International Seaways Inc. $INSW Stock Holdings Lowered by JPMorgan Chase & Co.

JPMorgan Chase & Co. lessened its position in International Seaways Inc. (NYSE:INSW) by 10.6% during the third quarter, Holdings Channel reports. The fund owned 148,750 shares of the transportation company’s stock after selling 17,619 shares during the quarter. JPMorgan Chase & Co.’s holdings in International Seaways were worth $6,854,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Donald Smith & CO. Inc. lifted its holdings in shares of International Seaways by 43.9% in the second quarter. Donald Smith & CO. Inc. now owns 709,036 shares of the transportation company’s stock valued at $25,866,000 after buying an additional 216,325 shares during the period. Pacer Advisors Inc. grew its holdings in International Seaways by 4,255.3% during the third quarter. Pacer Advisors Inc. now owns 197,380 shares of the transportation company’s stock worth $9,095,000 after acquiring an additional 192,848 shares during the period. American Century Companies Inc. grew its holdings in International Seaways by 7.5% during the third quarter. American Century Companies Inc. now owns 1,994,978 shares of the transportation company’s stock worth $91,929,000 after acquiring an additional 139,868 shares during the period. Frontier Capital Management Co. LLC raised its position in International Seaways by 105.2% in the second quarter. Frontier Capital Management Co. LLC now owns 270,386 shares of the transportation company’s stock worth $9,864,000 after acquiring an additional 138,625 shares in the last quarter. Finally, Marex Group plc bought a new stake in International Seaways in the second quarter worth about $4,276,000. 67.29% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Weiss Ratings upgraded shares of International Seaways from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, March 23rd. Zacks Research upgraded shares of International Seaways from a “hold” rating to a “strong-buy” rating in a report on Monday, March 2nd. BTIG Research raised their target price on shares of International Seaways from $70.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. Pareto Securities upgraded shares of International Seaways from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a research report on Tuesday, January 20th. Finally, Benchmark reaffirmed a “buy” rating on shares of International Seaways in a report on Thursday, February 26th. One investment analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company’s stock. Based on data from MarketBeat, International Seaways has an average rating of “Buy” and a consensus target price of $68.00.

Insiders Place Their Bets

In related news, CEO Lois K. Zabrocky sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $67.79, for a total value of $135,580.00. Following the completion of the sale, the chief executive officer owned 208,745 shares in the company, valued at approximately $14,150,823.55. This represents a 0.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Treasurer Debra Grillo sold 389 shares of the firm’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $76.27, for a total transaction of $29,669.03. Following the completion of the transaction, the treasurer directly owned 1,185 shares of the company’s stock, valued at $90,379.95. This represents a 24.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 60,697 shares of company stock worth $4,459,450 in the last quarter. Corporate insiders own 2.00% of the company’s stock.

International Seaways Trading Up 2.8%

NYSE:INSW opened at $72.93 on Wednesday. The stock has a fifty day simple moving average of $66.49 and a 200 day simple moving average of $55.71. The firm has a market capitalization of $3.60 billion, a price-to-earnings ratio of 11.71 and a beta of -0.23. International Seaways Inc. has a 1-year low of $27.20 and a 1-year high of $78.51. The company has a quick ratio of 3.71, a current ratio of 3.71 and a debt-to-equity ratio of 0.27.

International Seaways (NYSE:INSW) last posted its quarterly earnings data on Thursday, February 26th. The transportation company reported $2.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.75 by $0.70. International Seaways had a return on equity of 13.92% and a net margin of 36.67%.The firm had revenue of $267.88 million for the quarter, compared to the consensus estimate of $245.29 million. During the same quarter in the previous year, the company earned $0.90 EPS. The business’s revenue for the quarter was up 37.7% compared to the same quarter last year. Sell-side analysts forecast that International Seaways Inc. will post 7.77 earnings per share for the current year.

International Seaways Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 30th. Stockholders of record on Friday, March 20th were issued a dividend of $0.12 per share. The ex-dividend date was Friday, March 20th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.7%. International Seaways’s payout ratio is currently 7.70%.

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.