Assenagon Asset Management S.A. Decreases Stake in International Seaways Inc. $INSW

Assenagon Asset Management S.A. cut its stake in shares of International Seaways Inc. (NYSE:INSW) by 35.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 12,080 shares of the transportation company’s stock after selling 6,665 shares during the quarter. Assenagon Asset Management S.A.’s holdings in International Seaways were worth $880,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Baker Ellis Asset Management LLC acquired a new position in International Seaways during the first quarter worth $292,000. Rockefeller Capital Management L.P. increased its holdings in International Seaways by 583.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 963 shares of the transportation company’s stock valued at $47,000 after acquiring an additional 822 shares in the last quarter. Fearnley Asset Management AS purchased a new position in International Seaways during the 4th quarter valued at about $6,258,000. Invesco Ltd. raised its position in International Seaways by 27.9% during the fourth quarter. Invesco Ltd. now owns 341,939 shares of the transportation company’s stock worth $16,601,000 after acquiring an additional 74,635 shares during the last quarter. Finally, Mackenzie Financial Corp lifted its holdings in shares of International Seaways by 41.4% in the fourth quarter. Mackenzie Financial Corp now owns 19,760 shares of the transportation company’s stock valued at $954,000 after purchasing an additional 5,783 shares in the last quarter. Hedge funds and other institutional investors own 67.29% of the company’s stock.

Analysts Set New Price Targets

INSW has been the subject of a number of recent research reports. BTIG Research raised their price objective on shares of International Seaways from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Zacks Research lowered International Seaways from a “strong-buy” rating to a “hold” rating in a research note on Thursday, June 25th. Pareto Securities cut International Seaways from a “buy” rating to a “hold” rating in a report on Monday, May 18th. Wall Street Zen raised International Seaways from a “buy” rating to a “strong-buy” rating in a report on Monday, April 13th. Finally, Jefferies Financial Group restated a “buy” rating and issued a $100.00 price objective on shares of International Seaways in a research report on Friday, May 8th. Five equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $86.00.

International Seaways Trading Up 5.9%

Shares of International Seaways stock opened at $82.35 on Friday. International Seaways Inc. has a fifty-two week low of $37.72 and a fifty-two week high of $92.66. The firm has a market cap of $4.08 billion, a PE ratio of 7.50 and a beta of -0.12. The business’s fifty day moving average is $82.69 and its two-hundred day moving average is $70.14. The company has a quick ratio of 7.28, a current ratio of 7.34 and a debt-to-equity ratio of 0.26.

International Seaways (NYSE:INSW) last announced its quarterly earnings data on Thursday, May 7th. The transportation company reported $3.90 EPS for the quarter, beating 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 return on equity of 21.04% and a net margin of 55.39%.The business’s revenue for the quarter was up 77.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.80 earnings per share. Analysts anticipate that International Seaways Inc. will post 14.99 earnings per share for the current year.

International Seaways Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were issued a $0.12 dividend. The ex-dividend date was Friday, June 12th. This represents a $0.48 annualized dividend and a yield of 0.6%. International Seaways’s payout ratio is 4.37%.

Insiders Place Their Bets

In other news, CFO Jeffrey Pribor sold 1,000 shares of the company’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $81.68, for a total transaction of $81,680.00. Following the completion of the transaction, the chief financial officer owned 101,984 shares of the company’s stock, valued at $8,330,053.12. This represents a 0.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP William F. Nugent sold 6,830 shares of the stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $85.23, for a total transaction of $582,120.90. Following the transaction, the senior vice president directly owned 49,169 shares in the company, valued at approximately $4,190,673.87. This represents a 12.20% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 45,530 shares of company stock worth $3,923,635 over the last 90 days. Corporate insiders own 1.70% of the company’s stock.

About International Seaways

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.