Private Management Group Inc. Sells 57,414 Shares of International Seaways Inc. $INSW

Private Management Group Inc. lowered its position in shares of International Seaways Inc. (NYSE:INSW) by 32.2% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 120,995 shares of the transportation company’s stock after selling 57,414 shares during the period. Private Management Group Inc.’s holdings in International Seaways were worth $13,326,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in International Seaways in the second quarter worth about $505,153,000. Dimensional Fund Advisors LP increased its position in International Seaways by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,024,755 shares of the transportation company’s stock valued at $220,436,000 after purchasing an additional 52,743 shares during the period. Arrowstreet Capital Limited Partnership increased its position in International Seaways by 167.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 608,265 shares of the transportation company’s stock valued at $44,330,000 after purchasing an additional 380,931 shares during the period. Bank of New York Mellon Corp purchased a new position in International Seaways during the 2nd quarter valued at about $21,082,000. Finally, Empowered Funds LLC raised its holdings in shares of International Seaways by 13.9% in the 1st quarter. Empowered Funds LLC now owns 268,163 shares of the transportation company’s stock valued at $19,544,000 after purchasing an additional 32,634 shares in the last quarter. 67.29% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other International Seaways news, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $114.23, for a total transaction of $228,460.00. Following the sale, the chief executive officer directly owned 169,745 shares of the company’s stock, valued at approximately $19,389,971.35. This trade represents a 1.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Finance Ltd Famatown sold 102,000 shares of the stock in a transaction dated Tuesday, September 22nd. The stock was sold at an average price of $111.82, for a total value of $11,405,640.00. Following the sale, the insider directly owned 6,932,458 shares in the company, valued at $775,187,453.56. This represents a 1.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 655,028 shares of company stock valued at $76,362,341 over the last 90 days. 1.70% of the stock is currently owned by insiders.

International Seaways Price Performance

Shares of INSW stock opened at $96.15 on Tuesday. International Seaways Inc. has a 1-year low of $46.09 and a 1-year high of $126.27. The stock’s 50-day moving average is $108.63 and its 200 day moving average is $86.77. The company has a market cap of $4.76 billion, a P/E ratio of 7.41, a PEG ratio of 0.26 and a beta of -0.10. The company has a debt-to-equity ratio of 0.27, a current ratio of 5.94 and a quick ratio of 5.76.

International Seaways (NYSE:INSW) last posted its earnings results on Thursday, November 5th. The transportation company reported $5.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.09 by ($0.25). The company had revenue of $483.20 million during the quarter, compared to analysts’ expectations of $349.50 million. International Seaways had a net margin of 61.98% and a return on equity of 31.75%. International Seaways’s revenue for the quarter was up 146.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.15 EPS. Research analysts predict that International Seaways Inc. will post 22.29 earnings per share for the current fiscal year.

International Seaways Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 23rd. Investors of record on Wednesday, December 9th will be issued a dividend of $5.05 per share. This represents a $20.20 annualized dividend and a dividend yield of 21.0%. The ex-dividend date of this dividend is Wednesday, December 9th. International Seaways’s dividend payout ratio (DPR) is 95.64%.

Analyst Ratings Changes

INSW has been the subject of several research reports. BTIG Research upped their price target on shares of International Seaways from $100.00 to $130.00 and gave the stock a “buy” rating in a research report on Friday, September 18th. Weiss Ratings raised shares of International Seaways from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. Wall Street Zen raised shares of International Seaways from a “buy” rating to a “strong-buy” rating in a report on Saturday. Jefferies Financial Group boosted their price objective on shares of International Seaways from $100.00 to $108.00 and gave the stock a “buy” rating in a research note on Thursday, August 13th. Finally, B. Riley Financial upped their target price on International Seaways from $120.00 to $140.00 and gave the stock a “buy” rating in a report on Monday, October 5th. Six investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, International Seaways currently has an average rating of “Moderate Buy” and a consensus target price of $109.80.

International Seaways Company Profile

International Seaways, Inc is an international owner and operator of oceangoing tanker vessels. The company transports crude oil and refined petroleum products for energy companies and other customers.

Its fleet includes crude-oil tankers and product carriers that serve global shipping routes, connecting oil-producing regions with refineries and end markets. International Seaways also uses commercial arrangements such as vessel pools and charter contracts to market its ships.

The company became an independent publicly traded business in 2016 after being spun off from Overseas Shipholding Group.