SummerHaven Investment Management LLC Acquires 426 Shares of International Seaways Inc. $INSW

SummerHaven Investment Management LLC increased its holdings in shares of International Seaways Inc. (NYSE:INSW) by 3.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 14,185 shares of the transportation company’s stock after acquiring an additional 426 shares during the quarter. SummerHaven Investment Management LLC’s holdings in International Seaways were worth $517,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. GAMMA Investing LLC increased its position in International Seaways by 105.1% during the first quarter. GAMMA Investing LLC now owns 1,163 shares of the transportation company’s stock worth $39,000 after acquiring an additional 596 shares during the period. Blue Trust Inc. grew its stake in International Seaways by 87.3% during the first quarter. Blue Trust Inc. now owns 1,583 shares of the transportation company’s stock worth $53,000 after buying an additional 738 shares in the last quarter. Picton Mahoney Asset Management acquired a new stake in International Seaways during the first quarter worth about $55,000. PNC Financial Services Group Inc. grew its stake in International Seaways by 550.7% during the first quarter. PNC Financial Services Group Inc. now owns 1,822 shares of the transportation company’s stock worth $60,000 after buying an additional 1,542 shares in the last quarter. Finally, KBC Group NV grew its stake in International Seaways by 61.2% during the first quarter. KBC Group NV now owns 2,800 shares of the transportation company’s stock worth $93,000 after buying an additional 1,063 shares in the last quarter. 67.29% of the stock is owned by institutional investors.

International Seaways Trading Down 1.6%

INSW opened at $46.49 on Tuesday. The company’s 50 day moving average is $44.38 and its 200-day moving average is $38.99. International Seaways Inc. has a 1-year low of $27.20 and a 1-year high of $54.84. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The company has a market cap of $2.30 billion, a P/E ratio of 9.66 and a beta of 0.08.

International Seaways (NYSE:INSW) last posted its quarterly earnings results on Wednesday, August 6th. The transportation company reported $1.02 earnings per share for the quarter, beating 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 company had revenue of $188.82 million for the quarter, compared to the consensus estimate of $199.06 million. During the same period last year, the company posted $2.37 EPS. The firm’s quarterly revenue was down 24.0% compared to the same quarter last year. Equities research analysts predict that International Seaways Inc. will post 7.77 earnings per share for the current fiscal year.

International Seaways Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 24th. Stockholders of record on Wednesday, September 10th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Wednesday, September 10th. International Seaways’s dividend payout ratio (DPR) is presently 9.98%.

Insider Buying and Selling

In related news, CFO Jeffrey Pribor sold 1,000 shares of International Seaways stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $48.27, for a total transaction of $48,270.00. Following the sale, the chief financial officer directly owned 63,502 shares in the company, valued at $3,065,241.54. This trade represents a 1.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO James D. Small III sold 5,000 shares of International Seaways stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $41.35, for a total transaction of $206,750.00. Following the sale, the chief accounting officer owned 69,292 shares in the company, valued at approximately $2,865,224.20. This represents a 6.73% 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 $799,770 in the last quarter. Corporate insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

Separately, BTIG Research reduced their price objective 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. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.50.

International Seaways 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.