Gabelli Funds LLC Reduces Position in International Seaways Inc. $INSW

Gabelli Funds LLC decreased its position in International Seaways Inc. (NYSE:INSW) by 15.6% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 71,730 shares of the transportation company’s stock after selling 13,273 shares during the period. Gabelli Funds LLC’s holdings in International Seaways were worth $5,228,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. First Horizon Corp boosted its position in International Seaways by 121.6% during the 4th quarter. First Horizon Corp now owns 687 shares of the transportation company’s stock valued at $33,000 after buying an additional 377 shares during the period. Leonteq Securities AG purchased a new position in shares of International Seaways in the fourth quarter valued at about $44,000. Garton & Associates Financial Advisors LLC bought a new position in shares of International Seaways during the fourth quarter valued at about $46,000. Rockefeller Capital Management L.P. raised its stake in shares of International Seaways by 583.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 963 shares of the transportation company’s stock valued at $47,000 after acquiring an additional 822 shares during the last quarter. Finally, Advisory Services Network LLC bought a new position in shares of International Seaways during the third quarter valued at about $53,000. 67.29% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at International Seaways

In other news, SVP Derek G. Solon sold 4,700 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $89.22, for a total transaction of $419,334.00. Following the sale, the senior vice president owned 49,719 shares in the company, valued at approximately $4,435,929.18. The trade was a 8.64% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Jeffrey Pribor sold 1,000 shares of the company’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $81.68, for a total transaction 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 SEC filing for this sale provides additional information. Insiders have sold a total of 42,530 shares of company stock worth $3,699,995 in the last ninety days. 1.70% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts recently issued reports on INSW shares. Weiss Ratings raised International Seaways from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, May 11th. Pareto Securities lowered International Seaways from a “buy” rating to a “hold” rating in a research report on Monday, May 18th. Wall Street Zen upgraded International Seaways from a “buy” rating to a “strong-buy” rating in a report on Monday, April 13th. Jefferies Financial Group reiterated a “buy” rating and issued a $100.00 price objective on shares of International Seaways in a research report on Friday, May 8th. Finally, Zacks Research cut International Seaways from a “strong-buy” rating to a “hold” rating in a research note on Thursday, June 25th. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, International Seaways has a consensus rating of “Moderate Buy” and an average target price of $86.00.

International Seaways Stock Down 1.9%

INSW stock opened at $90.53 on Tuesday. International Seaways Inc. has a fifty-two week low of $39.06 and a fifty-two week high of $93.48. The business’s 50 day moving average price is $83.86 and its two-hundred day moving average price is $74.87. The company has a debt-to-equity ratio of 0.26, a quick ratio of 7.28 and a current ratio of 7.34. The company has a market capitalization of $4.48 billion, a price-to-earnings ratio of 8.24 and a beta of -0.12.

International Seaways (NYSE:INSW) last announced its earnings results on Thursday, May 7th. The transportation company reported $3.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.87 by $1.03. The firm had revenue of $325.48 million during the quarter, compared to analyst estimates of $279.34 million. International Seaways had a return on equity of 21.04% and a net margin of 55.39%.The business’s revenue was up 77.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.80 EPS. As a group, analysts forecast that International Seaways Inc. will post 15.62 earnings per share for the current fiscal year.

International Seaways Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 12th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Friday, June 12th. International Seaways’s dividend payout ratio is presently 4.37%.

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.