NewEdge Wealth LLC Increases Stock Position in International Seaways Inc. $INSW

NewEdge Wealth LLC raised its position in International Seaways Inc. (NYSE:INSW) by 43.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 24,942 shares of the transportation company’s stock after buying an additional 7,511 shares during the period. NewEdge Wealth LLC owned about 0.05% of International Seaways worth $1,818,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of INSW. First Horizon Corp grew its holdings in International Seaways by 121.6% in the fourth quarter. First Horizon Corp now owns 687 shares of the transportation company’s stock valued at $33,000 after purchasing an additional 377 shares during the period. Leonteq Securities AG purchased a new position in International Seaways in the 4th quarter valued at about $44,000. Garton & Associates Financial Advisors LLC acquired a new stake in International Seaways in the 4th quarter worth about $46,000. Rockefeller Capital Management L.P. increased its stake 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 worth $47,000 after buying an additional 822 shares in the last quarter. Finally, Founders Capital Management boosted its stake in shares of International Seaways by 37.5% in the fourth quarter. Founders Capital Management now owns 1,100 shares of the transportation company’s stock worth $53,000 after acquiring an additional 300 shares during the last quarter. 67.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on INSW shares. Zacks Research cut shares of International Seaways from a “strong-buy” rating to a “hold” rating in a research report on Thursday, June 25th. BTIG Research upped their price target on International Seaways from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. Weiss Ratings raised International Seaways from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, May 11th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $100.00 target price on shares of International Seaways in a research note on Friday, May 8th. Finally, Pareto Securities lowered shares of International Seaways from a “buy” rating to a “hold” rating in a report on Monday, May 18th. Five 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 company currently has a consensus rating of “Moderate Buy” and an average price target of $86.00.

International Seaways Price Performance

Shares of INSW opened at $92.28 on Friday. The firm has a 50-day simple moving average of $83.75 and a two-hundred day simple moving average of $74.38. The stock has a market cap of $4.57 billion, a PE ratio of 8.40 and a beta of -0.12. International Seaways Inc. has a 1-year low of $39.06 and a 1-year high of $93.48. The company has a debt-to-equity ratio of 0.26, a current ratio of 7.34 and a quick ratio of 7.28.

International Seaways (NYSE:INSW) last issued its quarterly earnings data on Thursday, May 7th. The transportation company reported $3.90 EPS for the quarter, topping the consensus estimate of $2.87 by $1.03. The firm had revenue of $325.48 million for the quarter, compared to analyst estimates 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 for the quarter was up 77.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.80 EPS. As a group, analysts forecast that International Seaways Inc. will post 15.62 EPS for the current year.

International Seaways Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 12th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Friday, June 12th. International Seaways’s payout ratio is currently 4.37%.

Insider Transactions at International Seaways

In related news, CFO Jeffrey Pribor sold 1,000 shares of International Seaways stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $81.68, for a total value of $81,680.00. Following the completion of the transaction, the chief financial officer owned 101,984 shares in the company, valued at approximately $8,330,053.12. The trade was a 0.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP William F. Nugent sold 6,830 shares of the company’s 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 sale, the senior vice president directly owned 49,169 shares in the company, valued at approximately $4,190,673.87. The trade was a 12.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 42,530 shares of company stock valued at $3,699,995. 1.70% of the stock is owned by insiders.

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.