Insider Selling: International Seaways (NYSE:INSW) Major Shareholder Sells $4,750,209.02 in Stock

Key Points

• Major shareholder Finance Ltd Famatown sold 38,917 International Seaways shares at an average price of $122.06, generating $4.75 million. The sale reduced its ownership by 0.59%, though it still directly holds approximately 6.57 million shares valued at $801.4 million.
• International Seaways reported strong quarterly results, with earnings of $5.91 per share and revenue of $467.29 million, exceeding analyst estimates. The company also raised its quarterly dividend to $5.05 per share, equivalent to an annualized yield of about 18.1%.
• Shares traded near $111.79, up sharply from their 52-week low of $46.09, while analysts maintained a consensus “Buy” rating and a $109.80 price target. Institutional investors own approximately 67.3% of the company.

International Seaways Inc. (NYSE:INSW - Get Free Report) major shareholder Finance Ltd Famatown sold 38,917 shares of the company's stock in a transaction that occurred on Tuesday, October 13th. The stock was sold at an average price of $122.06, for a total transaction of $4,750,209.02. Following the sale, the insider directly owned 6,565,387 shares in the company, valued at approximately $801,371,137.22. The trade was a 0.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own at least 10% of a company's shares are required to disclose their sales and purchases with the SEC.

Finance Ltd Famatown also recently made the following trade(s):

• On Wednesday, October 14th, Finance Ltd Famatown sold 64,821 shares of International Seaways stock. The shares were sold at an average price of $125.05, for a total value of $8,105,866.05.
• On Friday, October 9th, Finance Ltd Famatown sold 100,000 shares of International Seaways stock. The stock was sold at an average price of $121.55, for a total value of $12,155,000.00.
• On Thursday, October 8th, Finance Ltd Famatown sold 200 shares of International Seaways stock. The stock was sold at an average price of $118.50, for a total transaction of $23,700.00.
• On Wednesday, October 7th, Finance Ltd Famatown sold 61,216 shares of International Seaways stock. The shares were sold at an average price of $117.08, for a total value of $7,167,169.28.
• On Tuesday, October 6th, Finance Ltd Famatown sold 66,738 shares of International Seaways stock. The shares were sold at an average price of $117.03, for a total value of $7,810,348.14.
• On Monday, October 5th, Finance Ltd Famatown sold 100,000 shares of International Seaways stock. The stock was sold at an average price of $114.97, for a total transaction of $11,497,000.00.
• On Tuesday, September 22nd, Finance Ltd Famatown sold 102,000 shares of International Seaways stock. The stock was sold at an average price of $111.82, for a total transaction of $11,405,640.00.
• On Monday, September 21st, Finance Ltd Famatown sold 100,000 shares of International Seaways stock. The shares were sold at an average price of $111.09, for a total value of $11,109,000.00.
• On Friday, September 18th, Finance Ltd Famatown sold 15,136 shares of International Seaways stock. The shares were sold at an average price of $112.12, for a total value of $1,697,048.32.

International Seaways Stock Performance

NYSE:INSW traded up $0.38 during trading hours on Wednesday, reaching $111.79. 818,511 shares of the company's stock were exchanged, compared to its average volume of 621,209. International Seaways Inc. has a 1-year low of $46.09 and a 1-year high of $126.27. The company has a quick ratio of 5.76, a current ratio of 5.94 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $5.54 billion, a price-to-earnings ratio of 7.15, a P/E/G ratio of 0.29 and a beta of -0.14. The company has a 50-day moving average of $107.93 and a 200 day moving average of $84.89.

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 for the quarter, topping the consensus estimate of $5.55 by $0.36. The firm had revenue of $467.29 million during the quarter, compared to the consensus estimate of $406.38 million. International Seaways had a return on equity of 31.75% and a net margin of 61.98%. The company's revenue for the quarter was up 138.9% on a year-over-year basis. During the same period last year, the company earned $1.02 earnings per share. Research analysts anticipate that International Seaways Inc. will post 17.47 EPS for the current year.

International Seaways Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 24th. Investors of record on Thursday, September 10th were issued a dividend of $5.05 per share. This is a boost from International Seaways's previous quarterly dividend of $0.12. This represents a $20.20 annualized dividend and a yield of 18.1%. The ex-dividend date of this dividend was Thursday, September 10th. International Seaways's payout ratio is presently 129.16%.

Wall Street Analyst Weigh In

INSW has been the subject of several recent research reports. Wall Street Zen downgraded International Seaways from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Weiss Ratings raised International Seaways from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, October 8th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $107.00 price objective on shares of International Seaways in a research report on Tuesday, September 1st. Zacks Research raised International Seaways from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, October 7th. Finally, B. Riley Financial increased their price objective on International Seaways from $120.00 to $140.00 and gave the company a "buy" rating in a research note on Monday, October 5th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $109.80.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in International Seaways during the 2nd quarter worth approximately $505,153,000. Dimensional Fund Advisors LP raised its holdings in International Seaways by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 3,024,755 shares of the transportation company's stock valued at $220,436,000 after buying an additional 52,743 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in International Seaways by 167.6% in the first quarter. Arrowstreet Capital Limited Partnership now owns 608,265 shares of the transportation company's stock valued at $44,330,000 after buying an additional 380,931 shares during the period. Bank of New York Mellon Corp purchased a new position in International Seaways in the second quarter valued at approximately $21,082,000. Finally, Empowered Funds LLC lifted its position in International Seaways by 13.9% during the first quarter. Empowered Funds LLC now owns 268,163 shares of the transportation company's stock valued at $19,544,000 after buying an additional 32,634 shares in the last quarter. 67.29% of the stock is owned by hedge funds and other institutional investors.

International Seaways Company Profile

International Seaways, Inc NYSE: INSW is a maritime transportation company that owns and operates oceangoing tankers. Its vessels transport crude oil, refined petroleum products and other energy-related cargoes for oil companies, commodity traders, refiners and other customers in international markets.

The company's fleet includes large crude carriers and product tankers serving a range of transportation needs. International Seaways operates vessels on the global waterborne energy transportation network, with routes connecting major oil-producing regions, refining centers and consuming markets.

International Seaways was established as an independent public company in 2016 following its spin-off from Overseas Shipholding Group.

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