International Seaways Inc. $INSW Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. decreased its position in International Seaways Inc. (NYSE:INSW) by 10.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 148,750 shares of the transportation company’s stock after selling 17,619 shares during the quarter. JPMorgan Chase & Co. owned 0.30% of International Seaways worth $6,854,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in INSW. Arizona State Retirement System boosted its stake in shares of International Seaways by 1.7% in the third quarter. Arizona State Retirement System now owns 12,409 shares of the transportation company’s stock valued at $572,000 after purchasing an additional 206 shares during the period. Evergreen Capital Management LLC increased its stake in International Seaways by 2.9% during the 3rd quarter. Evergreen Capital Management LLC now owns 9,832 shares of the transportation company’s stock worth $453,000 after buying an additional 274 shares during the period. Blue Trust Inc. lifted its holdings in International Seaways by 16.3% in the 3rd quarter. Blue Trust Inc. now owns 2,178 shares of the transportation company’s stock worth $100,000 after buying an additional 306 shares in the last quarter. Federated Hermes Inc. boosted its position 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 buying an additional 378 shares during the last quarter. Finally, Amalgamated Bank boosted its position in International Seaways by 3.4% in the 3rd quarter. Amalgamated Bank now owns 11,956 shares of the transportation company’s stock valued at $551,000 after buying an additional 398 shares during the last quarter. Hedge funds and other institutional investors own 67.29% of the company’s stock.

Insider Buying and Selling

In related news, SVP Derek G. Solon sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $75.41, for a total value of $452,460.00. Following the sale, the senior vice president owned 50,989 shares of the company’s stock, valued at approximately $3,845,080.49. This trade represents a 10.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP William F. Nugent sold 9,583 shares of the business’s 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 transaction, 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 SEC filing for this sale provides additional information. Insiders sold a total of 60,697 shares of company stock valued at $4,459,450 over the last 90 days. 2.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on INSW. Pareto Securities raised International Seaways from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a research report on Tuesday, January 20th. Benchmark restated a “buy” rating on shares of International Seaways in a report on Thursday, February 26th. Zacks Research raised International Seaways from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 2nd. BTIG Research increased their target price on International Seaways from $70.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Finally, Weiss Ratings upgraded shares of International Seaways from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, March 23rd. One research analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the stock. According to MarketBeat, International Seaways has a consensus rating of “Buy” and a consensus target price of $68.00.

International Seaways Stock Up 2.8%

INSW stock opened at $72.93 on Wednesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.71 and a quick ratio of 3.71. International Seaways Inc. has a 1-year low of $27.20 and a 1-year high of $78.51. The firm has a fifty day moving average price of $66.49 and a two-hundred day moving average price of $55.71. The firm has a market cap of $3.60 billion, a price-to-earnings ratio of 11.71 and a beta of -0.23.

International Seaways (NYSE:INSW) last posted its quarterly earnings results on Thursday, February 26th. The transportation company reported $2.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.75 by $0.70. International Seaways had a net margin of 36.67% and a return on equity of 13.92%. The company had revenue of $267.88 million for the quarter, compared to the consensus estimate of $245.29 million. During the same period last year, the firm posted $0.90 EPS. The company’s revenue for the quarter was up 37.7% on a year-over-year basis. Research analysts predict that International Seaways Inc. will post 7.77 EPS for the current year.

International Seaways Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 30th. Shareholders of record on Friday, March 20th were issued a $0.12 dividend. The ex-dividend date of this dividend was Friday, March 20th. This represents a $0.48 dividend on an annualized basis and a yield of 0.7%. International Seaways’s dividend payout ratio (DPR) is currently 7.70%.

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.