Derek Solon Sells 6,000 Shares of International Seaways (NYSE:INSW) Stock

International Seaways Inc. (NYSE:INSW) SVP Derek Solon sold 6,000 shares of the stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $75.41, for a total transaction of $452,460.00. Following the completion of the sale, the senior vice president directly owned 50,989 shares in the company, valued at approximately $3,845,080.49. This represents a 10.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

International Seaways Stock Down 0.3%

Shares of INSW stock traded down $0.23 on Wednesday, reaching $75.38. 701,687 shares of the stock were exchanged, compared to its average volume of 587,650. The company has a market capitalization of $3.72 billion, a price-to-earnings ratio of 12.10 and a beta of -0.23. The business’s 50 day moving average price is $59.44 and its 200 day moving average price is $52.27. The company has a current ratio of 3.71, a quick ratio of 3.71 and a debt-to-equity ratio of 0.27. International Seaways Inc. has a twelve month low of $27.20 and a twelve month high of $78.51.

International Seaways (NYSE:INSW) last announced 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. The company had revenue of $267.88 million during the quarter, compared to the consensus estimate of $245.29 million. International Seaways had a return on equity of 13.92% and a net margin of 36.67%.International Seaways’s revenue for the quarter was up 37.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.90 EPS. As a group, sell-side analysts expect that International Seaways Inc. will post 7.77 earnings per share for the current fiscal year.

International Seaways Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 30th. Shareholders of record on Friday, March 20th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.6%. The ex-dividend date is Friday, March 20th. International Seaways’s dividend payout ratio is currently 7.70%.

Institutional Investors Weigh In On International Seaways

Hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP grew its position in International Seaways by 2.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,972,012 shares of the transportation company’s stock valued at $144,290,000 after buying an additional 68,248 shares during the last quarter. American Century Companies Inc. increased its stake in shares of International Seaways by 7.5% during the third quarter. American Century Companies Inc. now owns 1,994,978 shares of the transportation company’s stock worth $91,929,000 after acquiring an additional 139,868 shares during the period. Geode Capital Management LLC increased its stake in shares of International Seaways by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 1,010,815 shares of the transportation company’s stock worth $49,083,000 after acquiring an additional 4,250 shares during the period. Donald Smith & CO. Inc. raised its holdings in International Seaways by 43.9% during the second quarter. Donald Smith & CO. Inc. now owns 709,036 shares of the transportation company’s stock worth $25,866,000 after purchasing an additional 216,325 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in International Seaways by 1.9% in the fourth 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 period. 67.29% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on INSW. Pareto Securities raised shares of 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. Wall Street Zen cut International Seaways from a “buy” rating to a “hold” rating in a research report on Saturday, February 7th. Zacks Research raised International Seaways from a “hold” rating to a “strong-buy” rating in a research report on Monday. Benchmark reaffirmed a “buy” rating on shares of International Seaways in a research report on Thursday, February 26th. Finally, BTIG Research increased their price objective on International Seaways from $70.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, February 26th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $64.00.

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.