NewEdge Wealth LLC Purchases New Position in International Seaways Inc. $INSW

NewEdge Wealth LLC purchased a new position in International Seaways Inc. (NYSE:INSW) in the second quarter, Holdings Channel reports. The fund purchased 31,675 shares of the transportation company’s stock, valued at approximately $2,426,000.

A number of other hedge funds also recently bought and sold shares of INSW. BlackRock Inc. acquired a new stake in International Seaways in the second quarter valued at approximately $505,153,000. Arrowstreet Capital Limited Partnership raised its stake 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 buying an additional 380,931 shares during the period. Amundi acquired a new position in shares of International Seaways during the 4th quarter worth approximately $13,663,000. Bank of New York Mellon Corp acquired a new position in shares of International Seaways during the 2nd quarter worth approximately $21,082,000. Finally, Acorn Financial Advisory Services Inc. ADV purchased a new position in shares of International Seaways during the 1st quarter valued at approximately $13,145,000. Hedge funds and other institutional investors own 67.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on INSW shares. 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 research report on Friday, July 24th. BTIG Research increased 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 lowered shares of International Seaways from a “buy” rating to a “hold” rating in a research report on Monday, May 18th. Finally, Jefferies Financial Group boosted their target price on shares of International Seaways from $100.00 to $108.00 and gave the stock a “buy” rating in a research note on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $88.00.

International Seaways Stock Performance

NYSE INSW opened at $99.05 on Friday. The company has a market cap of $4.91 billion, a PE ratio of 6.33 and a beta of -0.13. The stock’s 50 day simple moving average is $88.65 and its 200-day simple moving average is $79.69. International Seaways Inc. has a 1-year low of $42.26 and a 1-year high of $100.50. 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. International Seaways had a return on equity of 31.75% and a net margin of 61.98%.The firm had revenue of $467.29 million for the quarter, compared to analyst estimates of $406.38 million. During the same period in the previous year, the company posted $1.02 earnings per share. The business’s revenue was up 138.9% on a year-over-year basis. As a group, equities research analysts anticipate that International Seaways Inc. will post 15.89 EPS for the current fiscal year.

International Seaways Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be paid a dividend of $5.05 per share. This is a boost from International Seaways’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $20.20 annualized dividend and a yield of 20.4%. International Seaways’s dividend payout ratio is presently 3.07%.

Insider Buying and Selling at International Seaways

In other news, CFO Jeffrey Pribor sold 1,000 shares of the stock in a transaction dated 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 sale, the chief financial officer directly owned 101,984 shares in the company, valued at $8,330,053.12. This represents a 0.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Lois K. Zabrocky sold 2,000 shares of the firm’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $98.44, for a total transaction of $196,880.00. Following the completion of the transaction, the chief executive officer directly owned 173,745 shares in the company, valued at approximately $17,103,457.80. This represents a 1.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 5,000 shares of company stock worth $441,240. 1.70% of the stock is currently owned by corporate insiders.

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.