Algert Global LLC Grows Stake in International Seaways Inc. $INSW

Key Points

• Algert Global increased its International Seaways stake by 523.3% in the second quarter, holding 32,410 shares worth approximately $2.48 million. Institutional investors collectively own 67.29% of the company.
• International Seaways reported quarterly EPS of $5.91, exceeding estimates of $5.55, while revenue surged 138.9% year over year to $467.29 million. The stock opened at $98.92, near its 52-week high of $102.36.
• The company announced a quarterly dividend of $5.05, implying an annualized payout of $20.20 and a 20.4% yield. Analysts maintain a “Moderate Buy” consensus, with five Buy ratings and two Hold ratings, although insiders have sold shares recently.

Algert Global LLC increased its position in International Seaways Inc. (NYSE:INSW - Free Report) by 523.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 32,410 shares of the transportation company's stock after acquiring an additional 27,210 shares during the period. Algert Global LLC owned about 0.07% of International Seaways worth $2,482,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of INSW. EverSource Wealth Advisors LLC increased its holdings in International Seaways by 11.2% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,169 shares of the transportation company's stock worth $85,000 after acquiring an additional 118 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of International Seaways by 4.0% in the second quarter. GAMMA Investing LLC now owns 4,606 shares of the transportation company's stock worth $353,000 after purchasing an additional 178 shares during the period. Oregon Public Employees Retirement Fund increased its stake in shares of International Seaways by 2.2% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 9,300 shares of the transportation company's stock worth $452,000 after purchasing an additional 200 shares in the last quarter. ProShare Advisors LLC increased its stake in shares of International Seaways by 3.2% in the fourth quarter. ProShare Advisors LLC now owns 7,825 shares of the transportation company's stock worth $380,000 after purchasing an additional 241 shares in the last quarter. Finally, Guggenheim Capital LLC raised its position in shares of International Seaways by 1.4% during the 4th quarter. Guggenheim Capital LLC now owns 19,760 shares of the transportation company's stock valued at $959,000 after purchasing an additional 275 shares during the period. Hedge funds and other institutional investors own 67.29% of the company's stock.

International Seaways Stock Performance

NYSE INSW opened at $98.92 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. International Seaways Inc. has a 1-year low of $42.26 and a 1-year high of $102.36. The business has a 50 day simple moving average of $90.54 and a two-hundred day simple moving average of $81.16. The stock has a market capitalization of $4.90 billion, a PE ratio of 6.32 and a beta of -0.13.

International Seaways (NYSE:INSW - Get Free Report) last posted its earnings results on Monday, August 10th. The transportation company reported $5.91 EPS for the quarter, beating analysts' consensus estimates of $5.55 by $0.36. International Seaways had a return on equity of 31.75% and a net margin of 61.98%.The firm had revenue of $467.29 million during the quarter, compared to the consensus estimate of $406.38 million. During the same period in the prior year, the company earned $1.02 EPS. The company's quarterly revenue was up 138.9% compared to the same quarter last year. On average, research analysts predict that International Seaways Inc. will post 15.89 EPS for the current fiscal year.

International Seaways Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be paid a $5.05 dividend. This represents a $20.20 dividend on an annualized basis and a dividend yield of 20.4%. 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 dividend payout ratio is 3.07%.

Analysts Set New Price Targets

A number of brokerages have issued reports on INSW. Jefferies Financial Group increased their price target on International Seaways from $100.00 to $108.00 and gave the stock a "buy" rating in a research note on Thursday, August 13th. BTIG Research increased their target price on International Seaways from $90.00 to $100.00 and gave the stock a "buy" rating in a research report on Wednesday, June 24th. Weiss Ratings reissued a "buy (b-)" rating on shares of International Seaways in a research note on Friday, August 7th. Zacks Research cut International Seaways from a "strong-buy" rating to a "hold" rating in a report on Monday, August 24th. Finally, Pareto Securities cut International Seaways from a "buy" rating to a "hold" rating in a report on Monday, May 18th. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $88.00.

Insider Transactions at International Seaways

In related news, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $98.44, for a total value of $196,880.00. Following the completion of the transaction, the chief executive officer owned 173,745 shares of the company's stock, valued at approximately $17,103,457.80. This trade represents a 1.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Jeffrey Pribor sold 1,000 shares of the business's stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $81.68, for a total value of $81,680.00. Following the sale, the chief financial officer directly owned 101,984 shares in the company, valued at $8,330,053.12. The trade was a 0.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 5,000 shares of company stock worth $441,240. Insiders own 1.70% of the company's stock.

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.

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