Louisiana State Employees Retirement System bought a new stake in International Seaways Inc. (NYSE:INSW – Free Report) in the first quarter, Holdings Channel.com reports. The firm bought 18,000 shares of the transportation company’s stock, valued at approximately $1,312,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Royal Bank of Canada grew its stake in International Seaways by 42.0% during the 1st quarter. Royal Bank of Canada now owns 9,365 shares of the transportation company’s stock valued at $311,000 after acquiring an additional 2,768 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in International Seaways by 3.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,089 shares of the transportation company’s stock worth $800,000 after purchasing an additional 900 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of International Seaways by 16.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 128,428 shares of the transportation company’s stock worth $4,264,000 after purchasing an additional 18,509 shares during the last quarter. Prudential Financial Inc. acquired a new position in shares of International Seaways during the 2nd quarter worth approximately $223,000. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of International Seaways in the second quarter valued at approximately $1,626,000. 67.29% of the stock is owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In other International Seaways news, CEO Lois K. Zabrocky sold 25,000 shares of the firm’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $88.08, for a total transaction of $2,202,000.00. Following the completion of the sale, the chief executive officer owned 181,745 shares of the company’s stock, valued at $16,008,099.60. This trade represents a 12.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP William F. Nugent sold 6,830 shares of International Seaways stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $85.23, for a total value of $582,120.90. Following the completion of the sale, the senior vice president owned 49,169 shares in the company, valued at $4,190,673.87. This represents a 12.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 45,530 shares of company stock valued at $3,923,635. 1.70% of the stock is currently owned by insiders.
International Seaways Stock Performance
International Seaways (NYSE:INSW – Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The transportation company reported $3.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.87 by $1.03. The business had revenue of $325.48 million during the quarter, compared to the consensus estimate of $279.34 million. International Seaways had a net margin of 55.39% and a return on equity of 21.04%. The business’s revenue was up 77.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.80 EPS. Analysts forecast that International Seaways Inc. will post 14.99 EPS for the current year.
International Seaways Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 12th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.6%. The ex-dividend date was Friday, June 12th. International Seaways’s dividend payout ratio is presently 4.37%.
Analysts Set New Price Targets
Several equities research analysts recently commented on INSW shares. Zacks Research cut International Seaways from a “strong-buy” rating to a “hold” rating in a report on Thursday, June 25th. Wall Street Zen raised International Seaways from a “buy” rating to a “strong-buy” rating in a research note on Monday, April 13th. Deutsche Bank Aktiengesellschaft upped their target price on International Seaways from $63.00 to $80.00 and gave the company a “buy” rating in a report on Monday, March 9th. Pareto Securities downgraded International Seaways from a “buy” rating to a “hold” rating in a research note on Monday, May 18th. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $100.00 price target on shares of International Seaways in a report on Friday, May 8th. Five equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, International Seaways presently has a consensus rating of “Moderate Buy” and a consensus target price of $86.00.
Check Out Our Latest Report on International Seaways
International Seaways Profile
International Seaways, Inc (NYSE: INSW) is an independent tanker company that provides seaborne transportation services to oil companies, commodity traders and national oil companies. The firm’s operations focus on the carriage of crude oil and refined petroleum products, offering both time charter and voyage charter arrangements. With a modern fleet of very large crude carriers (VLCCs), Suezmax and Aframax tankers, as well as medium range (MR) and Handy product tankers, International Seaways supports global energy supply chains across major trade routes.
Founded in 1997 as Diamond S Shipping, the company completed its initial public offering in the late 1990s and rebranded to International Seaways in September 2018.
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