International Seaways Inc. $INSW Shares Sold by SG Americas Securities LLC

Key Points

• SG Americas Securities LLC cut its International Seaways stake by 79.2% in the first quarter, leaving it with 7,131 shares worth about $520,000. Several other institutional investors also adjusted positions, and institutions now own 67.29% of the stock.
• Insider selling has been notable, with SVP William F. Nugent and CEO Lois K. Zabrocky both selling shares in recent months. In total, insiders sold 45,530 shares valued at $3.92 million over the last 90 days.
• International Seaways reported strong quarterly results, posting $3.90 EPS versus expectations of $2.87 and revenue of $325.48 million, up 77.5% year over year. Analysts currently have a consensus rating of Moderate Buy with an average price target of $86.00.

SG Americas Securities LLC lowered its stake in International Seaways Inc. (NYSE:INSW - Free Report) by 79.2% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 7,131 shares of the transportation company's stock after selling 27,145 shares during the quarter. SG Americas Securities LLC's holdings in International Seaways were worth $520,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the stock. First Horizon Corp raised its holdings 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 worth $33,000 after acquiring an additional 377 shares during the last quarter. Leonteq Securities AG acquired a new stake in shares of International Seaways during the fourth quarter valued at $44,000. Garton & Associates Financial Advisors LLC acquired a new stake in shares of International Seaways during the fourth quarter valued at $46,000. Rockefeller Capital Management L.P. increased its position in International Seaways by 583.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 963 shares of the transportation company's stock worth $47,000 after purchasing an additional 822 shares in the last quarter. Finally, Founders Capital Management increased its position in International Seaways by 37.5% during the 4th quarter. Founders Capital Management now owns 1,100 shares of the transportation company's stock worth $53,000 after purchasing an additional 300 shares in the last quarter. Institutional investors and hedge funds own 67.29% of the company's stock.

Insider Activity at International Seaways

In other International Seaways news, SVP William F. Nugent sold 6,830 shares of International Seaways stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $85.23, for a total value of $582,120.90. Following the transaction, the senior vice president owned 49,169 shares in the company, valued at $4,190,673.87. This trade represents a 12.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Lois K. Zabrocky sold 2,000 shares of the business's stock in a transaction on Monday, June 15th. The shares were sold at an average price of $81.34, for a total transaction of $162,680.00. Following the sale, the chief executive officer directly owned 177,745 shares of the company's stock, valued at $14,457,778.30. This represents a 1.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 45,530 shares of company stock valued at $3,923,635 in the last ninety days. 1.70% of the stock is owned by company insiders.

International Seaways Stock Performance

International Seaways stock opened at $88.26 on Thursday. The stock has a fifty day moving average price of $83.25 and a 200 day moving average price of $71.18. International Seaways Inc. has a 52 week low of $37.72 and a 52 week high of $92.66. The firm has a market capitalization of $4.37 billion, a P/E ratio of 8.04 and a beta of -0.12. The company has a current ratio of 7.34, a quick ratio of 7.28 and a debt-to-equity ratio of 0.26.

International Seaways (NYSE:INSW - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The transportation company reported $3.90 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $325.48 million for the quarter, compared to analyst estimates of $279.34 million. During the same period last year, the company earned $0.80 EPS. The firm's quarterly revenue was up 77.5% on a year-over-year basis. Equities research analysts anticipate that International Seaways Inc. will post 14.99 earnings per share for the current year.

International Seaways Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of research firms have issued reports on INSW. Pareto Securities lowered shares of International Seaways from a "buy" rating to a "hold" rating in a report on Monday, May 18th. BTIG Research lifted their price target 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. Jefferies Financial Group reissued a "buy" rating and issued a $100.00 price objective on shares of International Seaways in a research report on Friday, May 8th. Weiss Ratings raised shares of International Seaways from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, May 11th. Finally, Wall Street Zen upgraded shares of International Seaways from a "buy" rating to a "strong-buy" rating in a research report on Monday, April 13th. Five research 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, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $86.00.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.