QRG Capital Management Inc. Trims Position in International Seaways Inc. $INSW

QRG Capital Management Inc. trimmed its holdings in shares of International Seaways Inc. (NYSE:INSW) by 27.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 26,244 shares of the transportation company’s stock after selling 10,091 shares during the period. QRG Capital Management Inc. owned approximately 0.05% of International Seaways worth $1,274,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in INSW. TrueMark Investments LLC purchased a new position in shares of International Seaways during the 4th quarter valued at about $1,404,000. Assenagon Asset Management S.A. purchased a new stake in shares of International Seaways in the fourth quarter worth about $910,000. SG Americas Securities LLC boosted its stake in shares of International Seaways by 123.4% in the fourth quarter. SG Americas Securities LLC now owns 34,276 shares of the transportation company’s stock worth $1,664,000 after buying an additional 18,935 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new stake in International Seaways during the fourth quarter worth about $709,000. Finally, Denali Advisors LLC grew its holdings in International Seaways by 94.3% during the third quarter. Denali Advisors LLC now owns 48,774 shares of the transportation company’s stock worth $2,248,000 after acquiring an additional 23,674 shares during the period. 67.29% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other International Seaways news, Director Alexandra Kate Blankenship sold 5,000 shares of the company’s stock in a transaction on Monday, March 9th. The shares were sold at an average price of $74.88, for a total transaction of $374,400.00. Following the completion of the transaction, the director directly owned 10,213 shares in the company, valued at approximately $764,749.44. This represents a 32.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Lois K. Zabrocky sold 2,000 shares of International Seaways stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $74.57, for a total transaction of $149,140.00. Following the completion of the sale, the chief executive officer owned 206,745 shares in the company, valued at approximately $15,416,974.65. This trade represents a 0.96% 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 $4,517,070 in the last 90 days. 2.00% of the stock is owned by insiders.

International Seaways Stock Performance

NYSE INSW opened at $91.47 on Friday. The stock has a market capitalization of $4.53 billion, a price-to-earnings ratio of 8.33 and a beta of -0.09. The stock has a 50-day moving average of $74.69 and a 200 day moving average of $61.28. The company has a current ratio of 7.34, a quick ratio of 3.71 and a debt-to-equity ratio of 0.26. International Seaways Inc. has a twelve month low of $35.60 and a twelve month high of $92.66.

International Seaways (NYSE:INSW) last issued 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 analyst estimates of $279.34 million. International Seaways had a return on equity of 21.04% and a net margin of 55.39%.International Seaways’s quarterly revenue was up 77.5% compared to the same quarter last year. During the same period last year, the company earned $0.80 earnings per share. Sell-side analysts anticipate that International Seaways Inc. will post 9.73 EPS for the current fiscal year.

International Seaways Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 12th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Friday, June 12th. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. International Seaways’s dividend payout ratio (DPR) is currently 7.70%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on INSW. Weiss Ratings downgraded International Seaways from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, April 7th. BTIG Research lifted their target price on shares of International Seaways from $80.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, April 22nd. Zacks Research cut shares of International Seaways from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th. Jefferies Financial Group reissued a “buy” rating and set a $100.00 price target on shares of International Seaways in a report on Friday. Finally, Wall Street Zen upgraded shares of International Seaways from a “buy” rating to a “strong-buy” rating in a research report on Monday, April 13th. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, International Seaways presently has an average rating of “Moderate Buy” and a consensus target price of $83.50.

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.