Pacer Advisors Inc. Makes New $17.33 Million Investment in International Seaways Inc. (NYSE:INSW)

Key Points

• Pacer Advisors Inc. has acquired a new position in International Seaways Inc., purchasing 522,016 shares valued at approximately $17.3 million, representing about 1.06% ownership in the company.
• Jefferies Financial Group maintained a "buy" rating for International Seaways with a target price of $48.00 per share, indicating confidence in the company's future performance.
• International Seaways reported $0.80 earnings per share, surpassing estimates, though revenue was down 32.9% year-over-year, demonstrating a decline in performance compared to the previous year.

Pacer Advisors Inc. acquired a new position in International Seaways Inc. (NYSE:INSW - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 522,016 shares of the transportation company's stock, valued at approximately $17,331,000. Pacer Advisors Inc. owned approximately 1.06% of International Seaways at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. Banque Transatlantique SA acquired a new position in International Seaways in the 4th quarter worth about $29,000. GAMMA Investing LLC increased its position in International Seaways by 105.1% in the 1st quarter. GAMMA Investing LLC now owns 1,163 shares of the transportation company's stock worth $39,000 after purchasing an additional 596 shares during the last quarter. Quarry LP increased its position in International Seaways by 169.0% in the 4th quarter. Quarry LP now owns 1,356 shares of the transportation company's stock worth $49,000 after purchasing an additional 852 shares during the last quarter. Blue Trust Inc. increased its position in International Seaways by 87.3% in the 1st quarter. Blue Trust Inc. now owns 1,583 shares of the transportation company's stock worth $53,000 after purchasing an additional 738 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its position in International Seaways by 30.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 2,447 shares of the transportation company's stock worth $88,000 after purchasing an additional 564 shares during the last quarter. 67.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group reaffirmed a "buy" rating and issued a $48.00 target price on shares of International Seaways in a research report on Thursday, May 8th.

International Seaways Stock Up 0.3%

Shares of NYSE INSW traded up $0.13 during mid-day trading on Wednesday, reaching $41.25. 220,321 shares of the company traded hands, compared to its average volume of 775,373. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.75 and a current ratio of 2.76. The stock has a market cap of $2.04 billion, a PE ratio of 6.37 and a beta of 0.05. The company's fifty day moving average is $38.57 and its two-hundred day moving average is $36.62. International Seaways Inc. has a fifty-two week low of $27.20 and a fifty-two week high of $56.66.

International Seaways (NYSE:INSW - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The transportation company reported $0.80 EPS for the quarter, beating analysts' consensus estimates of $0.59 by $0.21. The business had revenue of $178.34 million for the quarter, compared to analyst estimates of $176.49 million. International Seaways had a return on equity of 14.98% and a net margin of 37.39%. The firm's revenue for the quarter was down 32.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.92 EPS. On average, analysts expect that International Seaways Inc. will post 7.77 earnings per share for the current year.

International Seaways Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Stockholders of record on Thursday, June 12th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.16%. The ex-dividend date of this dividend was Thursday, June 12th. International Seaways's dividend payout ratio is 7.42%.

Insider Activity

In other news, SVP Derek G. Solon sold 1,500 shares of the stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $38.22, for a total transaction of $57,330.00. Following the transaction, the senior vice president owned 55,893 shares of the company's stock, valued at approximately $2,136,230.46. This represents a 2.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP William F. Nugent sold 1,000 shares of the stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $37.00, for a total value of $37,000.00. Following the transaction, the senior vice president directly owned 59,752 shares in the company, valued at approximately $2,210,824. This represents a 1.65% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 11,500 shares of company stock valued at $439,720. Insiders own 2.00% of the company's stock.

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.