Legal & General Group Plc Acquires Shares of 104,455 International Seaways Inc. $INSW

Key Points

• Legal & General Group Plc acquired 104,455 International Seaways shares valued at approximately $8 million, giving it a 0.21% stake. Institutional investors and hedge funds collectively own 67.29% of the company.
• International Seaways reported quarterly EPS of $5.91, beating estimates of $5.55, while revenue rose 138.9% year over year to $467.29 million.
• The company increased its quarterly dividend to $5.05 per share, equivalent to a $20.20 annualized payout and a 20.3% yield. Analysts maintain a “Moderate Buy” consensus, with an average price target of $94.75.

Legal & General Group Plc acquired a new position in shares of International Seaways Inc. (NYSE:INSW - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 104,455 shares of the transportation company's stock, valued at approximately $8,000,000. Legal & General Group Plc owned approximately 0.21% of International Seaways at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. The Manufacturers Life Insurance Company acquired a new stake in shares of International Seaways in the second quarter valued at about $1,258,000. Algert Global LLC boosted its holdings in International Seaways by 523.3% in the 2nd quarter. Algert Global LLC now owns 32,410 shares of the transportation company's stock worth $2,482,000 after acquiring an additional 27,210 shares during the period. OMERS ADMINISTRATION Corp acquired a new stake in International Seaways in the second quarter valued at approximately $2,114,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in International Seaways in the second quarter valued at approximately $9,355,000. Finally, PEAK6 LLC purchased a new stake in shares of International Seaways during the second quarter valued at approximately $1,030,000. Hedge funds and other institutional investors own 67.29% of the company's stock.

International Seaways Price Performance

Shares of NYSE:INSW opened at $99.73 on Wednesday. The company has a market cap of $4.94 billion, a PE ratio of 6.38 and a beta of -0.13. International Seaways Inc. has a fifty-two week low of $42.26 and a fifty-two week high of $102.36. The firm has a 50-day simple moving average of $90.94 and a 200 day simple moving average of $81.83. The company has a quick ratio of 5.76, a current ratio of 5.94 and a debt-to-equity ratio of 0.27.

International Seaways (NYSE:INSW - Get Free Report) last issued its earnings results on Monday, August 10th. The transportation company reported $5.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.55 by $0.36. The firm 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%. International Seaways's revenue was up 138.9% on a year-over-year basis. During the same quarter last year, the company posted $1.02 earnings per share. On average, sell-side analysts anticipate that International Seaways Inc. will post 15.89 EPS for the current year.

International Seaways Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be issued a $5.05 dividend. This is a positive change from International Seaways's previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $20.20 annualized dividend and a dividend yield of 20.3%. International Seaways's dividend payout ratio (DPR) is 129.16%.

Insider Buying and Selling

In related 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 completion of the transaction, the chief executive officer owned 173,745 shares in the company, valued at $17,103,457.80. The trade was a 1.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Jeffrey Pribor sold 1,000 shares of the company's stock in a transaction 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 transaction, the chief financial officer owned 101,984 shares of the company's stock, valued at approximately $8,330,053.12. The trade was a 0.97% 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 5,000 shares of company stock valued at $441,240 in the last 90 days. Insiders own 1.70% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Pareto Securities cut shares of International Seaways from a "buy" rating to a "hold" rating in a research report on Monday, May 18th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $107.00 price target on shares of International Seaways in a research note on Tuesday. BTIG Research boosted 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 cut shares of International Seaways from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 24th. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of International Seaways in a research note on Friday, August 7th. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $94.75.

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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