Assenagon Asset Management S.A. Decreases Position in International Seaways Inc. $INSW

Assenagon Asset Management S.A. trimmed its holdings in International Seaways Inc. (NYSE:INSW) by 35.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,080 shares of the transportation company’s stock after selling 6,665 shares during the quarter. Assenagon Asset Management S.A.’s holdings in International Seaways were worth $880,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Amundi purchased a new stake in shares of International Seaways during the 4th quarter worth approximately $13,663,000. Tudor Investment Corp ET AL acquired a new stake in International Seaways during the 4th quarter worth $7,087,000. Frontier Capital Management Co. LLC raised its stake in International Seaways by 105.2% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 270,386 shares of the transportation company’s stock worth $9,864,000 after acquiring an additional 138,625 shares in the last quarter. Fearnley Asset Management AS purchased a new stake in International Seaways in the fourth quarter valued at $6,258,000. Finally, Marnell Management LLC purchased a new stake in International Seaways in the fourth quarter valued at $6,012,000. 67.29% of the stock is owned by institutional investors and hedge funds.

International Seaways Stock Performance

NYSE INSW opened at $82.35 on Friday. The company has a quick ratio of 7.28, a current ratio of 7.34 and a debt-to-equity ratio of 0.26. International Seaways Inc. has a 52-week low of $37.72 and a 52-week high of $92.66. The business’s 50-day moving average price is $82.69 and its 200 day moving average price is $70.14. The firm has a market cap of $4.08 billion, a P/E ratio of 7.50 and a beta of -0.12.

International Seaways (NYSE:INSW) last posted 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 firm had revenue of $325.48 million during the quarter, compared to the consensus estimate of $279.34 million. International Seaways had a return on equity of 21.04% and a net margin of 55.39%.The firm’s revenue 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. On average, equities research analysts expect that International Seaways Inc. will post 14.99 earnings per share for the current year.

International Seaways Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 12th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date was Friday, June 12th. International Seaways’s dividend payout ratio (DPR) is 4.37%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Wall Street Zen upgraded shares of International Seaways from a “buy” rating to a “strong-buy” rating in a research note on Monday, April 13th. Zacks Research downgraded International Seaways from a “strong-buy” rating to a “hold” rating in a report on Thursday, June 25th. BTIG Research upped their target price on International Seaways from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. Jefferies Financial Group restated a “buy” rating and set a $100.00 price target on shares of International Seaways in a research note on Friday, May 8th. Finally, Weiss Ratings upgraded International Seaways from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, May 11th. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $86.00.

Insider Activity

In other International Seaways news, CFO Jeffrey Pribor sold 1,000 shares of the business’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $81.68, for a total value of $81,680.00. Following the transaction, the chief financial officer directly owned 101,984 shares of the company’s stock, valued at approximately $8,330,053.12. The trade was a 0.97% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP William F. Nugent sold 6,830 shares of the company’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $85.23, for a total transaction of $582,120.90. Following the transaction, the senior vice president owned 49,169 shares of the company’s stock, valued at approximately $4,190,673.87. The trade was a 12.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 45,530 shares of company stock valued at $3,923,635. 1.70% of the stock is owned by corporate insiders.

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.