PEAK6 LLC Makes New $1.03 Million Investment in International Seaways Inc. $INSW

Key Points

• PEAK6 LLC purchased 13,445 shares of International Seaways valued at approximately $1.03 million during the second quarter. Institutional investors collectively own 67.29% of the company.
• International Seaways reported strong quarterly results, with EPS of $5.91 beating estimates and revenue rising 138.9% year over year to $467.29 million.
• The company announced a significantly higher quarterly dividend of $5.05 per share, implying an annualized yield of about 20.3%; analysts maintain an overall “Buy” rating.

PEAK6 LLC bought a new stake in shares of International Seaways Inc. (NYSE:INSW - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 13,445 shares of the transportation company's stock, valued at approximately $1,030,000.

A number of other hedge funds also recently modified their holdings of INSW. Quantbot Technologies LP purchased a new position in shares of International Seaways during the second quarter valued at $28,000. Allworth Financial LP purchased a new stake in International Seaways in the 2nd quarter worth about $48,000. Leonteq Securities AG purchased a new stake in International Seaways in the 4th quarter worth about $44,000. Compass Financial Management LLC acquired a new stake in International Seaways during the 2nd quarter worth about $86,000. Finally, Garton & Associates Financial Advisors LLC acquired a new stake in International Seaways during the 4th quarter worth about $46,000. Hedge funds and other institutional investors own 67.29% of the company's stock.

International Seaways Trading Down 0.2%

Shares of NYSE:INSW opened at $99.31 on Monday. The stock has a market capitalization of $4.92 billion, a PE ratio of 6.35 and a beta of -0.13. International Seaways Inc. has a 1 year low of $42.26 and a 1 year high of $102.36. The firm has a fifty day moving average price of $89.00 and a 200 day moving average price of $79.96. The company has a current ratio of 5.94, a quick ratio of 5.76 and a debt-to-equity ratio of 0.27.

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

International Seaways Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th will be issued a dividend of $5.05 per share. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $20.20 dividend on an annualized basis and a dividend yield of 20.3%. This is a positive change from International Seaways's previous quarterly dividend of $0.12. International Seaways's payout ratio is currently 3.07%.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In related news, CFO Jeffrey Pribor sold 1,000 shares of the firm's stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $81.68, for a total value 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Lois K. Zabrocky sold 2,000 shares of the business's stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $98.44, for a total value of $196,880.00. Following the completion of the sale, the chief executive officer owned 173,745 shares of the company's stock, valued at approximately $17,103,457.80. This trade represents a 1.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 5,000 shares of company stock worth $441,240 over the last three months. 1.70% of the stock is owned by company insiders.

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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