International Seaways Inc. $INSW Shares Sold by Vanguard Group Inc.

Key Points

• Vanguard Group trimmed its stake in International Seaways by 1.5% in the fourth quarter, but it still owns 4.29 million shares valued at about $208.3 million, or 8.68% of the company.
• International Seaways reported strong quarterly results, with EPS of $3.90 topping estimates by $1.03 and revenue of $325.48 million beating expectations; revenue also jumped 77.5% from a year earlier.
• The company announced a quarterly dividend of $0.12 per share, and analysts remain generally positive, with five Buy ratings, two Holds, and a consensus price target of $83.50.

Vanguard Group Inc. lowered its position in International Seaways Inc. (NYSE:INSW - Free Report) by 1.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,290,052 shares of the transportation company's stock after selling 63,989 shares during the period. Vanguard Group Inc. owned about 8.68% of International Seaways worth $208,282,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Arizona State Retirement System lifted its position in International Seaways by 1.7% in the third quarter. Arizona State Retirement System now owns 12,409 shares of the transportation company's stock valued at $572,000 after purchasing an additional 206 shares during the period. Evergreen Capital Management LLC lifted its position in International Seaways by 2.9% in the third quarter. Evergreen Capital Management LLC now owns 9,832 shares of the transportation company's stock valued at $453,000 after purchasing an additional 274 shares during the period. Founders Capital Management lifted its position 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 purchasing an additional 300 shares during the period. GAMMA Investing LLC lifted its position in International Seaways by 8.6% in the fourth quarter. GAMMA Investing LLC now owns 4,367 shares of the transportation company's stock valued at $212,000 after purchasing an additional 344 shares during the period. Finally, First Horizon Corp lifted its position in 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 purchasing an additional 377 shares during the period. Institutional investors and hedge funds own 67.29% of the company's stock.

International Seaways Trading Up 1.4%

Shares of International Seaways stock opened at $91.47 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 7.34 and a quick ratio of 3.71. International Seaways Inc. has a 1 year low of $35.60 and a 1 year high of $92.66. The company has a market capitalization of $4.53 billion, a P/E ratio of 8.33 and a beta of -0.09. The business has a 50 day moving average price of $74.69 and a 200 day moving average price of $61.28.

International Seaways (NYSE:INSW - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The transportation company reported $3.90 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $279.34 million. During the same period in the previous year, the firm posted $0.80 EPS. The company's quarterly revenue was up 77.5% compared to the same quarter last year. Sell-side analysts anticipate that International Seaways Inc. will post 13.6 EPS for the current fiscal year.

International Seaways Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 12th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Friday, June 12th. This represents a $0.48 annualized dividend and a yield of 0.5%. International Seaways's payout ratio is presently 7.70%.

Analysts Set New Price Targets

A number of research firms have commented on INSW. Jefferies Financial Group reissued a "buy" rating and issued a $100.00 target price on shares of International Seaways in a report on Friday. Pareto Securities raised International Seaways from a "hold" rating to a "buy" rating and set a $64.00 target price for the company in a report on Tuesday, January 20th. Benchmark reissued a "buy" rating on shares of International Seaways in a report on Thursday, February 26th. Deutsche Bank Aktiengesellschaft raised their target price on International Seaways from $63.00 to $80.00 and gave the company a "buy" rating in a report on Monday, March 9th. Finally, BTIG Research raised their target price on International Seaways from $80.00 to $90.00 and gave the company a "buy" rating in a report on Wednesday, April 22nd. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $83.50.

Insider Transactions at International Seaways

In related news, SVP Derek G. Solon sold 6,000 shares of the business's stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $75.41, for a total value of $452,460.00. Following the completion of the transaction, the senior vice president owned 50,989 shares of the company's stock, valued at approximately $3,845,080.49. The trade was a 10.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO James D. Small III sold 20,000 shares of the business's stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $75.37, for a total transaction of $1,507,400.00. Following the completion of the transaction, the chief accounting officer directly owned 36,376 shares of the company's stock, valued at $2,741,659.12. The trade was a 35.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 60,697 shares of company stock worth $4,517,070 in the last ninety days. Company insiders own 2.00% of the company's stock.

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.

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