Man Group plc Makes New $867,000 Investment in International Seaways Inc. $INSW

Key Points

• Man Group acquired 11,318 shares of International Seaways in the second quarter, valued at approximately $867,000. Institutional investors collectively own 67.29% of the company.
• International Seaways reported strong quarterly results, with EPS of $5.91 beating estimates and revenue rising 138.9% year over year to $467.29 million.
• The company announced a sharply increased quarterly dividend of $5.05 per share, implying a 19.8% yield, while analysts maintain a “Moderate Buy” consensus rating with an average price target of $94.75.

Man Group plc bought a new stake in International Seaways Inc. (NYSE:INSW - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 11,318 shares of the transportation company's stock, valued at approximately $867,000.

Several other institutional investors also recently made changes to their positions in the stock. Quantbot Technologies LP bought a new stake in shares of International Seaways in the 2nd quarter worth approximately $28,000. Leonteq Securities AG acquired a new stake in International Seaways in the fourth quarter worth $44,000. Garton & Associates Financial Advisors LLC bought a new stake in International Seaways in the fourth quarter valued at $46,000. Rockefeller Capital Management L.P. boosted its holdings in shares of International Seaways by 583.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 963 shares of the transportation company's stock valued at $47,000 after acquiring an additional 822 shares during the period. Finally, Allworth Financial LP acquired a new position in shares of International Seaways during the second quarter valued at $48,000. 67.29% of the stock is owned by institutional investors.

Insider Buying and Selling at International Seaways

In related news, CEO Lois Zabrocky sold 2,000 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $98.44, for a total value 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. This trade represents a 1.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Jeffrey Pribor sold 1,000 shares of the business's stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $81.68, for a total value of $81,680.00. Following the sale, the chief financial officer owned 101,984 shares in the company, valued at approximately $8,330,053.12. The trade was a 0.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 5,000 shares of company stock valued at $441,240. 1.70% of the stock is currently owned by company insiders.

International Seaways Trading Up 1.0%

Shares of NYSE:INSW opened at $102.25 on Friday. 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 market capitalization of $5.06 billion, a price-to-earnings ratio of 6.54, a PEG ratio of 0.26 and a beta of -0.13. International Seaways Inc. has a 1-year low of $42.26 and a 1-year high of $103.03. The company has a 50 day moving average price of $91.63 and a 200 day moving average price of $82.38.

International Seaways (NYSE:INSW - Get Free Report) last announced its quarterly earnings data on Monday, August 10th. The transportation company reported $5.91 EPS for the quarter, beating analysts' consensus estimates of $5.55 by $0.36. The company had revenue of $467.29 million during the quarter, compared to the consensus estimate of $406.38 million. International Seaways had a return on equity of 31.75% and a net margin of 61.98%.The company's quarterly revenue was up 138.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.02 EPS. On average, research analysts anticipate that International Seaways Inc. will post 16.09 EPS 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. Stockholders of record on Thursday, September 10th will be issued a dividend of $5.05 per share. This is a positive change from International Seaways's previous quarterly dividend of $0.12. This represents a $20.20 annualized dividend and a dividend yield of 19.8%. The ex-dividend date of this dividend is Thursday, September 10th. International Seaways's dividend payout ratio (DPR) is currently 3.07%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Pareto Securities cut shares of International Seaways from a "buy" rating to a "hold" rating in a report on Monday, May 18th. Jefferies Financial Group upped their price objective on shares of International Seaways from $100.00 to $108.00 and gave the stock a "buy" rating in a report on Thursday, August 13th. Weiss Ratings reissued a "buy (b-)" rating on shares of International Seaways in a research note on Friday, August 7th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $107.00 price target on shares of International Seaways in a research report on Tuesday. Finally, Zacks Research lowered shares of International Seaways from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 24th. Five investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price 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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