Walleye Capital LLC Purchases Shares of 8,815 International Seaways Inc. $INSW

Key Points

• Walleye Capital LLC purchased 8,815 shares of International Seaways Inc. valued at approximately $293,000 in the first quarter of 2023.
• Several other institutional investors, including Hotchkis & Wiley and American Century Companies, have also increased their stakes in International Seaways, bringing institutional ownership to 67.29%.
• The company reported earnings of $1.02 per share, surpassing expectations, but noted a 24% decline in revenue year-over-year, alongside declaring a quarterly dividend of $0.12 per share.

Walleye Capital LLC purchased a new stake in International Seaways Inc. (NYSE:INSW - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,815 shares of the transportation company's stock, valued at approximately $293,000.

Several other institutional investors also recently modified their holdings of the stock. Hotchkis & Wiley Capital Management LLC increased its holdings in shares of International Seaways by 2.8% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 157,590 shares of the transportation company's stock valued at $5,232,000 after buying an additional 4,340 shares in the last quarter. Sprott Inc. acquired a new stake in International Seaways during the 1st quarter valued at $292,000. American Century Companies Inc. raised its stake in International Seaways by 3.9% during the 1st quarter. American Century Companies Inc. now owns 1,695,985 shares of the transportation company's stock valued at $56,307,000 after purchasing an additional 63,232 shares during the period. Russell Investments Group Ltd. raised its stake in International Seaways by 27.2% during the 1st quarter. Russell Investments Group Ltd. now owns 72,999 shares of the transportation company's stock valued at $2,424,000 after purchasing an additional 15,589 shares during the period. Finally, HighTower Advisors LLC raised its stake in International Seaways by 42.5% during the 1st quarter. HighTower Advisors LLC now owns 38,308 shares of the transportation company's stock valued at $1,272,000 after purchasing an additional 11,430 shares during the period. Institutional investors own 67.29% of the company's stock.

Analyst Ratings Changes

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

Insider Buying and Selling at International Seaways

In other news, SVP William F. Nugent sold 1,000 shares of the business's stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $40.21, for a total transaction of $40,210.00. Following the transaction, the senior vice president directly owned 58,752 shares in the company, valued at $2,362,417.92. The trade was a 1.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Lois K. Zabrocky sold 2,000 shares of the business's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $38.62, for a total transaction of $77,240.00. Following the transaction, the chief executive officer owned 192,771 shares in the company, valued at approximately $7,444,816.02. This represents a 1.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,000 shares of company stock worth $767,820 over the last 90 days. 2.00% of the stock is currently owned by insiders.

International Seaways Trading Up 1.8%

International Seaways stock opened at $46.02 on Thursday. The company's fifty day simple moving average is $41.20 and its 200-day simple moving average is $37.40. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.14. International Seaways Inc. has a 12 month low of $27.20 and a 12 month high of $54.84. The stock has a market cap of $2.27 billion, a P/E ratio of 9.57 and a beta of 0.08.

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

International Seaways Dividend Announcement

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

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.

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