Nuveen LLC Acquires New Position in International Seaways Inc. $INSW

Key Points

• Nuveen LLC has acquired a new position in International Seaways Inc. by purchasing 273,457 shares valued at approximately $9.08 million, bringing their ownership to about 0.55% of the company.
• International Seaways reported an EPS of $1.02 for the last quarter, exceeding estimates, despite a 24% decline in revenue year-over-year, totaling $188.82 million.
• The company recently announced a quarterly dividend of $0.12 per share, equating to an annualized yield of 1.1%, reflecting a dividend payout ratio of 9.98%.

Nuveen LLC purchased a new stake in shares of International Seaways Inc. (NYSE:INSW - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 273,457 shares of the transportation company's stock, valued at approximately $9,079,000. Nuveen LLC owned about 0.55% of International Seaways as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Donald Smith & CO. Inc. increased its position in International Seaways by 36.0% during the 1st quarter. Donald Smith & CO. Inc. now owns 492,711 shares of the transportation company's stock valued at $16,358,000 after purchasing an additional 130,519 shares during the period. Invesco Ltd. increased its position in International Seaways by 41.5% during the 1st quarter. Invesco Ltd. now owns 223,152 shares of the transportation company's stock valued at $7,409,000 after purchasing an additional 65,496 shares during the period. Cynosure Group LLC increased its position in International Seaways by 15.6% during the 1st quarter. Cynosure Group LLC now owns 9,932 shares of the transportation company's stock valued at $330,000 after purchasing an additional 1,339 shares during the period. Swiss National Bank increased its position in International Seaways by 3.7% during the 1st quarter. Swiss National Bank now owns 81,000 shares of the transportation company's stock valued at $2,689,000 after purchasing an additional 2,900 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in International Seaways by 17.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 544,202 shares of the transportation company's stock valued at $18,068,000 after purchasing an additional 80,591 shares during the period. 67.29% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at International Seaways

In related news, CFO Jeffrey Pribor sold 1,000 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $44.69, for a total transaction of $44,690.00. Following the sale, the chief financial officer directly owned 64,502 shares of the company's stock, valued at approximately $2,882,594.38. This represents a 1.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO James D. Small III sold 5,000 shares of the stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $41.35, for a total transaction of $206,750.00. Following the sale, the chief accounting officer directly owned 69,292 shares in the company, valued at $2,865,224.20. This trade represents a 6.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,000 shares of company stock worth $804,950 in the last ninety days. 2.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on INSW. BTIG Research reduced their price objective on shares of International Seaways from $70.00 to $60.00 and set a "buy" rating on the stock in a research report on Wednesday, August 6th. Jefferies Financial Group reissued a "buy" rating and set a $48.00 price objective on shares of International Seaways in a research report on Thursday, May 8th. One 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 company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $53.50.

International Seaways Stock Up 1.2%

Shares of NYSE:INSW traded up $0.52 during midday trading on Thursday, reaching $45.26. The company's stock had a trading volume of 148,482 shares, compared to its average volume of 751,371. The firm has a 50 day moving average of $40.57 and a 200-day moving average of $37.19. The firm has a market capitalization of $2.23 billion, a P/E ratio of 9.40 and a beta of 0.05. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.14. International Seaways Inc. has a 12-month low of $27.20 and a 12-month high of $54.84.

International Seaways (NYSE:INSW - Get Free Report) last released its earnings results on Wednesday, August 6th. The transportation company reported $1.02 earnings per share for the quarter, topping analysts' consensus estimates of $0.91 by $0.11. The firm had revenue of $188.82 million for the quarter, compared to the consensus estimate of $199.06 million. International Seaways had a net margin of 29.88% and a return on equity of 11.35%. The company's revenue was down 24.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.37 EPS. On average, research analysts anticipate that International Seaways Inc. will post 7.77 earnings per share for the current year.

International Seaways Dividend Announcement

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

International Seaways Company Profile

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.