International Seaways, Inc. (NYSE:INSW – Get Free Report) saw a large decrease in short interest in the month of August. As of August 15th, there was short interest totalling 1,580,000 shares, a decrease of 8.7% from the July 31st total of 1,730,000 shares. Based on an average daily volume of 615,100 shares, the days-to-cover ratio is presently 2.6 days.
Insider Activity
In related news, CEO Lois K. Zabrocky sold 1,000 shares of the company’s stock in a transaction dated Wednesday, June 7th. The shares were sold at an average price of $36.74, for a total value of $36,740.00. Following the transaction, the chief executive officer now owns 145,244 shares in the company, valued at approximately $5,336,264.56. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CAO James D. Small III sold 20,000 shares of the company’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $45.18, for a total value of $903,600.00. Following the transaction, the chief accounting officer now owns 55,217 shares in the company, valued at approximately $2,494,704.06. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Lois K. Zabrocky sold 1,000 shares of the company’s stock in a transaction dated Wednesday, June 7th. The shares were sold at an average price of $36.74, for a total transaction of $36,740.00. Following the completion of the transaction, the chief executive officer now owns 145,244 shares in the company, valued at approximately $5,336,264.56. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 32,500 shares of company stock valued at $1,451,875. 2.00% of the stock is owned by company insiders.
Institutional Inflows and Outflows
Large investors have recently made changes to their positions in the company. Federated Hermes Inc. bought a new stake in International Seaways in the third quarter worth about $28,000. Point72 Asset Management L.P. raised its position in International Seaways by 55.2% in the second quarter. Point72 Asset Management L.P. now owns 1,015 shares of the transportation company’s stock worth $39,000 after acquiring an additional 361 shares during the period. Coppell Advisory Solutions Corp. bought a new stake in International Seaways in the fourth quarter worth about $46,000. Spire Wealth Management raised its position in International Seaways by 33.6% in the first quarter. Spire Wealth Management now owns 1,392 shares of the transportation company’s stock worth $58,000 after acquiring an additional 350 shares during the period. Finally, Compagnie Lombard Odier SCmA bought a new stake in International Seaways in the first quarter worth about $58,000. 63.08% of the stock is owned by institutional investors.
International Seaways Stock Up 0.4 %
Shares of NYSE INSW traded up $0.16 during mid-day trading on Friday, reaching $43.13. 505,739 shares of the company’s stock traded hands, compared to its average volume of 627,660. The stock has a market cap of $2.11 billion, a P/E ratio of 3.24 and a beta of 0.08. The business has a 50-day simple moving average of $41.00 and a 200 day simple moving average of $41.09. International Seaways has a 1-year low of $29.18 and a 1-year high of $53.25. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.26 and a quick ratio of 2.26.
International Seaways (NYSE:INSW – Get Free Report) last released its quarterly earnings results on Wednesday, August 9th. The transportation company reported $3.12 earnings per share for the quarter, beating analysts’ consensus estimates of $2.70 by $0.42. International Seaways had a net margin of 57.03% and a return on equity of 42.76%. The company had revenue of $292.20 million for the quarter, compared to analyst estimates of $262.66 million. On average, analysts expect that International Seaways will post 10.39 EPS for the current fiscal year.
International Seaways Cuts Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 27th. Investors of record on Wednesday, September 13th will be given a dividend of $1.42 per share. This represents a $5.68 dividend on an annualized basis and a dividend yield of 13.17%. The ex-dividend date of this dividend is Tuesday, September 12th. International Seaways’s payout ratio is currently 3.62%.
Wall Street Analysts Forecast Growth
INSW has been the subject of several analyst reports. Stifel Nicolaus dropped their price target on shares of International Seaways from $65.00 to $58.00 and set a “buy” rating for the company in a research note on Wednesday, July 19th. StockNews.com began coverage on shares of International Seaways in a research note on Thursday, August 17th. They set a “buy” rating for the company. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on shares of International Seaways from $58.00 to $54.00 in a research report on Monday, May 8th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $59.20.
International Seaways Company Profile
International Seaways, Inc owns and operates a fleet of oceangoing vessels for the transportation of crude oil and petroleum products in the international flag trade. It operates in two segments: Crude Tankers and Product Carriers. It serves independent and state-owned oil companies, oil traders, refinery operators, and international government entities.