Connor Clark & Lunn Investment Management Ltd. Takes $9.36 Million Position in International Seaways Inc. $INSW

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in International Seaways Inc. (NYSE:INSW) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 122,143 shares of the transportation company’s stock, valued at approximately $9,355,000.

Other large investors have also recently bought and sold shares of the company. Quantbot Technologies LP acquired a new position in International Seaways during the second quarter worth $28,000. Leonteq Securities AG acquired a new stake in shares of International Seaways in the fourth quarter worth about $44,000. Garton & Associates Financial Advisors LLC bought a new stake in shares of International Seaways during the 4th quarter worth about $46,000. Rockefeller Capital Management L.P. boosted its stake in shares of 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 acquiring an additional 822 shares in the last quarter. Finally, Allworth Financial LP acquired a new position in shares of International Seaways during the 2nd quarter valued at about $48,000. 67.29% of the stock is currently owned by institutional investors.

International Seaways Trading Down 5.6%

Shares of International Seaways stock opened at $93.50 on Thursday. The company’s fifty day simple moving average is $89.95 and its 200-day simple moving average is $80.76. The company has a market cap of $4.63 billion, a price-to-earnings ratio of 5.98 and a beta of -0.13. The company has a current ratio of 5.94, a quick ratio of 5.76 and a debt-to-equity ratio of 0.27. International Seaways Inc. has a 1 year low of $42.26 and a 1 year 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 (EPS) for the quarter, topping analysts’ consensus estimates of $5.55 by $0.36. The business had revenue of $467.29 million for the quarter, compared to analyst estimates of $406.38 million. International Seaways had a net margin of 61.98% and a return on equity of 31.75%. International Seaways’s revenue was up 138.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.02 earnings per share. As a group, sell-side analysts expect that International Seaways Inc. will post 15.89 EPS for the current year.

International Seaways Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th will be issued a dividend of $5.05 per share. This represents a $20.20 annualized dividend and a dividend yield of 21.6%. The ex-dividend date is Thursday, September 10th. This is a positive change from International Seaways’s previous quarterly dividend of $0.12. International Seaways’s payout ratio is presently 3.07%.

Insider Activity

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

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. BTIG Research raised their price objective on International Seaways from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of International Seaways in a research report on Friday, August 7th. Pareto Securities downgraded International Seaways from a “buy” rating to a “hold” rating in a report on Monday, May 18th. Zacks Research downgraded International Seaways from a “strong-buy” rating to a “hold” rating in a report on Monday. Finally, Jefferies Financial Group lifted their price target on shares of International Seaways from $100.00 to $108.00 and gave the company a “buy” rating in a research report on Thursday, August 13th. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, International Seaways presently has an average rating of “Moderate Buy” and an average target price of $88.00.

International Seaways 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.