Connor Clark & Lunn Investment Management Ltd. Acquires Shares of 122,143 International Seaways Inc. $INSW

Connor Clark & Lunn Investment Management Ltd. bought a new position in International Seaways Inc. (NYSE:INSW) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 122,143 shares of the transportation company’s stock, valued at approximately $9,355,000. Connor Clark & Lunn Investment Management Ltd. owned 0.25% of International Seaways at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. BlackRock Inc. acquired a new position in International Seaways in the 2nd quarter worth approximately $505,153,000. Arrowstreet Capital Limited Partnership raised its stake in International Seaways by 167.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 608,265 shares of the transportation company’s stock valued at $44,330,000 after purchasing an additional 380,931 shares during the period. Amundi acquired a new stake in International Seaways during the 4th quarter valued at $13,663,000. Bank of New York Mellon Corp purchased a new stake in shares of International Seaways in the second quarter valued at $21,082,000. Finally, Acorn Financial Advisory Services Inc. ADV purchased a new stake in shares of International Seaways in the first quarter valued at $13,145,000. 67.29% of the stock is owned by hedge funds and other institutional investors.

International Seaways Trading Down 5.6%

International Seaways stock opened at $93.50 on Thursday. International Seaways Inc. has a 12 month low of $42.26 and a 12 month high of $102.36. The company has a quick ratio of 5.76, a current ratio of 5.94 and a debt-to-equity ratio of 0.27. The stock has a market cap of $4.63 billion, a P/E ratio of 5.98 and a beta of -0.13. The company’s fifty day simple moving average is $89.95 and its 200-day simple moving average is $80.76.

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

International Seaways Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be given a $5.05 dividend. This represents a $20.20 annualized dividend and a yield of 21.6%. 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%.

Analysts Set New Price Targets

INSW has been the topic of a number of research analyst reports. BTIG Research lifted their price target on International Seaways from $90.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Pareto Securities downgraded International Seaways from a “buy” rating to a “hold” rating in a research note on Monday, May 18th. Weiss Ratings restated a “buy (b-)” rating on shares of International Seaways in a research report on Friday, August 7th. Zacks Research cut International Seaways from a “strong-buy” rating to a “hold” rating in a research note on Monday. Finally, Jefferies Financial Group upped their target price on International Seaways from $100.00 to $108.00 and gave the company a “buy” rating in a report on Thursday, August 13th. Five investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, International Seaways presently has an average rating of “Moderate Buy” and a consensus price target of $88.00.

Insider Transactions at International Seaways

In other news, 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 sale, the chief executive officer directly owned 173,745 shares of the company’s stock, valued at $17,103,457.80. This trade represents a 1.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Jeffrey Pribor sold 1,000 shares of International Seaways 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 sale, the chief financial officer 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. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 5,000 shares of company stock valued at $441,240 over the last ninety days. Company insiders own 1.70% of the company’s stock.

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.