Baird Financial Group Inc. Acquires 11,835 Shares of International Seaways Inc. $INSW

Key Points

• Baird Financial Group increased its International Seaways stake by 5% in the second quarter, adding 11,835 shares to own 248,506 shares worth approximately $19 million. Institutional investors collectively own 67.29% of INSW.
• International Seaways reported strong quarterly results, with earnings of $5.91 per share and revenue of $467.29 million, up 138.9% year over year and above analyst expectations.
• Analysts maintain a “Moderate Buy” consensus with a $94.75 price target, while the company raised its quarterly dividend to $5.05 per share, implying a 19.5% annualized yield.

Baird Financial Group Inc. increased its holdings in shares of International Seaways Inc. (NYSE:INSW - Free Report) by 5.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 248,506 shares of the transportation company's stock after purchasing an additional 11,835 shares during the quarter. Baird Financial Group Inc. owned approximately 0.50% of International Seaways worth $19,033,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in INSW. BlackRock Inc. purchased a new stake in International Seaways during the 2nd quarter valued at approximately $505,153,000. California State Teachers Retirement System grew its position in shares of International Seaways by 7,351.6% during the second quarter. California State Teachers Retirement System now owns 3,714,462 shares of the transportation company's stock valued at $284,491,000 after purchasing an additional 3,664,614 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in International Seaways by 167.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 608,265 shares of the transportation company's stock valued at $44,330,000 after buying an additional 380,931 shares during the last quarter. Amundi bought a new stake in International Seaways in the 4th quarter worth approximately $13,663,000. Finally, Bank of New York Mellon Corp bought a new position in shares of International Seaways during the 2nd quarter valued at approximately $21,082,000. Institutional investors own 67.29% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on INSW shares. Zacks Research cut shares of International Seaways from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 24th. Pareto Securities lowered International Seaways from a "buy" rating to a "hold" rating in a research note on Monday, May 18th. Jefferies Financial Group boosted their target price on International Seaways from $100.00 to $108.00 and gave the company a "buy" rating in a research report on Thursday, August 13th. Weiss Ratings restated a "buy (b-)" rating on shares of International Seaways in a research report on Friday, August 7th. Finally, BTIG Research lifted their price objective on shares of International Seaways from $90.00 to $100.00 and gave the stock a "buy" rating in a research note on Wednesday, June 24th. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, International Seaways currently has a consensus rating of "Moderate Buy" and a consensus price target of $94.75.

Insiders Place Their Bets

In related news, CEO Lois K. 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 sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jeffrey Pribor sold 1,000 shares of the 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 transaction, the chief financial officer owned 101,984 shares in the company, valued at approximately $8,330,053.12. The trade was 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. 1.70% of the stock is currently owned by corporate insiders.

International Seaways Stock Up 1.4%

Shares of INSW opened at $103.59 on Friday. The firm has a fifty day moving average price of $94.55 and a 200-day moving average price of $83.86. The company has a current ratio of 5.94, a quick ratio of 5.76 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $5.13 billion, a P/E ratio of 6.62, a P/E/G ratio of 0.26 and a beta of -0.13. International Seaways Inc. has a 12-month low of $42.26 and a 12-month high of $106.73.

International Seaways (NYSE:INSW - Get Free Report) last announced its quarterly earnings data on Monday, August 10th. The transportation company reported $5.91 earnings per share for the quarter, beating analysts' consensus estimates of $5.55 by $0.36. The company had revenue of $467.29 million during the quarter, compared to analyst estimates of $406.38 million. International Seaways had a net margin of 61.98% and a return on equity of 31.75%. The firm's revenue for the quarter was up 138.9% on a year-over-year basis. During the same quarter last year, the business posted $1.02 EPS. Equities research analysts expect that International Seaways Inc. will post 16.09 earnings per share for the current year.

International Seaways Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be issued a dividend of $5.05 per share. This represents a $20.20 annualized dividend and a yield of 19.5%. The ex-dividend date is Thursday, September 10th. This is an increase from International Seaways's previous quarterly dividend of $0.12. International Seaways's dividend payout ratio (DPR) is 129.16%.

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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