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

Ieq Capital LLC purchased a new stake in International Seaways Inc. (NYSE:INSW) during the second quarter, HoldingsChannel.com reports. The fund purchased 51,699 shares of the transportation company’s stock, valued at approximately $3,960,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in INSW. Charles Schwab Investment Management Inc. lifted its holdings in shares of International Seaways by 1.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 638,791 shares of the transportation company’s stock valued at $31,013,000 after purchasing an additional 12,188 shares during the last quarter. Resolute Capital LLC acquired a new stake in shares of International Seaways during the fourth quarter worth $1,273,000. NewEdge Wealth LLC boosted its holdings in shares of International Seaways by 43.1% in the first quarter. NewEdge Wealth LLC now owns 24,942 shares of the transportation company’s stock valued at $1,818,000 after acquiring an additional 7,511 shares in the last quarter. Cercano Management LLC acquired a new position in shares of International Seaways during the fourth quarter worth about $4,137,000. Finally, Kingsview Wealth Management LLC boosted its stake in International Seaways by 252.7% during the 4th quarter. Kingsview Wealth Management LLC now owns 64,528 shares of the transportation company’s stock valued at $3,133,000 after purchasing an additional 46,234 shares in the last quarter. Institutional investors and hedge funds own 67.29% of the company’s stock.

International Seaways Price Performance

Shares of NYSE:INSW opened at $99.89 on Tuesday. The company has a current ratio of 5.94, a quick ratio of 5.76 and a debt-to-equity ratio of 0.27. International Seaways Inc. has a 1 year low of $42.26 and a 1 year high of $102.36. The business has a fifty day simple moving average of $89.37 and a 200 day simple moving average of $80.23. The firm has a market cap of $4.95 billion, a price-to-earnings ratio of 6.39 and a beta of -0.13.

International Seaways (NYSE:INSW) last issued its earnings results on Monday, August 10th. The transportation company reported $5.91 EPS for the quarter, beating 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 the consensus estimate of $406.38 million. During the same quarter in the previous year, the company posted $1.02 earnings per share. The business’s quarterly revenue was up 138.9% compared to the same quarter last year. As a group, sell-side analysts predict that International Seaways Inc. will post 15.89 earnings per share 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 $5.05 dividend. This represents a $20.20 dividend on an annualized basis and a yield of 20.2%. This is a boost from International Seaways’s previous quarterly dividend of $0.12. The ex-dividend date is Thursday, September 10th. International Seaways’s dividend payout ratio is presently 3.07%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on INSW. 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 report on Wednesday, June 24th. Weiss Ratings reissued a “buy (b-)” rating on shares of International Seaways in a research report on Friday, August 7th. Pareto Securities lowered International Seaways from a “buy” rating to a “hold” rating in a research report on Monday, May 18th. Jefferies Financial Group lifted their target price on International Seaways from $100.00 to $108.00 and gave the company a “buy” rating in a research note on Thursday, August 13th. Finally, Zacks Research raised shares of International Seaways from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 24th. One investment 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, International Seaways presently has an average rating of “Buy” and an average price target of $88.00.

Insider Activity at International Seaways

In other International Seaways news, CEO Lois K. Zabrocky sold 2,000 shares of the company’s stock in a transaction that occurred on 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 sale, the chief executive officer owned 173,745 shares of the company’s stock, valued at $17,103,457.80. This represents a 1.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jeffrey Pribor sold 1,000 shares of the company’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $81.68, for a total transaction of $81,680.00. Following the sale, the chief financial officer directly owned 101,984 shares of the company’s stock, valued at approximately $8,330,053.12. This represents a 0.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 5,000 shares of company stock valued at $441,240 over the last three months. Insiders own 1.70% of the company’s stock.

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.