VIRGINIA RETIREMENT SYSTEMS ET Al Purchases Shares of 33,500 International Seaways Inc. $INSW

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of International Seaways Inc. (NYSE:INSW) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 33,500 shares of the transportation company’s stock, valued at approximately $2,566,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned approximately 0.07% of International Seaways at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of INSW. Charles Schwab Investment Management Inc. increased its position in International Seaways by 1.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 638,791 shares of the transportation company’s stock worth $31,013,000 after purchasing an additional 12,188 shares during the last quarter. Resolute Capital LLC bought a new position in International Seaways during the fourth quarter valued at $1,273,000. NewEdge Wealth LLC grew its stake in shares of International Seaways by 43.1% in the 1st 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. Cercano Management LLC purchased a new position in shares of International Seaways in the 4th quarter worth $4,137,000. Finally, Two Sigma Securities LLC bought a new stake in shares of International Seaways in the 2nd quarter worth about $507,000. 67.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

INSW has been the topic of several recent research reports. Zacks Research cut shares of International Seaways from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 24th. Pareto Securities cut International Seaways from a “buy” rating to a “hold” rating in a research note on Monday, May 18th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $107.00 price objective on shares of International Seaways in a research report on Tuesday, September 1st. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of International Seaways in a research note on Friday, August 7th. Finally, Jefferies Financial Group lifted their target price on International Seaways from $100.00 to $108.00 and gave the stock a “buy” rating in a report on Thursday, August 13th. Five investment 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 has a consensus rating of “Moderate Buy” and an average target price of $94.75.

Insider Buying and Selling

In other news, CEO Lois Zabrocky sold 2,000 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $98.44, for a total value of $196,880.00. Following the sale, the chief executive officer directly owned 173,745 shares in the company, valued at approximately $17,103,457.80. This represents a 1.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 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 SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 5,000 shares of company stock worth $441,240. Insiders own 1.70% of the company’s stock.

International Seaways Price Performance

International Seaways stock opened at $102.15 on Friday. The firm has a 50-day moving average price of $94.12 and a 200-day moving average price of $83.72. The firm has a market capitalization of $5.06 billion, a PE ratio of 6.53, a price-to-earnings-growth ratio of 0.27 and a beta of -0.13. The company has a current ratio of 5.94, a quick ratio of 5.76 and a debt-to-equity ratio of 0.27. International Seaways Inc. has a 12-month low of $42.26 and a 12-month high of $106.73.

International Seaways (NYSE:INSW) last issued its quarterly earnings results on Monday, August 10th. The transportation company reported $5.91 EPS for the quarter, beating the consensus estimate of $5.55 by $0.36. The company had revenue of $467.29 million for the quarter, compared to the consensus estimate of $406.38 million. International Seaways had a net margin of 61.98% and a return on equity of 31.75%. The firm’s revenue was up 138.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.02 EPS. As a group, equities research analysts forecast that International Seaways Inc. will post 16.09 EPS for the current year.

International Seaways Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th will be paid a dividend of $5.05 per share. This is a positive change from International Seaways’s previous quarterly dividend of $0.12. This represents a $20.20 dividend on an annualized basis and a dividend yield of 19.8%. The ex-dividend date of this dividend is Thursday, September 10th. International Seaways’s payout ratio is currently 3.07%.

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.