Hsbc Holdings PLC Invests $1.02 Million in International Seaways Inc. $INSW

Key Points

• HSBC Holdings acquired 13,163 shares of International Seaways, valued at approximately $1.02 million, while institutional investors and hedge funds collectively own 67.29% of the company.
• Analyst sentiment remains positive overall: five analysts rate INSW a Buy and two rate it a Hold, resulting in a “Moderate Buy” consensus and an average price target of $94.75. Deutsche Bank and Jefferies set targets of $107 and $108, respectively.
• International Seaways reported quarterly EPS of $5.91 and revenue of $467.29 million, exceeding estimates, while revenue surged 138.9% year over year. The company also raised its quarterly dividend to $5.05 per share, implying a 20.3% annualized yield.

Hsbc Holdings PLC acquired a new stake in International Seaways Inc. (NYSE:INSW - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 13,163 shares of the transportation company's stock, valued at approximately $1,018,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Royal Bank of Canada raised its holdings in shares of International Seaways by 42.0% during the first quarter. Royal Bank of Canada now owns 9,365 shares of the transportation company's stock valued at $311,000 after buying an additional 2,768 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of International Seaways by 3.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,089 shares of the transportation company's stock valued at $800,000 after purchasing an additional 900 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of International Seaways by 16.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 128,428 shares of the transportation company's stock valued at $4,264,000 after purchasing an additional 18,509 shares in the last quarter. Prudential Financial Inc. bought a new stake in shares of International Seaways during the second quarter valued at about $223,000. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in International Seaways in the second quarter worth about $1,626,000. 67.29% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently issued reports on INSW. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $107.00 target price on shares of International Seaways in a research report on Tuesday. Pareto Securities downgraded shares of International Seaways from a "buy" rating to a "hold" rating in a research report on Monday, May 18th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of International Seaways in a research note on Friday, August 7th. Jefferies Financial Group increased their price objective 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. Finally, Zacks Research lowered shares of International Seaways from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 24th. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, International Seaways presently has an average rating of "Moderate Buy" and a consensus price target of $94.75.

International Seaways Price Performance

Shares of INSW opened at $99.73 on Wednesday. The business's 50-day moving average is $90.94 and its 200-day moving average is $81.83. The company has a debt-to-equity ratio of 0.27, a current ratio of 5.94 and a quick ratio of 5.76. The company has a market capitalization of $4.94 billion, a price-to-earnings ratio of 6.38 and a beta of -0.13. International Seaways Inc. has a fifty-two week low of $42.26 and a fifty-two week high of $102.36.

International Seaways (NYSE:INSW - Get Free Report) last announced its quarterly earnings data on Monday, August 10th. The transportation company reported $5.91 EPS for the quarter, beating analysts' consensus estimates of $5.55 by $0.36. The firm had revenue of $467.29 million for the quarter, compared to the consensus estimate 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 was up 138.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.02 earnings per share. Equities research analysts expect that International Seaways Inc. will post 15.89 EPS for the current fiscal year.

International Seaways Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Investors 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 annualized dividend and a dividend yield of 20.3%. The ex-dividend date is Thursday, September 10th. International Seaways's dividend payout ratio is 129.16%.

Insider Buying and Selling at International Seaways

In related news, CFO Jeffrey Pribor sold 1,000 shares of International Seaways stock in a transaction on Monday, June 15th. The stock was sold at an average price of $81.68, for a total transaction of $81,680.00. Following the completion of the sale, the chief financial officer owned 101,984 shares of the company's stock, valued at approximately $8,330,053.12. This trade represents a 0.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Lois K. Zabrocky sold 2,000 shares of the business'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 owned 173,745 shares in the company, valued at $17,103,457.80. This trade represents a 1.14% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 5,000 shares of company stock valued at $441,240. 1.70% of the stock is owned by corporate insiders.

International Seaways 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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