Acorn Financial Advisory Services Inc. ADV Buys Shares of 180,365 International Seaways Inc. $INSW

Key Points

• Acorn Financial Advisory Services bought a new stake in International Seaways during the first quarter, purchasing 180,365 shares valued at about $13.1 million. The position represents roughly 1.8% of Acorn’s portfolio and 0.36% of the company.
• International Seaways has continued to draw mixed but generally positive Wall Street coverage, with five analysts rating it a Buy and two a Hold. The stock’s consensus target price stands at $86.00, while recent price targets from Jefferies and BTIG were both set at $100.
• The company reported strong quarterly results, with earnings of $3.90 per share and revenue of $325.48 million, both ahead of expectations. Despite that, the stock was down 1.4% at $76.74, and insiders have recently been selling shares.

Acorn Financial Advisory Services Inc. ADV purchased a new position in shares of International Seaways Inc. (NYSE:INSW - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 180,365 shares of the transportation company's stock, valued at approximately $13,145,000. International Seaways makes up approximately 1.8% of Acorn Financial Advisory Services Inc. ADV's investment portfolio, making the stock its 19th biggest position. Acorn Financial Advisory Services Inc. ADV owned about 0.36% of International Seaways as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its stake in shares of 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 worth $31,013,000 after acquiring an additional 12,188 shares in the last quarter. Resolute Capital LLC acquired a new stake in shares of International Seaways in the fourth quarter valued at $1,273,000. SG Americas Securities LLC boosted its holdings in International Seaways by 123.4% in the fourth quarter. SG Americas Securities LLC now owns 34,276 shares of the transportation company's stock valued at $1,664,000 after purchasing an additional 18,935 shares during the period. TrueMark Investments LLC purchased a new position in International Seaways in the fourth quarter valued at $1,404,000. Finally, Assenagon Asset Management S.A. acquired a new position in International Seaways during the 4th quarter worth $910,000. Hedge funds and other institutional investors own 67.29% of the company's stock.

Wall Street Analyst Weigh In

INSW has been the subject of several recent research reports. Jefferies Financial Group reiterated a "buy" rating and issued a $100.00 price objective on shares of International Seaways in a research note on Friday, May 8th. Zacks Research lowered shares of International Seaways from a "strong-buy" rating to a "hold" rating in a research note on Thursday, June 25th. Deutsche Bank Aktiengesellschaft raised their target price on shares of International Seaways from $63.00 to $80.00 and gave the company a "buy" rating in a report on Monday, March 9th. Pareto Securities downgraded shares of International Seaways from a "buy" rating to a "hold" rating in a research note on Monday, May 18th. Finally, BTIG Research boosted their price target 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. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $86.00.

International Seaways Stock Down 1.4%

International Seaways stock opened at $76.74 on Wednesday. The company has a market capitalization of $3.80 billion, a P/E ratio of 6.99 and a beta of -0.12. The company has a debt-to-equity ratio of 0.26, a quick ratio of 7.28 and a current ratio of 7.34. International Seaways Inc. has a fifty-two week low of $36.21 and a fifty-two week high of $92.66. The stock has a 50-day simple moving average of $82.56 and a 200-day simple moving average of $69.70.

International Seaways (NYSE:INSW - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The transportation company reported $3.90 earnings per share for the quarter, beating the consensus estimate of $2.87 by $1.03. The business had revenue of $325.48 million during the quarter, compared to the consensus estimate of $279.34 million. International Seaways had a return on equity of 21.04% and a net margin of 55.39%.The company's revenue was up 77.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.80 earnings per share. Equities research analysts expect that International Seaways Inc. will post 14.99 earnings per share for the current year.

International Seaways Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.6%. The ex-dividend date was Friday, June 12th. International Seaways's dividend payout ratio (DPR) is 4.37%.

Insider Buying and Selling

In other news, 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 $8,330,053.12. The trade was a 0.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP William F. Nugent sold 6,830 shares of the company's stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $85.23, for a total value of $582,120.90. Following the transaction, the senior vice president directly owned 49,169 shares in the company, valued at $4,190,673.87. This represents a 12.20% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 45,530 shares of company stock worth $3,923,635. 1.70% of the stock is currently owned by company insiders.

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.

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