International Seaways Inc. $INSW Shares Sold by Bank of America Corp DE

Bank of America Corp DE lessened its position in shares of International Seaways Inc. (NYSE:INSW - Free Report) by 6.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 157,195 shares of the transportation company's stock after selling 11,471 shares during the quarter. Bank of America Corp DE owned about 0.32% of International Seaways worth $11,456,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. EverSource Wealth Advisors LLC lifted its position in shares of International Seaways by 11.2% during the first quarter. EverSource Wealth Advisors LLC now owns 1,169 shares of the transportation company's stock worth $85,000 after purchasing an additional 118 shares in the last quarter. Oregon Public Employees Retirement Fund increased its position in shares of International Seaways by 2.2% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 9,300 shares of the transportation company's stock valued at $452,000 after purchasing an additional 200 shares during the last quarter. ProShare Advisors LLC increased its position in shares of International Seaways by 3.2% in the 4th quarter. ProShare Advisors LLC now owns 7,825 shares of the transportation company's stock valued at $380,000 after purchasing an additional 241 shares during the last quarter. Guggenheim Capital LLC raised its holdings in shares of International Seaways by 1.4% in the 4th quarter. Guggenheim Capital LLC now owns 19,760 shares of the transportation company's stock valued at $959,000 after purchasing an additional 275 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its position in shares of International Seaways by 16.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,074 shares of the transportation company's stock worth $151,000 after purchasing an additional 292 shares during the last quarter. 67.29% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Lois K. Zabrocky sold 2,000 shares of the business's stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $98.44, for a total transaction of $196,880.00. Following the sale, the chief executive officer owned 173,745 shares of the company's stock, valued at $17,103,457.80. The trade was a 1.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Jeffrey Pribor sold 1,000 shares of the company's stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $81.68, for a total value of $81,680.00. Following the completion of the sale, the chief financial officer owned 101,984 shares in the company, valued at approximately $8,330,053.12. This represents a 0.97% 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 90 days. 1.70% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Jefferies Financial Group raised their target price on International Seaways from $100.00 to $108.00 and gave the stock a "buy" rating in a research report on Thursday, August 13th. Weiss Ratings reiterated a "buy (b-)" rating on shares of International Seaways in a research note on Friday, August 7th. BTIG Research raised their price objective on shares of International Seaways from $90.00 to $100.00 and gave the stock a "buy" rating in a report on Wednesday, June 24th. Zacks Research upgraded shares of International Seaways from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 24th. Finally, Pareto Securities downgraded shares of International Seaways from a "buy" rating to a "hold" rating in a research 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. According to MarketBeat, International Seaways currently has an average rating of "Buy" and an average price target of $88.00.

International Seaways Trading Down 0.1%

NYSE:INSW opened at $99.31 on Friday. International Seaways Inc. has a 1 year low of $42.26 and a 1 year high of $102.36. The company has a debt-to-equity ratio of 0.27, a quick ratio of 5.76 and a current ratio of 5.94. The stock has a fifty day moving average price of $89.00 and a two-hundred day moving average price of $79.82. The stock has a market capitalization of $4.92 billion, a price-to-earnings ratio of 6.35 and a beta of -0.13.

International Seaways (NYSE:INSW - Get Free Report) last posted its quarterly earnings results on Monday, August 10th. The transportation company reported $5.91 earnings per share for the quarter, topping analysts' consensus estimates of $5.55 by $0.36. The business had revenue of $467.29 million for the quarter, compared to analysts' expectations of $406.38 million. International Seaways had a net margin of 61.98% and a return on equity of 31.75%. The business's revenue for the quarter was up 138.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.02 EPS. As a group, sell-side analysts anticipate that International Seaways Inc. will post 15.89 earnings per share for the current fiscal year.

International Seaways Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be given a dividend of $5.05 per share. The ex-dividend date is Thursday, September 10th. This is an increase from International Seaways's previous quarterly dividend of $0.12. This represents a $20.20 annualized dividend and a yield of 20.3%. International Seaways's dividend payout ratio (DPR) is currently 3.07%.

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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