Sei Investments Co. Sells 15,943 Shares of International Seaways Inc. $INSW

Sei Investments Co. lessened its position in International Seaways Inc. (NYSE:INSW) by 29.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 37,958 shares of the transportation company’s stock after selling 15,943 shares during the quarter. Sei Investments Co. owned approximately 0.08% of International Seaways worth $2,766,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Lido Advisors LLC purchased a new stake in International Seaways in the first quarter worth $222,000. Cetera Investment Advisers lifted its position in International Seaways by 7.2% during the first quarter. Cetera Investment Advisers now owns 4,804 shares of the transportation company’s stock valued at $350,000 after buying an additional 322 shares during the period. NewEdge Wealth LLC boosted its holdings in shares of International Seaways by 43.1% during the 1st quarter. NewEdge Wealth LLC now owns 24,942 shares of the transportation company’s stock valued at $1,818,000 after buying an additional 7,511 shares in the last quarter. First Trust Advisors LP boosted its holdings in shares of International Seaways by 65.3% during the 1st quarter. First Trust Advisors LP now owns 175,630 shares of the transportation company’s stock valued at $12,800,000 after buying an additional 69,383 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its position in shares of International Seaways by 16.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,074 shares of the transportation company’s stock worth $151,000 after buying an additional 292 shares during the period. 67.29% of the stock is currently owned by institutional investors.

International Seaways Price Performance

INSW opened at $91.99 on Friday. The stock has a 50-day moving average price of $85.93 and a 200-day moving average price of $77.16. The company has a debt-to-equity ratio of 0.26, a current ratio of 7.34 and a quick ratio of 7.28. The firm has a market cap of $4.55 billion, a PE ratio of 8.38 and a beta of -0.13. International Seaways Inc. has a 1 year low of $41.20 and a 1 year high of $98.23.

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 the consensus estimate of $2.87 by $1.03. The company had revenue of $325.48 million for 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%. International Seaways’s revenue for the quarter was up 77.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.80 EPS. Sell-side analysts predict that International Seaways Inc. will post 15.62 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP William F. Nugent sold 6,830 shares of the company’s stock in a transaction that occurred 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 transaction, the senior vice president owned 49,169 shares in the company, valued at approximately $4,190,673.87. This represents a 12.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, 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 sale, 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 position. The SEC filing for this sale provides additional information. Insiders sold a total of 42,530 shares of company stock valued at $3,699,995 over the last ninety days. 1.70% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. BTIG Research increased their price target 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. Pareto Securities lowered shares of International Seaways from a “buy” rating to a “hold” rating in a research note on Monday, May 18th. Zacks Research upgraded shares of International Seaways from a “hold” rating to a “strong-buy” rating in a report on Friday, July 24th. Jefferies Financial Group reaffirmed a “buy” rating and set a $100.00 target price on shares of International Seaways in a research note on Friday, May 8th. Finally, Weiss Ratings upgraded shares of International Seaways from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, International Seaways has an average rating of “Buy” and a consensus target price of $86.00.

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.