Amundi Boosts Holdings in International Seaways Inc. $INSW

Key Points

• Amundi increased its International Seaways stake by 36.9% in the second quarter to 40,133 shares valued at approximately $3.07 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 $103.59, near its 52-week high.
• The company announced a quarterly dividend of $5.05, equivalent to a 19.5% annualized yield, while analysts maintained an overall “Moderate Buy” rating with a consensus price target of $94.75.

Amundi grew its stake in shares of International Seaways Inc. (NYSE:INSW - Free Report) by 36.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 40,133 shares of the transportation company's stock after acquiring an additional 10,819 shares during the quarter. Amundi owned about 0.08% of International Seaways worth $3,074,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Quantbot Technologies LP purchased a new stake in International Seaways in the second quarter valued at approximately $28,000. Allworth Financial LP purchased a new stake in shares of International Seaways during the 2nd quarter valued at $48,000. Public Employees Retirement System of Ohio acquired a new stake in shares of International Seaways during the 2nd quarter worth $66,000. Leonteq Securities AG acquired a new stake in shares of International Seaways during the 4th quarter worth $44,000. Finally, Compass Financial Management LLC acquired a new stake in shares of International Seaways during the 2nd quarter worth $86,000. 67.29% of the stock is currently owned by hedge funds and other institutional investors.

International Seaways Price Performance

INSW stock opened at $103.59 on Friday. The firm has a market cap of $5.13 billion, a P/E ratio of 6.62, a price-to-earnings-growth ratio of 0.27 and a beta of -0.13. The company has a debt-to-equity ratio of 0.27, a quick ratio of 5.76 and a current ratio of 5.94. International Seaways Inc. has a 1 year low of $42.26 and a 1 year high of $106.73. The stock has a 50-day simple moving average of $94.55 and a 200-day simple moving average of $83.86.

International Seaways (NYSE:INSW - Get Free Report) last released its quarterly earnings results on Monday, August 10th. The transportation company reported $5.91 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $406.38 million. During the same period in the previous year, the company posted $1.02 EPS. International Seaways's revenue for the quarter was up 138.9% on a year-over-year basis. On average, equities analysts predict that International Seaways Inc. will post 16.09 earnings per share for the current fiscal year.

International Seaways Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th will be paid a $5.05 dividend. This represents a $20.20 annualized dividend and a dividend yield of 19.5%. This is a boost from International Seaways's previous quarterly dividend of $0.12. The ex-dividend date is Thursday, September 10th. International Seaways's payout ratio is currently 129.16%.

Analysts Set New Price Targets

Several brokerages have commented on INSW. Weiss Ratings restated a "buy (b-)" rating on shares of International Seaways in a research note on Friday, August 7th. Pareto Securities lowered International Seaways from a "buy" rating to a "hold" rating in a research note on Monday, May 18th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $107.00 target price on shares of International Seaways in a report on Tuesday, September 1st. Zacks Research downgraded shares of International Seaways from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 24th. Finally, Jefferies Financial Group raised their price target on shares of International Seaways from $100.00 to $108.00 and gave the company a "buy" rating in a report on Thursday, August 13th. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $94.75.

Insiders Place Their Bets

In other International Seaways news, CEO Lois Zabrocky sold 2,000 shares of the company's 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 directly owned 173,745 shares of the company's stock, valued at $17,103,457.80. This represents a 1.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Jeffrey Pribor sold 1,000 shares of the firm's 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. This represents a 0.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 5,000 shares of company stock valued at $441,240. Company insiders own 1.70% of the company's stock.

International Seaways Company Profile

International Seaways, Inc is a maritime transportation company that owns and operates oceangoing vessels used to transport crude oil, refined petroleum products and other liquid bulk cargoes. Its fleet includes crude oil tankers and product carriers serving energy companies, commodity traders and other customers in international shipping markets.

The company's vessels operate on routes connecting major oil-producing, refining and consuming regions around the world. International Seaways generates revenue through a combination of time-charter arrangements, voyage charters and other commercial agreements, allowing customers to use its ships for the global movement of energy products.

International Seaways became an independent public company in 2016 through a separation from Overseas Shipholding Group.

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