Sprott Inc. Acquires New Holdings in International Seaways Inc. $INSW

Key Points

• Sprott Inc. has acquired a new position in International Seaways Inc., purchasing 8,782 shares valued at approximately $292,000 in the first quarter.
• International Seaways reported earnings of $1.02 per share, exceeding expectations, but also saw a 24% decline in revenue year-over-year.
• The company has announced a quarterly dividend of $0.12 per share, reflecting an annualized payout of $0.48 with a yield of 1.1%.

Sprott Inc. purchased a new stake in shares of International Seaways Inc. (NYSE:INSW - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 8,782 shares of the transportation company's stock, valued at approximately $292,000.

Several other hedge funds and other institutional investors have also modified their holdings of INSW. GAMMA Investing LLC lifted 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 buying an additional 596 shares in the last quarter. New York State Teachers Retirement System increased its holdings in shares of International Seaways by 139.9% during the 1st quarter. New York State Teachers Retirement System now owns 20,794 shares of the transportation company's stock valued at $690,000 after acquiring an additional 12,128 shares during the last quarter. KBC Group NV lifted its holdings in 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 last quarter. Deutsche Bank AG boosted its position in International Seaways by 46.2% during the fourth quarter. Deutsche Bank AG now owns 34,974 shares of the transportation company's stock worth $1,257,000 after purchasing an additional 11,050 shares during the period. Finally, Blue Trust Inc. lifted its position in International Seaways by 87.3% during the 1st quarter. Blue Trust Inc. now owns 1,583 shares of the transportation company's stock worth $53,000 after acquiring an additional 738 shares during the last quarter. Institutional investors and hedge funds own 67.29% of the company's stock.

International Seaways Price Performance

Shares of INSW traded up $0.57 on Wednesday, hitting $44.69. The company's stock had a trading volume of 270,588 shares, compared to its average volume of 754,954. The company has a market capitalization of $2.21 billion, a PE ratio of 9.29 and a beta of 0.05. International Seaways Inc. has a fifty-two week low of $27.20 and a fifty-two week high of $54.84. The company has a 50 day moving average price of $40.50 and a 200 day moving average price of $37.14. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.95 and a quick ratio of 0.95.

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

International Seaways Announces Dividend

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

Insider Buying and Selling

In other International Seaways news, CAO James D. Small III sold 5,000 shares of the business's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $41.35, for a total transaction of $206,750.00. Following the completion of the sale, the chief accounting officer directly owned 69,292 shares of the company's stock, valued at approximately $2,865,224.20. The trade was a 6.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Derek G. Solon sold 3,000 shares of the firm's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $41.35, for a total transaction of $124,050.00. Following the completion of the transaction, the senior vice president directly owned 52,893 shares in the company, valued at $2,187,125.55. This trade represents a 5.37% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 20,000 shares of company stock worth $804,950. 2.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have issued reports on INSW. Jefferies Financial Group restated a "buy" rating and issued a $48.00 price target on shares of International Seaways in a research report on Thursday, May 8th. BTIG Research lowered their price objective on International Seaways from $70.00 to $60.00 and set a "buy" rating on the stock in a research note on Wednesday, August 6th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $53.50.

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.