $196,880.00. Following the sale, the chief executive officer directly owned 173,745 shares in the company, valued at $17,103,457.80. This represents a 1.14% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 5,000 shares of company stock worth $441,240. 1.70% of the stock is owned by company insiders.

International Seaways Stock Performance

Shares of International Seaways stock opened at $99.89 on Tuesday. The business has a 50-day moving average of $89.37 and a 200 day moving average of $80.23. International Seaways Inc. has a 12 month low of $42.26 and a 12 month high of $102.36. The stock has a market capitalization of $4.95 billion, a price-to-earnings ratio of 6.39 and a beta of -0.13. The company has a debt-to-equity ratio of 0.27, a current ratio of 5.94 and a quick ratio of 5.76.

International Seaways (NYSE:INSW) last issued its quarterly earnings results on Monday, August 10th. The transportation company reported $5.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.55 by $0.36. The company had revenue of $467.29 million for the quarter, compared to analyst estimates of $406.38 million. International Seaways had a net margin of 61.98% and a return on equity of 31.75%. The business’s revenue for the quarter was up 138.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.02 earnings per share. As a group, sell-side analysts forecast that International Seaways Inc. will post 15.89 earnings per share for the current year.

International Seaways Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be paid a dividend of $5.05 per share. This represents a $20.20 annualized dividend and a yield of 20.2%. The ex-dividend date of this dividend is Thursday, September 10th. This is an increase from International Seaways’s previous quarterly dividend of $0.12. International Seaways’s payout ratio is currently 3.07%.

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.