Private Management Group Inc. Lowers Stock Holdings in International Seaways Inc. $INSW

Key Points

• Private Management Group reduced its International Seaways stake by 20.8% in the second quarter, selling 46,894 shares and retaining 178,409 shares worth approximately $13.7 million. Institutional investors collectively own 67.29% of the company.
• International Seaways reported strong quarterly results, with EPS of $5.91 versus estimates of $5.55 and revenue of $467.29 million, up 138.9% year over year.
• The company raised its quarterly dividend to $5.05 per share, implying a 20.4% annualized yield. Analysts maintain a “Moderate Buy” consensus, although the average price target of $88 is below the reported $98.92 share price.

Private Management Group Inc. reduced its position in International Seaways Inc. (NYSE:INSW - Free Report) by 20.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 178,409 shares of the transportation company's stock after selling 46,894 shares during the quarter. Private Management Group Inc. owned approximately 0.36% of International Seaways worth $13,664,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Quantbot Technologies LP purchased a new position in shares of International Seaways in the second quarter valued at approximately $28,000. Leonteq Securities AG acquired a new position in shares of International Seaways in the fourth quarter valued at approximately $44,000. Garton & Associates Financial Advisors LLC purchased a new stake in International Seaways during the 4th quarter worth approximately $46,000. Rockefeller Capital Management L.P. increased its stake in International Seaways by 583.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 963 shares of the transportation company's stock worth $47,000 after buying an additional 822 shares during the period. Finally, Allworth Financial LP acquired a new stake in International Seaways during the 2nd quarter worth approximately $48,000. 67.29% of the stock is currently owned by hedge funds and other institutional investors.

International Seaways Stock Down 0.3%

INSW stock opened at $98.92 on Friday. The company's 50 day moving average price is $90.54 and its 200 day moving average price is $81.16. The firm has a market capitalization of $4.90 billion, a price-to-earnings ratio of 6.32 and a beta of -0.13. International Seaways Inc. has a fifty-two week low of $42.26 and a fifty-two week high of $102.36. The company has a debt-to-equity ratio of 0.27, a quick ratio of 5.76 and a current ratio of 5.94.

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

International Seaways Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th will be given a dividend of $5.05 per share. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $20.20 annualized dividend and a dividend yield of 20.4%. This is an increase 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 subject of several recent research reports. BTIG Research raised their price target on shares of International Seaways from $90.00 to $100.00 and gave the company a "buy" rating in a research report on Wednesday, June 24th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of International Seaways in a research report on Friday, August 7th. Zacks Research cut International Seaways from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 24th. Pareto Securities lowered International Seaways from a "buy" rating to a "hold" rating in a report on Monday, May 18th. Finally, Jefferies Financial Group lifted their target price on International Seaways from $100.00 to $108.00 and gave the company a "buy" rating in a report on Thursday, August 13th. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, International Seaways presently has a consensus rating of "Moderate Buy" and a consensus target price of $88.00.

Insider Activity

In other news, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $98.44, for a total value of $196,880.00. Following the transaction, the chief executive officer owned 173,745 shares in the company, valued at approximately $17,103,457.80. This represents a 1.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Jeffrey Pribor sold 1,000 shares of the firm's stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $81.68, for a total value of $81,680.00. Following the sale, the chief financial officer directly owned 101,984 shares in the company, valued at $8,330,053.12. This trade represents a 0.97% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 5,000 shares of company stock valued at $441,240. Insiders own 1.70% of the company's stock.

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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