The Manufacturers Life Insurance Company Invests $1.26 Million in International Seaways Inc. $INSW

The Manufacturers Life Insurance Company acquired a new position in shares of International Seaways Inc. (NYSE:INSW) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 16,420 shares of the transportation company’s stock, valued at approximately $1,258,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Charles Schwab Investment Management Inc. raised its position in shares of 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 valued at $31,013,000 after buying an additional 12,188 shares during the period. Resolute Capital LLC purchased a new position in International Seaways in the fourth quarter worth approximately $1,273,000. NewEdge Wealth LLC increased its stake in International Seaways by 43.1% during the first quarter. NewEdge Wealth LLC now owns 24,942 shares of the transportation company’s stock worth $1,818,000 after acquiring an additional 7,511 shares during the last quarter. Energy Income Partners LLC acquired a new stake in International Seaways during the second quarter worth $4,161,000. Finally, Cercano Management LLC purchased a new stake in International Seaways in the fourth quarter valued at $4,137,000. 67.29% of the stock is owned by institutional investors and hedge funds.

International Seaways Trading Up 2.0%

Shares of International Seaways stock opened at $104.26 on Friday. The company has a fifty day simple moving average of $92.12 and a 200-day simple moving average of $82.53. The stock has a market cap of $5.16 billion, a price-to-earnings ratio of 6.67, a PEG ratio of 0.26 and a beta of -0.13. International Seaways Inc. has a 12-month low of $42.26 and a 12-month high of $105.50. 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 (NYSE:INSW) last released its quarterly 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. International Seaways had a return on equity of 31.75% and a net margin of 61.98%.The firm had revenue of $467.29 million for the quarter, compared to analyst estimates of $406.38 million. During the same quarter last year, the company posted $1.02 earnings per share. The business’s revenue was up 138.9% on a year-over-year basis. On average, equities analysts forecast that International Seaways Inc. will post 16.09 EPS for the current fiscal year.

International Seaways Increases Dividend

The business also recently declared 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 represents a $20.20 dividend on an annualized basis and a dividend yield of 19.4%. 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 129.16%.

Insider Buying and Selling at International Seaways

In other news, 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 value of $196,880.00. Following the sale, the chief executive officer directly owned 173,745 shares in the company, valued at $17,103,457.80. This represents a 1.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jeffrey Pribor sold 1,000 shares of International Seaways stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $81.68, for a total value of $81,680.00. Following the transaction, the chief financial officer 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 disclosure for this sale is available in the SEC filing. Insiders sold 5,000 shares of company stock worth $441,240 in the last three months. 1.70% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. BTIG Research upped their target price on shares of International Seaways from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. Pareto Securities downgraded shares of International Seaways from a “buy” rating to a “hold” rating in a research note on Monday, May 18th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of International Seaways in a research report on Friday, August 7th. Zacks Research downgraded shares of International Seaways from a “strong-buy” rating to a “hold” rating in a report on Monday, August 24th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $107.00 target price on shares of International Seaways in a research report on Tuesday. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $94.75.

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.