Martingale Asset Management L P Has $803,000 Holdings in International Seaways Inc. $INSW

Key Points

• Martingale Asset Management L P reduced its stake in International Seaways by 62.4% during the first quarter, resulting in holdings worth $803,000 at the end of the period.
• International Seaways announced a quarterly dividend of $0.12, which will be paid on September 24th, contributing to a 1.1% dividend yield.
• Despite a drop in revenue of 24% year-over-year, the company reported earnings per share of $1.02, exceeding analyst expectations of $0.91.

Martingale Asset Management L P cut its holdings in shares of International Seaways Inc. (NYSE:INSW - Free Report) by 62.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 24,191 shares of the transportation company's stock after selling 40,203 shares during the quarter. Martingale Asset Management L P's holdings in International Seaways were worth $803,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Banque Transatlantique SA acquired a new stake in International Seaways during the 4th quarter worth about $29,000. GAMMA Investing LLC boosted its position in International Seaways by 105.1% during the 1st quarter. GAMMA Investing LLC now owns 1,163 shares of the transportation company's stock worth $39,000 after acquiring an additional 596 shares during the period. Quarry LP boosted its position in International Seaways by 169.0% during the 4th quarter. Quarry LP now owns 1,356 shares of the transportation company's stock worth $49,000 after acquiring an additional 852 shares during the period. Blue Trust Inc. boosted its position in International Seaways by 87.3% during the 1st quarter. Blue Trust Inc. now owns 1,583 shares of the transportation company's stock worth $53,000 after acquiring an additional 738 shares during the period. Finally, Picton Mahoney Asset Management acquired a new stake in International Seaways during the 1st quarter worth about $55,000. 67.29% of the stock is currently owned by institutional investors and hedge funds.

International Seaways Stock Up 0.6%

Shares of INSW stock opened at $44.7680 on Monday. The stock's 50 day simple moving average is $40.31 and its 200 day simple moving average is $37.06. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.95. International Seaways Inc. has a twelve month low of $27.20 and a twelve month high of $54.84. The company has a market capitalization of $2.21 billion, a price-to-earnings ratio of 9.31 and a beta of 0.05.

International Seaways (NYSE:INSW - Get Free Report) last issued its quarterly earnings data 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. International Seaways had a return on equity of 11.35% and a net margin of 29.88%.The business had revenue of $188.82 million for the quarter, compared to the consensus estimate of $199.06 million. During the same period last year, the business earned $2.37 EPS. The firm's revenue was down 24.0% compared to the same quarter last year. As a group, research analysts predict that International Seaways Inc. will post 7.77 EPS for the current year.

International Seaways Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 24th. Investors of record on Wednesday, September 10th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Wednesday, September 10th. International Seaways's dividend payout ratio (DPR) is presently 9.98%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Jefferies Financial Group restated a "buy" rating and set a $48.00 price objective on shares of International Seaways in a research 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 research note on Wednesday, August 6th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, International Seaways currently has an average rating of "Buy" and a consensus price target of $53.50.

Insider Buying and Selling

In related news, CEO Lois K. Zabrocky sold 2,000 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $38.74, for a total value of $77,480.00. Following the transaction, the chief executive officer directly owned 194,771 shares of the company's stock, valued at approximately $7,545,428.54. This trade represents a 1.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Derek G. Solon sold 3,000 shares of the firm's stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $41.35, for a total value of $124,050.00. Following the completion of the transaction, the senior vice president directly owned 52,893 shares in the company, valued at $2,187,125.55. The trade was a 5.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,000 shares of company stock valued at $760,260 over the last 90 days. 2.00% of the stock is currently owned by insiders.

About International Seaways

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.

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