Cercano Management LLC Invests $4.14 Million in International Seaways Inc. $INSW

Key Points

• Cercano Management LLC opened a new position in International Seaways, buying 85,219 shares valued at about $4.14 million in the fourth quarter and ending with 0.17% ownership.
• Several other institutions also increased their stakes, and institutional investors now own 67.29% of the company; meanwhile, insiders have sold shares recently, including two SVP transactions and 75,009 shares sold over the last 90 days.
• International Seaways reported strong quarterly results, with EPS of $3.90 beating estimates and revenue rising 77.5% year over year; analysts remain generally positive, with an average Buy rating and a consensus price target of $83.50.

Cercano Management LLC acquired a new position in shares of International Seaways Inc. (NYSE:INSW - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 85,219 shares of the transportation company's stock, valued at approximately $4,137,000. Cercano Management LLC owned 0.17% of International Seaways as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the company. Oregon Public Employees Retirement Fund boosted its holdings in shares of International Seaways by 2.2% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 9,300 shares of the transportation company's stock worth $452,000 after acquiring an additional 200 shares during the period. Arizona State Retirement System boosted its holdings in shares of International Seaways by 1.7% during the third quarter. Arizona State Retirement System now owns 12,409 shares of the transportation company's stock worth $572,000 after acquiring an additional 206 shares during the period. ProShare Advisors LLC raised its position 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 valued at $380,000 after buying an additional 241 shares in the last quarter. Founders Capital Management raised its position in shares of International Seaways by 37.5% in the fourth quarter. Founders Capital Management now owns 1,100 shares of the transportation company's stock valued at $53,000 after buying an additional 300 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in shares of International Seaways by 8.6% in the fourth quarter. GAMMA Investing LLC now owns 4,367 shares of the transportation company's stock valued at $212,000 after buying an additional 344 shares in the last quarter. Institutional investors own 67.29% of the company's stock.

Insider Activity at International Seaways

In other news, SVP William F. Nugent sold 6,830 shares of the stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $85.23, for a total transaction of $582,120.90. Following the transaction, the senior vice president owned 49,169 shares of the company's stock, valued at $4,190,673.87. This represents a 12.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Derek G. Solon sold 4,700 shares of the stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $89.22, for a total transaction of $419,334.00. Following the transaction, the senior vice president directly owned 49,719 shares in the company, valued at $4,435,929.18. This trade represents a 8.64% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 75,009 shares of company stock worth $6,099,288. 1.70% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on INSW shares. Jefferies Financial Group reiterated a "buy" rating and issued a $100.00 price target on shares of International Seaways in a research report on Friday, May 8th. Weiss Ratings upgraded shares of International Seaways from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, May 11th. Pareto Securities downgraded shares of International Seaways from a "buy" rating to a "hold" rating in a research report on Monday, May 18th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of International Seaways from $63.00 to $80.00 and gave the company a "buy" rating in a research report on Monday, March 9th. Finally, Zacks Research upgraded shares of International Seaways from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Buy" and an average price target of $83.50.

International Seaways Stock Up 2.4%

NYSE INSW opened at $79.07 on Tuesday. The business has a fifty day moving average price of $78.89 and a two-hundred day moving average price of $65.37. The company has a debt-to-equity ratio of 0.26, a current ratio of 7.34 and a quick ratio of 7.28. International Seaways Inc. has a fifty-two week low of $35.60 and a fifty-two week high of $92.66. The stock has a market capitalization of $3.91 billion, a PE ratio of 7.20 and a beta of -0.09.

International Seaways (NYSE:INSW - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The transportation company reported $3.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.87 by $1.03. The company had revenue of $325.48 million during the quarter, compared to the consensus estimate of $279.34 million. International Seaways had a net margin of 55.39% and a return on equity of 21.04%. The company's revenue for the quarter was up 77.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.80 earnings per share. Equities analysts expect that International Seaways Inc. will post 14.99 earnings per share for the current fiscal year.

International Seaways Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 12th will be issued a dividend of $0.12 per share. The ex-dividend date is Friday, June 12th. This represents a $0.48 annualized dividend and a dividend yield of 0.6%. International Seaways's dividend payout ratio is 4.37%.

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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