Donald Smith & CO. Inc. Increases Stock Holdings in International Seaways Inc. (NYSE:INSW)

Key Points

• Donald Smith & CO. Inc. increased its stake in International Seaways by 36.0%, owning 1.00% of the company with a value of approximately $16.4 million.
• In the first quarter, several large institutional investors raised their positions, with PNC Financial Services Group boosting its stake by an impressive 550.7%.
• International Seaways announced a $0.12 quarterly dividend, set to be paid on September 24, which reflects an annualized yield of 1.1%.

Donald Smith & CO. Inc. lifted its holdings in shares of International Seaways Inc. (NYSE:INSW - Free Report) by 36.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 492,711 shares of the transportation company's stock after purchasing an additional 130,519 shares during the quarter. Donald Smith & CO. Inc. owned 1.00% of International Seaways worth $16,358,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. LPL Financial LLC bought a new position in shares of International Seaways during the fourth quarter valued at approximately $470,000. JPMorgan Chase & Co. boosted its position in shares of International Seaways by 2.6% during the fourth quarter. JPMorgan Chase & Co. now owns 406,197 shares of the transportation company's stock valued at $14,599,000 after buying an additional 10,142 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in International Seaways by 12.9% in the fourth quarter. Alliancebernstein L.P. now owns 93,196 shares of the transportation company's stock valued at $3,349,000 after acquiring an additional 10,668 shares during the period. Franklin Resources Inc. lifted its holdings in International Seaways by 49.1% in the fourth quarter. Franklin Resources Inc. now owns 71,391 shares of the transportation company's stock valued at $2,566,000 after acquiring an additional 23,500 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in International Seaways by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 948,144 shares of the transportation company's stock valued at $34,084,000 after acquiring an additional 4,769 shares during the period. Institutional investors own 67.29% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Jefferies Financial Group reissued a "buy" rating and issued a $48.00 target price on shares of International Seaways in a report on Thursday, May 8th. BTIG Research cut their price target on International Seaways from $70.00 to $60.00 and set a "buy" rating for the company in a report on Wednesday, August 6th.

International Seaways Trading Down 0.6%

Shares of INSW stock traded down $0.24 on Wednesday, reaching $42.01. 65,032 shares of the company's stock were exchanged, compared to its average volume of 773,752. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The company's fifty day simple moving average is $39.55 and its 200 day simple moving average is $36.85. The stock has a market capitalization of $2.07 billion, a PE ratio of 8.73 and a beta of 0.05. International Seaways Inc. has a 52 week low of $27.20 and a 52 week high of $54.84.

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

International Seaways Dividend Announcement

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

Insiders Place Their Bets

In other news, SVP William F. Nugent sold 1,000 shares of the business's stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $40.21, for a total value of $40,210.00. Following the completion of the transaction, the senior vice president directly owned 58,752 shares of the company's stock, valued at approximately $2,362,417.92. The trade was a 1.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Lois K. Zabrocky sold 2,000 shares of the business's stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $38.62, for a total value of $77,240.00. Following the completion of the transaction, the chief executive officer directly owned 192,771 shares of the company's stock, valued at approximately $7,444,816.02. The trade was a 1.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 11,000 shares of company stock valued at $422,600. 2.00% of the stock is currently owned by corporate insiders.

International Seaways Company 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.