Baird Financial Group Inc. Makes New Investment in International Seaways Inc. $INSW

Key Points

• Baird Financial Group Inc. has acquired a new position in International Seaways Inc. (NYSE: INSW), purchasing 209,801 shares valued at approximately $6.97 million.
• International Seaways reported a net margin of 29.88% and beat earnings estimates by $0.11, with a quarterly EPS of $1.02.
• The company announced a quarterly dividend of $0.12, with the ex-dividend date set for September 10, resulting in an annualized dividend yield of 1.0%.

Baird Financial Group Inc. acquired a new position in International Seaways Inc. (NYSE:INSW - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 209,801 shares of the transportation company's stock, valued at approximately $6,965,000. Baird Financial Group Inc. owned approximately 0.43% of International Seaways as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of INSW. Pacer Advisors Inc. acquired a new stake in International Seaways in the 1st quarter worth about $17,331,000. Nuveen LLC acquired a new stake in International Seaways in the 1st quarter worth about $9,079,000. Voloridge Investment Management LLC raised its stake in International Seaways by 445.5% in the 4th quarter. Voloridge Investment Management LLC now owns 180,566 shares of the transportation company's stock worth $6,490,000 after purchasing an additional 147,468 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in International Seaways by 1,452.6% in the 1st quarter. Envestnet Asset Management Inc. now owns 145,444 shares of the transportation company's stock worth $4,829,000 after purchasing an additional 136,076 shares in the last quarter. Finally, Donald Smith & CO. Inc. raised its stake in International Seaways by 36.0% in the 1st quarter. Donald Smith & CO. Inc. now owns 492,711 shares of the transportation company's stock worth $16,358,000 after purchasing an additional 130,519 shares in the last quarter. Institutional investors and hedge funds own 67.29% of the company's stock.

International Seaways Stock Up 1.8%

INSW stock opened at $46.02 on Thursday. The firm has a 50-day moving average price of $41.20 and a 200-day moving average price of $37.40. International Seaways Inc. has a 12 month low of $27.20 and a 12 month high of $54.84. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $2.27 billion, a P/E ratio of 9.57 and a beta of 0.08.

International Seaways (NYSE:INSW - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The transportation company reported $1.02 EPS for the quarter, beating the consensus estimate of $0.91 by $0.11. The business had revenue of $188.82 million during the quarter, compared to the consensus estimate of $199.06 million. International Seaways had a net margin of 29.88% and a return on equity of 11.35%. The firm's revenue was down 24.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.37 EPS. As a group, equities research analysts anticipate that International Seaways Inc. will post 7.77 EPS for the current fiscal year.

International Seaways Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 24th. Stockholders of record on Wednesday, September 10th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Wednesday, September 10th. International Seaways's dividend payout ratio is currently 9.98%.

Insider Buying and Selling

In other news, CAO James D. Small III sold 5,000 shares of the company's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $41.35, for a total value of $206,750.00. Following the sale, the chief accounting officer directly owned 69,292 shares of the company's stock, valued at approximately $2,865,224.20. This represents a 6.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Derek G. Solon sold 3,000 shares of the company's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $41.35, for a total transaction of $124,050.00. Following the completion of the sale, the senior vice president directly owned 52,893 shares in the company, valued at approximately $2,187,125.55. This represents a 5.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 19,000 shares of company stock worth $767,820. Corporate insiders own 2.00% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. BTIG Research dropped their price objective on shares of International Seaways from $70.00 to $60.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. Jefferies Financial Group restated a "buy" rating and issued a $48.00 target price on shares of International Seaways in a research report on Thursday, May 8th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, International Seaways currently has an average rating of "Buy" and a consensus price target of $53.50.

International Seaways Company Profile

International Seaways, Inc owns and operates a fleet of oceangoing vessels for the transportation of crude oil and petroleum products in the international flag trade. It operates in two segments: Crude Tankers and Product Carriers. As of December 31, 2023, the company owned a fleet of 73 vessels. It serves independent and state-owned oil companies, oil traders, refinery operators, and international government entities.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.