The Manufacturers Life Insurance Company Makes New $1.26 Million Investment in International Seaways Inc. $INSW

The Manufacturers Life Insurance Company bought a new position in International Seaways Inc. (NYSE:INSW) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 16,420 shares of the transportation company’s stock, valued at approximately $1,258,000.

Several other hedge funds have also made changes to their positions in INSW. Quantbot Technologies LP bought a new stake in shares of International Seaways in the second quarter valued at about $28,000. Leonteq Securities AG bought a new position in International Seaways during the 4th quarter worth about $44,000. Garton & Associates Financial Advisors LLC purchased a new position in International Seaways during the 4th quarter valued at about $46,000. Rockefeller Capital Management L.P. increased its position in International Seaways by 583.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 963 shares of the transportation company’s stock valued at $47,000 after purchasing an additional 822 shares during the period. Finally, Allworth Financial LP bought a new stake in shares of International Seaways in the 2nd quarter valued at about $48,000. 67.29% of the stock is currently owned by hedge funds and other institutional investors.

International Seaways Price Performance

NYSE INSW opened at $104.26 on Friday. The company has a debt-to-equity ratio of 0.27, a current ratio of 5.94 and a quick ratio of 5.76. The stock’s fifty day moving average price is $92.12 and its 200 day moving average price is $82.53. International Seaways Inc. has a 1 year low of $42.26 and a 1 year high of $105.50. The company has a market cap of $5.16 billion, a price-to-earnings ratio of 6.67, a PEG ratio of 0.26 and a beta of -0.13.

International Seaways (NYSE:INSW) last released its quarterly earnings data on Monday, August 10th. The transportation company reported $5.91 earnings per share for the quarter, topping analysts’ consensus estimates of $5.55 by $0.36. International Seaways had a net margin of 61.98% and a return on equity of 31.75%. The firm had revenue of $467.29 million for the quarter, compared to analyst estimates of $406.38 million. During the same quarter in the prior year, the business earned $1.02 earnings per share. The business’s quarterly revenue was up 138.9% compared to the same quarter last year. As a group, equities research analysts forecast that International Seaways Inc. will post 16.09 earnings per share for the current year.

International Seaways Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be given a dividend of $5.05 per share. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $20.20 annualized dividend and a yield of 19.4%. This is an increase from International Seaways’s previous quarterly dividend of $0.12. International Seaways’s payout ratio is 129.16%.

Insider Transactions at International Seaways

In other International Seaways news, CEO Lois Zabrocky sold 2,000 shares of International Seaways 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 owned 173,745 shares in the company, valued at approximately $17,103,457.80. This trade represents a 1.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 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 value of $81,680.00. Following the completion of the sale, the chief financial officer owned 101,984 shares in the company, valued at $8,330,053.12. The trade was a 0.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 5,000 shares of company stock valued at $441,240 in the last quarter. Company insiders own 1.70% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on INSW shares. Weiss Ratings reiterated a “buy (b-)” rating on shares of International Seaways in a research note on Friday, August 7th. BTIG Research upped their target price on International Seaways from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Zacks Research cut International Seaways from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 24th. Pareto Securities downgraded International Seaways from a “buy” rating to a “hold” rating in a report on Monday, May 18th. Finally, Jefferies Financial Group boosted their price target on International Seaways from $100.00 to $108.00 and gave the stock a “buy” rating in a research report on Thursday, August 13th. Five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $94.75.

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.