NewEdge Wealth LLC Purchases Shares of 31,675 International Seaways Inc. $INSW

Key Points

• NewEdge Wealth purchased 31,675 International Seaways shares worth approximately $2.43 million, taking a 0.06% stake. Institutional investors and hedge funds collectively own 67.29% of the company.
• International Seaways reported quarterly EPS of $5.91 and revenue of $467.29 million, exceeding analyst estimates, while revenue increased 138.9% year over year. Analysts maintain a consensus “Buy” rating with an $88 price target.
• The company increased its quarterly dividend to $5.05, implying a $20.20 annualized payout and a 20.4% yield. Shares opened at $99.05, near the 52-week high of $100.50.

NewEdge Wealth LLC purchased a new position in International Seaways Inc. (NYSE:INSW - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 31,675 shares of the transportation company's stock, valued at approximately $2,426,000. NewEdge Wealth LLC owned about 0.06% of International Seaways at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its position in International Seaways by 1.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 638,791 shares of the transportation company's stock worth $31,013,000 after acquiring an additional 12,188 shares during the period. Resolute Capital LLC acquired a new position in shares of International Seaways in the fourth quarter valued at about $1,273,000. Cercano Management LLC acquired a new position in shares of International Seaways in the fourth quarter valued at about $4,137,000. Kingsview Wealth Management LLC raised its stake in shares of International Seaways by 252.7% in the fourth quarter. Kingsview Wealth Management LLC now owns 64,528 shares of the transportation company's stock worth $3,133,000 after purchasing an additional 46,234 shares during the last quarter. Finally, Energy Income Partners LLC purchased a new position in shares of International Seaways in the second quarter worth about $4,161,000. 67.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on INSW shares. Zacks Research upgraded International Seaways from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 24th. BTIG Research raised their price target on shares of International Seaways from $90.00 to $100.00 and gave the stock a "buy" rating in a research report on Wednesday, June 24th. Pareto Securities cut shares of International Seaways from a "buy" rating to a "hold" rating in a research note on Monday, May 18th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of International Seaways in a report on Friday, August 7th. Finally, Jefferies Financial Group increased their price objective on shares of International Seaways from $100.00 to $108.00 and gave the stock a "buy" rating in a research note on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $88.00.

Insider Buying and Selling

In other news, CEO Lois K. Zabrocky sold 2,000 shares of International Seaways stock in a transaction that occurred on Monday, August 17th. The shares were 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 directly owned 173,745 shares of the company's stock, 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 Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jeffrey Pribor sold 1,000 shares of International Seaways stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $81.68, for a total transaction of $81,680.00. Following the transaction, the chief financial officer directly owned 101,984 shares of the company's stock, valued at approximately $8,330,053.12. This trade represents 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 worth $441,240 in the last ninety days. Corporate insiders own 1.70% of the company's stock.

International Seaways Stock Performance

Shares of INSW stock opened at $99.05 on Friday. The stock has a market cap of $4.91 billion, a PE ratio of 6.33 and a beta of -0.13. The business has a 50-day simple moving average of $88.65 and a 200-day simple moving average of $79.69. 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 Inc. has a 52-week low of $42.26 and a 52-week high of $100.50.

International Seaways (NYSE:INSW - Get Free Report) last posted its earnings results on Monday, August 10th. The transportation company reported $5.91 EPS for the quarter, topping the consensus estimate of $5.55 by $0.36. The firm had revenue of $467.29 million for the quarter, compared to analyst estimates of $406.38 million. International Seaways had a return on equity of 31.75% and a net margin of 61.98%.International Seaways's revenue for the quarter was up 138.9% compared to the same quarter last year. During the same period last year, the company earned $1.02 earnings per share. On average, equities analysts expect that International Seaways Inc. will post 15.89 EPS for the current year.

International Seaways Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be given a $5.05 dividend. The ex-dividend date is Thursday, September 10th. This represents a $20.20 annualized dividend and a yield of 20.4%. This is a boost from International Seaways's previous quarterly dividend of $0.12. International Seaways's payout ratio is currently 3.07%.

International Seaways Company 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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