Legal & General Group Plc Invests $8 Million in International Seaways Inc. $INSW

Legal & General Group Plc acquired a new position in International Seaways Inc. (NYSE:INSW) in the second quarter, Holdings Channel.com reports. The institutional investor acquired 104,455 shares of the transportation company’s stock, valued at approximately $8,000,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in INSW. Charles Schwab Investment Management Inc. boosted its position in International Seaways by 1.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 638,791 shares of the transportation company’s stock worth $31,013,000 after acquiring an additional 12,188 shares during the period. Resolute Capital LLC acquired a new position in shares of International Seaways during the fourth quarter valued at $1,273,000. NewEdge Wealth LLC increased its holdings in shares of International Seaways by 43.1% during the first quarter. NewEdge Wealth LLC now owns 24,942 shares of the transportation company’s stock valued at $1,818,000 after purchasing an additional 7,511 shares during the period. Energy Income Partners LLC bought a new stake in shares of International Seaways during the second quarter valued at about $4,161,000. Finally, Cercano Management LLC bought a new stake in shares of International Seaways during the fourth quarter valued at about $4,137,000. 67.29% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on INSW. Zacks Research lowered shares of International Seaways from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 24th. Jefferies Financial Group boosted their price target on shares of International Seaways from $100.00 to $108.00 and gave the stock a “buy” rating in a research report on Thursday, August 13th. Pareto Securities lowered shares of International Seaways from a “buy” rating to a “hold” rating in a research note on Monday, May 18th. Weiss Ratings reiterated a “buy (b-)” rating on shares of International Seaways in a report on Friday, August 7th. Finally, BTIG Research raised their price objective on shares of International Seaways from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. Five equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $94.75.

Insider Activity

In related news, CFO Jeffrey Pribor sold 1,000 shares of the stock in a transaction that occurred on 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 sale, the chief financial officer directly owned 101,984 shares of the company’s stock, valued at $8,330,053.12. This represents a 0.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $98.44, for a total transaction of $196,880.00. Following the sale, the chief executive officer directly owned 173,745 shares of the company’s stock, valued at approximately $17,103,457.80. This represents a 1.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 5,000 shares of company stock valued at $441,240. Insiders own 1.70% of the company’s stock.

International Seaways Trading Up 1.1%

Shares of International Seaways stock opened at $99.73 on Wednesday. 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 cap of $4.94 billion, a price-to-earnings ratio of 6.38 and a beta of -0.13. The business has a fifty day simple moving average of $90.94 and a 200-day simple moving average of $81.83. International Seaways Inc. has a fifty-two week low of $42.26 and a fifty-two week high of $102.36.

International Seaways (NYSE:INSW) last announced its earnings results on Monday, August 10th. The transportation company reported $5.91 earnings per share for the quarter, beating the consensus estimate of $5.55 by $0.36. The business had revenue of $467.29 million during the quarter, compared to analysts’ expectations of $406.38 million. International Seaways had a return on equity of 31.75% and a net margin of 61.98%.The company’s quarterly revenue was up 138.9% on a year-over-year basis. During the same quarter last year, the business posted $1.02 earnings per share. On average, equities analysts forecast that International Seaways Inc. will post 15.89 EPS for the current fiscal year.

International Seaways Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th will be given a dividend of $5.05 per share. This is a positive change from International Seaways’s previous quarterly dividend of $0.12. The ex-dividend date is Thursday, September 10th. This represents a $20.20 annualized dividend and a dividend yield of 20.3%. International Seaways’s payout ratio is 129.16%.

International Seaways Company 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.