Marnell Management LLC Makes New $6.01 Million Investment in International Seaways Inc. $INSW

Key Points

• Marnell Management LLC opened a new position in International Seaways, buying 123,827 shares worth about $6.01 million. The stake now represents roughly 2.9% of Marnell’s portfolio and about 0.25% of International Seaways.
• International Seaways reported strong quarterly results, with earnings of $3.90 per share and revenue of $325.48 million, both above analyst expectations. Revenue jumped 77.5% year over year, and the company posted a net margin of 55.39%.
• The company also announced a quarterly dividend of $0.12 per share, payable June 26, while analysts remain broadly bullish with a consensus rating of Buy and an average price target of $83.50.

Marnell Management LLC acquired a new position in shares of International Seaways Inc. (NYSE:INSW - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 123,827 shares of the transportation company's stock, valued at approximately $6,012,000. International Seaways comprises about 2.9% of Marnell Management LLC's holdings, making the stock its 6th biggest holding. Marnell Management LLC owned approximately 0.25% of International Seaways as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently added to or reduced their stakes in the company. American Century Companies Inc. lifted its position in shares of International Seaways by 7.5% during the third quarter. American Century Companies Inc. now owns 1,994,978 shares of the transportation company's stock worth $91,929,000 after purchasing an additional 139,868 shares in the last quarter. Frontier Capital Management Co. LLC lifted its position in shares of International Seaways by 105.2% during the second quarter. Frontier Capital Management Co. LLC now owns 270,386 shares of the transportation company's stock worth $9,864,000 after purchasing an additional 138,625 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of International Seaways by 226.0% during the third quarter. Arrowstreet Capital Limited Partnership now owns 145,280 shares of the transportation company's stock worth $6,695,000 after purchasing an additional 100,715 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of International Seaways by 46.4% during the second quarter. AQR Capital Management LLC now owns 306,160 shares of the transportation company's stock worth $11,169,000 after purchasing an additional 97,081 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of International Seaways during the fourth quarter worth approximately $4,274,000. 67.29% of the stock is owned by institutional investors.

Insider Activity

In other International Seaways news, CEO Lois K. Zabrocky sold 2,000 shares of the company's stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $84.23, for a total value of $168,460.00. Following the completion of the sale, the chief executive officer owned 179,745 shares of the company's stock, valued at approximately $15,139,921.35. This represents a 1.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Jeffrey Pribor sold 1,000 shares of the company's stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $83.72, for a total transaction of $83,720.00. Following the completion of the sale, the chief financial officer directly owned 102,984 shares of the company's stock, valued at $8,621,820.48. The trade was a 0.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 42,530 shares of company stock worth $3,679,275 over the last three months. Company insiders own 1.70% of the company's stock.

International Seaways Trading Up 0.1%

INSW opened at $82.08 on Monday. The company has a debt-to-equity ratio of 0.26, a current ratio of 7.34 and a quick ratio of 7.28. The company has a market cap of $4.06 billion, a price-to-earnings ratio of 7.48 and a beta of -0.12. The firm has a 50 day simple moving average of $80.65 and a 200 day simple moving average of $67.07. International Seaways Inc. has a fifty-two week low of $36.03 and a fifty-two week high of $92.66.

International Seaways (NYSE:INSW - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The transportation company reported $3.90 earnings per share for the quarter, topping analysts' consensus estimates of $2.87 by $1.03. The business had revenue of $325.48 million during the quarter, compared to the consensus estimate of $279.34 million. International Seaways had a net margin of 55.39% and a return on equity of 21.04%. International Seaways's revenue for the quarter was up 77.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.80 earnings per share. On average, sell-side analysts anticipate that International Seaways Inc. will post 14.99 earnings per share for the current year.

International Seaways Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 12th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Friday, June 12th. International Seaways's dividend payout ratio is presently 4.37%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft upped their target price on shares of International Seaways from $63.00 to $80.00 and gave the stock a "buy" rating in a research report on Monday, March 9th. Zacks Research upgraded shares of International Seaways from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, May 27th. BTIG Research upped their target price on shares of International Seaways from $80.00 to $90.00 and gave the stock a "buy" rating in a research report on Wednesday, April 22nd. Benchmark reiterated a "buy" rating on shares of International Seaways in a research report on Thursday, February 26th. Finally, Jefferies Financial Group reissued a "buy" rating and set a $100.00 price target on shares of International Seaways in a research note on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, International Seaways presently has an average rating of "Buy" and a consensus price target of $83.50.

About International Seaways

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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