International Seaways Inc. $INSW Shares Bought by Empowered Funds LLC

Key Points

• Empowered Funds increased its International Seaways position by 13.9% in the first quarter, owning 268,163 shares worth about $19.5 million. Institutional investors and hedge funds collectively hold 67.29% of the company.
• Analyst sentiment remains positive, with a consensus “Buy” rating and an average price target of $86; BTIG Research recently raised its target to $100.
• International Seaways reported strong quarterly results, with EPS of $3.90 and revenue of $325.48 million, up 77.5% year over year. The company also paid a quarterly dividend of $0.12 per share.

Empowered Funds LLC lifted its holdings in shares of International Seaways Inc. (NYSE:INSW - Free Report) by 13.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 268,163 shares of the transportation company's stock after buying an additional 32,634 shares during the period. Empowered Funds LLC owned about 0.54% of International Seaways worth $19,544,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. First Horizon Corp boosted its stake in shares of International Seaways by 121.6% in the fourth quarter. First Horizon Corp now owns 687 shares of the transportation company's stock valued at $33,000 after buying an additional 377 shares in the last quarter. Leonteq Securities AG purchased a new position in International Seaways in the fourth quarter worth $44,000. Garton & Associates Financial Advisors LLC purchased a new position in International Seaways in the fourth quarter worth $46,000. Rockefeller Capital Management L.P. lifted its holdings in International Seaways by 583.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 963 shares of the transportation company's stock valued at $47,000 after acquiring an additional 822 shares during the period. Finally, Founders Capital Management lifted its holdings in 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 acquiring an additional 300 shares during the period. 67.29% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on INSW shares. BTIG Research upped their price target on shares of International Seaways from $90.00 to $100.00 and gave the stock a "buy" rating in a research note on Wednesday, June 24th. Wall Street Zen upgraded shares of International Seaways from a "buy" rating to a "strong-buy" rating in a research note on Monday, April 13th. Jefferies Financial Group reissued a "buy" rating and set a $100.00 price objective on shares of International Seaways in a 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. Finally, Pareto Securities cut shares of International Seaways from a "buy" rating to a "hold" rating in a report on Monday, May 18th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, International Seaways has an average rating of "Buy" and a consensus price target of $86.00.

International Seaways Stock Up 3.5%

International Seaways stock opened at $93.91 on Wednesday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 7.28 and a current ratio of 7.34. The firm has a market capitalization of $4.65 billion, a price-to-earnings ratio of 8.55 and a beta of -0.12. International Seaways Inc. has a fifty-two week low of $39.06 and a fifty-two week high of $94.31. The stock's fifty day moving average is $84.07 and its two-hundred day moving average is $75.15.

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 for the quarter, beating analysts' consensus estimates of $2.87 by $1.03. International Seaways had a return on equity of 21.04% and a net margin of 55.39%.The business had revenue of $325.48 million during the quarter, compared to analysts' expectations of $279.34 million. During the same quarter last year, the business posted $0.80 earnings per share. The business's revenue for the quarter was up 77.5% on a year-over-year basis. Analysts predict that International Seaways Inc. will post 15.62 EPS for the current fiscal year.

International Seaways Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.5%. The ex-dividend date was Friday, June 12th. International Seaways's dividend payout ratio (DPR) is 4.37%.

Insider Buying and Selling at International Seaways

In other International Seaways news, SVP William F. Nugent sold 6,830 shares of International Seaways 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 completion of the transaction, the senior vice president owned 49,169 shares in the company, valued at approximately $4,190,673.87. The trade was a 12.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Jeffrey Pribor sold 1,000 shares of the company's stock in a transaction dated Monday, June 15th. The shares were 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 directly owned 101,984 shares in the company, valued at $8,330,053.12. This trade represents a 0.97% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 42,530 shares of company stock worth $3,699,995. 1.70% of the stock is currently owned by insiders.

About International Seaways

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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