Rhumbline Advisers Acquires 16,519 Shares of International Seaways Inc. $INSW

Key Points

• Rhumbline Advisers increased its stake in International Seaways Inc. by 13.8% in Q1, now holding a total of 136,422 shares valued at approximately $4.5 million.
• Several hedge funds significantly boosted their positions in International Seaways, with PNC Financial Services increasing its stake by 550.7%.
• The company announced a quarterly dividend of $0.12, set to be paid on September 24th, reflecting an annualized yield of 1.0%.

Rhumbline Advisers raised its holdings in International Seaways Inc. (NYSE:INSW - Free Report) by 13.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 136,422 shares of the transportation company's stock after purchasing an additional 16,519 shares during the quarter. Rhumbline Advisers owned 0.28% of International Seaways worth $4,529,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. GAMMA Investing LLC increased its holdings in International Seaways by 105.1% during the first quarter. GAMMA Investing LLC now owns 1,163 shares of the transportation company's stock worth $39,000 after buying an additional 596 shares during the last quarter. Blue Trust Inc. grew its position in shares of International Seaways by 87.3% during the 1st quarter. Blue Trust Inc. now owns 1,583 shares of the transportation company's stock valued at $53,000 after acquiring an additional 738 shares during the period. Picton Mahoney Asset Management purchased a new stake in shares of International Seaways during the 1st quarter worth approximately $55,000. PNC Financial Services Group Inc. increased its stake in shares of International Seaways by 550.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,822 shares of the transportation company's stock worth $60,000 after purchasing an additional 1,542 shares during the last quarter. Finally, KBC Group NV raised its holdings in shares of International Seaways by 61.2% in the 1st quarter. KBC Group NV now owns 2,800 shares of the transportation company's stock worth $93,000 after purchasing an additional 1,063 shares during the period. 67.29% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at International Seaways

In other news, SVP William F. Nugent sold 1,000 shares of the company's stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $40.21, for a total transaction of $40,210.00. Following the sale, the senior vice president directly owned 58,752 shares in the company, valued at $2,362,417.92. This represents a 1.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Derek G. Solon sold 3,000 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $41.35, for a total transaction of $124,050.00. Following the transaction, the senior vice president directly owned 52,893 shares of the company's stock, valued at approximately $2,187,125.55. This represents a 5.37% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 17,000 shares of company stock worth $690,340. 2.00% of the stock is owned by corporate insiders.

International Seaways Stock Up 0.6%

International Seaways stock opened at $47.16 on Monday. The firm has a 50 day simple moving average of $42.45 and a 200 day simple moving average of $37.89. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. International Seaways Inc. has a 1-year low of $27.20 and a 1-year high of $54.84. The firm has a market capitalization of $2.33 billion, a price-to-earnings ratio of 9.80 and a beta of 0.08.

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

International Seaways Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 24th. Shareholders of record on Wednesday, September 10th will be paid a $0.12 dividend. The ex-dividend date is Wednesday, September 10th. This represents a $0.48 annualized dividend and a yield of 1.0%. International Seaways's dividend payout ratio (DPR) is currently 9.98%.

Wall Street Analyst Weigh In

Separately, BTIG Research reduced their price objective on International Seaways from $70.00 to $60.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. One research 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, International Seaways has a consensus rating of "Buy" and an average target price of $53.50.

International Seaways 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.

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