American Century Companies Inc. Raises Position in International Seaways Inc. $INSW

Key Points

• American Century Companies Inc. increased its stake in International Seaways Inc. by 3.9% in the first quarter, owning approximately 3.44% of the company, worth about $56.3 million.
• CEO Lois K. Zabrocky and SVP William F. Nugent both sold shares recently, with insiders collectively selling 19,000 shares valued at $760,260 over the past ninety days.
• International Seaways reported a quarterly EPS of $1.02, exceeding analysts' expectations by $0.11, although revenue decreased by 24% year-over-year.

American Century Companies Inc. lifted its holdings in International Seaways Inc. (NYSE:INSW - Free Report) by 3.9% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,695,985 shares of the transportation company's stock after buying an additional 63,232 shares during the period. American Century Companies Inc. owned approximately 3.44% of International Seaways worth $56,307,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of INSW. Banque Transatlantique SA purchased a new position in International Seaways in the fourth quarter valued at approximately $29,000. GAMMA Investing LLC increased its holdings in shares of International Seaways by 105.1% in the first quarter. GAMMA Investing LLC now owns 1,163 shares of the transportation company's stock worth $39,000 after purchasing an additional 596 shares during the period. Quarry LP increased its holdings in shares of International Seaways by 169.0% in the fourth quarter. Quarry LP now owns 1,356 shares of the transportation company's stock worth $49,000 after purchasing an additional 852 shares during the period. Blue Trust Inc. increased its holdings in shares of International Seaways by 87.3% in the first quarter. Blue Trust Inc. now owns 1,583 shares of the transportation company's stock worth $53,000 after purchasing an additional 738 shares during the period. Finally, Picton Mahoney Asset Management bought a new position in shares of International Seaways in the first quarter worth $55,000. Hedge funds and other institutional investors own 67.29% of the company's stock.

International Seaways Trading Up 0.6%

NYSE INSW traded up $0.2680 during trading on Friday, hitting $44.7680. 686,585 shares of the company's stock traded hands, compared to its average volume of 596,806. The stock has a fifty day moving average of $40.31 and a two-hundred day moving average of $37.10. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.95 and a quick ratio of 0.95. International Seaways Inc. has a 12-month low of $27.20 and a 12-month high of $54.84. The firm has a market cap of $2.21 billion, a P/E ratio of 9.31 and a beta of 0.05.

International Seaways (NYSE:INSW - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The transportation company reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.11. International Seaways had a net margin of 29.88% and a return on equity of 11.35%. The business had revenue of $188.82 million during the quarter, compared to analyst estimates of $199.06 million. During the same period in the prior year, the business posted $2.37 earnings per share. The company's revenue was down 24.0% on a year-over-year basis. As a group, sell-side analysts expect that International Seaways Inc. will post 7.77 EPS for the current year.

International Seaways Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 24th. Stockholders of record on Wednesday, September 10th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Wednesday, September 10th. International Seaways's dividend payout ratio is currently 9.98%.

Insider Activity

In other news, CAO James D. Small III sold 5,000 shares of the stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $41.35, for a total transaction of $206,750.00. Following the completion of the sale, the chief accounting officer directly owned 69,292 shares in the company, valued at approximately $2,865,224.20. This represents a 6.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Derek G. Solon sold 3,000 shares of the stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $41.35, for a total transaction of $124,050.00. Following the sale, the senior vice president owned 52,893 shares of the company's stock, 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 ninety days, insiders have sold 19,000 shares of company stock valued at $760,260. Company insiders own 2.00% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. BTIG Research reduced their target price on International Seaways from $70.00 to $60.00 and set a "buy" rating on the stock in a research note on Wednesday, August 6th. Jefferies Financial Group reissued a "buy" rating and issued a $48.00 target price on shares of International Seaways in a research note on Thursday, May 8th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $53.50.

International Seaways 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.