Renaissance Technologies LLC Has $5.75 Million Position in International Seaways Inc. $INSW

Renaissance Technologies LLC trimmed its holdings in International Seaways Inc. (NYSE:INSW) by 46.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 78,950 shares of the transportation company’s stock after selling 68,563 shares during the period. Renaissance Technologies LLC owned 0.16% of International Seaways worth $5,754,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Arrowstreet Capital Limited Partnership increased its holdings in shares of International Seaways by 167.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 608,265 shares of the transportation company’s stock worth $44,330,000 after purchasing an additional 380,931 shares during the period. Lido Advisors LLC acquired a new position in International Seaways during the first quarter worth $222,000. Cetera Investment Advisers increased its position in shares of International Seaways by 7.2% during the 1st quarter. Cetera Investment Advisers now owns 4,804 shares of the transportation company’s stock worth $350,000 after purchasing an additional 322 shares in the last quarter. NewEdge Wealth LLC increased its holdings in shares of 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 buying an additional 7,511 shares in the last quarter. Finally, First Trust Advisors LP increased its holdings in International Seaways by 65.3% during the 1st quarter. First Trust Advisors LP now owns 175,630 shares of the transportation company’s stock valued at $12,800,000 after purchasing an additional 69,383 shares in the last quarter. Institutional investors own 67.29% of the company’s stock.

Insider Activity at International Seaways

In other news, SVP William F. Nugent sold 6,830 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $85.23, for a total value of $582,120.90. Following the completion of the transaction, the senior vice president owned 49,169 shares in the company, valued at $4,190,673.87. This represents a 12.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Lois K. Zabrocky sold 25,000 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $88.08, for a total transaction of $2,202,000.00. Following the sale, the chief executive officer directly owned 181,745 shares of the company’s stock, valued at $16,008,099.60. This represents a 12.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 42,530 shares of company stock worth $3,699,995. Corporate insiders own 1.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on INSW shares. BTIG Research lifted their target price on International Seaways from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. Wall Street Zen upgraded International Seaways from a “buy” rating to a “strong-buy” rating in a report on Monday, April 13th. Zacks Research raised International Seaways from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 24th. Jefferies Financial Group restated a “buy” rating and set a $100.00 target price on shares of International Seaways in a research report on Friday, May 8th. Finally, Weiss Ratings raised International Seaways from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $86.00.

International Seaways Trading Down 1.8%

NYSE:INSW opened at $90.94 on Thursday. The company has a debt-to-equity ratio of 0.26, a current ratio of 7.34 and a quick ratio of 7.28. The business’s 50-day simple moving average is $85.31 and its 200-day simple moving average is $76.79. International Seaways Inc. has a fifty-two week low of $41.20 and a fifty-two week high of $98.23. The stock has a market capitalization of $4.50 billion, a PE ratio of 8.28 and a beta of -0.13.

International Seaways (NYSE:INSW) last posted its earnings results on Thursday, May 7th. The transportation company reported $3.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.87 by $1.03. The business had revenue of $325.48 million during the quarter, compared to analysts’ expectations of $279.34 million. International Seaways had a return on equity of 21.04% and a net margin of 55.39%.International Seaways’s revenue for the quarter was up 77.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.80 EPS. Sell-side analysts expect that International Seaways Inc. will post 15.62 earnings per share for the current fiscal year.

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.