International Seaways (NYSE:INSW) Major Shareholder Sells $12,155,000.00 in Stock

Key Points

• Major shareholder Finance Ltd Famatown sold 100,000 International Seaways shares at an average price of $121.55, worth $12.16 million, reducing its ownership by 1.49% to 6.6 million shares.
• International Seaways reported quarterly EPS of $5.91 and revenue of $467.29 million, exceeding analyst estimates, while revenue increased 138.9% year over year.
• The company raised its quarterly dividend to $5.05 per share, implying an annualized yield of 18.1%; analysts maintained an overall “Buy” rating with an average price target of $109.80.

International Seaways Inc. (NYSE:INSW - Get Free Report) major shareholder Finance Ltd Famatown sold 100,000 shares of the firm's stock in a transaction dated Friday, October 9th. The shares were sold at an average price of $121.55, for a total value of $12,155,000.00. Following the transaction, the insider owned 6,604,304 shares of the company's stock, valued at $802,753,151.20. This trade represents a 1.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own more than 10% of a company's stock are required to disclose their transactions 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 transaction of $8,105,866.05.
• On Tuesday, October 13th, Finance Ltd Famatown sold 38,917 shares of International Seaways stock. The shares were sold at an average price of $122.06, for a total value of $4,750,209.02.
• On Thursday, October 8th, Finance Ltd Famatown sold 200 shares of International Seaways stock. The shares were sold at an average price of $118.50, for a total value 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 transaction 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 shares were 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 stock was 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 stock was sold at an average price of $112.12, for a total value of $1,697,048.32.

International Seaways Stock Performance

Shares of NYSE INSW traded up $0.38 during mid-day trading on Wednesday, hitting $111.79. 818,511 shares of the company were exchanged, compared to its average volume of 621,209. 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 stock has a 50 day simple moving average of $107.93 and a 200-day simple moving average of $84.89. International Seaways Inc. has a 1-year low of $46.09 and a 1-year high of $126.27. The firm has a market cap of $5.54 billion, a price-to-earnings ratio of 7.15, a price-to-earnings-growth ratio of 0.29 and a beta of -0.14.

International Seaways (NYSE:INSW - Get Free Report) last announced its quarterly earnings data on Monday, August 10th. The transportation company reported $5.91 earnings per share for the quarter, topping analysts' consensus estimates of $5.55 by $0.36. The firm had revenue of $467.29 million for the quarter, compared to analyst estimates of $406.38 million. International Seaways had a return on equity of 31.75% and a net margin of 61.98%. International Seaways's quarterly revenue was up 138.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.02 earnings per share. On average, sell-side analysts forecast that International Seaways Inc. will post 17.47 EPS for the current fiscal year.

International Seaways Increases Dividend

The business 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 an increase from International Seaways's previous quarterly dividend of $0.12. This represents a $20.20 dividend on an annualized basis 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%.

Institutional Investors Weigh In On International Seaways

Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. purchased a new position in shares of International Seaways during the second quarter valued at approximately $505,153,000. Arrowstreet Capital Limited Partnership grew its stake in International Seaways by 167.6% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 608,265 shares of the transportation company's stock worth $44,330,000 after acquiring an additional 380,931 shares during the period. Bank of New York Mellon Corp acquired a new position in International Seaways in the 2nd quarter valued at $21,082,000. Empowered Funds LLC acquired a new position in International Seaways in the 2nd quarter valued at $19,711,000. Finally, Acorn Financial Advisory Services Inc. ADV acquired a new position in International Seaways in the 1st quarter valued at $13,145,000. 67.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

INSW has been the topic of several research analyst reports. Wall Street Zen lowered International Seaways from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $107.00 price objective on shares of International Seaways in a report on Tuesday, September 1st. Weiss Ratings upgraded International Seaways from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, October 8th. BTIG Research upped their target price on International Seaways from $100.00 to $130.00 and gave the company a "buy" rating in a report on Friday, September 18th. Finally, Zacks Research raised International Seaways from a "hold" rating to a "strong-buy" rating in a report on Wednesday, October 7th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $109.80.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.