Bank of New York Mellon Corp Invests $21.08 Million in International Seaways Inc. $INSW

Key Points

• Bank of New York Mellon acquired 275,262 shares of International Seaways, worth approximately $21.08 million, giving it a 0.56% stake. Institutional investors collectively own 67.29% of the company.
• International Seaways beat quarterly expectations with $5.91 in EPS versus $5.55 expected, while revenue surged 138.9% year over year to $467.29 million.
• Analysts maintain a consensus “Moderate Buy” rating with an $88 target price, while the company declared a quarterly dividend of $5.05 per share, implying a 20.4% annualized yield.

Bank of New York Mellon Corp acquired a new position in International Seaways Inc. (NYSE:INSW - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 275,262 shares of the transportation company's stock, valued at approximately $21,082,000. Bank of New York Mellon Corp owned approximately 0.56% of International Seaways as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Dimensional Fund Advisors LP grew its position in shares of International Seaways by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 3,024,755 shares of the transportation company's stock worth $220,436,000 after buying an additional 52,743 shares in the last quarter. Geode Capital Management LLC boosted its stake in International Seaways by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 1,010,815 shares of the transportation company's stock valued at $49,083,000 after acquiring an additional 4,250 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in International Seaways by 1.9% during the 4th 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. Arrowstreet Capital Limited Partnership grew its holdings in International Seaways by 167.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 608,265 shares of the transportation company's stock worth $44,330,000 after acquiring an additional 380,931 shares in the last quarter. Finally, Bridgeway Capital Management LLC increased its position in shares of International Seaways by 7.2% in the 4th quarter. Bridgeway Capital Management LLC now owns 414,688 shares of the transportation company's stock worth $20,133,000 after purchasing an additional 27,818 shares during the last quarter. 67.29% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at International Seaways

In other news, CFO Jeffrey Pribor sold 1,000 shares of the firm's stock in a transaction on Monday, June 15th. The shares were 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. This trade represents a 0.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction, the chief executive officer directly owned 173,745 shares in the company, valued at approximately $17,103,457.80. This represents a 1.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 5,000 shares of company stock worth $441,240 over the last three months. 1.70% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

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

International Seaways Stock Performance

Shares of INSW stock opened at $98.92 on Monday. The company has a market cap of $4.90 billion, a P/E ratio of 6.32 and a beta of -0.13. The business has a 50 day moving average of $90.54 and a two-hundred day moving average of $81.30. International Seaways Inc. has a 52 week low of $42.26 and a 52 week high of $102.36. The company has a quick ratio of 5.76, a current ratio of 5.94 and a debt-to-equity ratio of 0.27.

International Seaways (NYSE:INSW - Get Free Report) last released its quarterly earnings results 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 for the quarter, compared to analysts' expectations of $406.38 million. International Seaways had a return on equity of 31.75% and a net margin of 61.98%.The business's revenue for the quarter was up 138.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.02 earnings per share. As a group, analysts anticipate that International Seaways Inc. will post 15.89 EPS for the current year.

International Seaways Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th will be issued a dividend of $5.05 per share. This is a positive change from International Seaways's previous quarterly dividend of $0.12. This represents a $20.20 dividend on an annualized basis and a dividend yield of 20.4%. The ex-dividend date is Thursday, September 10th. International Seaways's dividend payout ratio is presently 3.07%.

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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