16,080 Shares in International Seaways Inc. $INSW Acquired by Harvey Capital Management Inc.

Harvey Capital Management Inc. acquired a new stake in shares of International Seaways Inc. (NYSE:INSW) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 16,080 shares of the transportation company’s stock, valued at approximately $1,232,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of International Seaways during the 2nd quarter valued at $505,153,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of International Seaways by 167.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 608,265 shares of the transportation company’s stock worth $44,330,000 after acquiring an additional 380,931 shares in the last quarter. Amundi acquired a new stake in International Seaways during the fourth quarter valued at $13,663,000. Bank of New York Mellon Corp acquired a new stake in International Seaways during the second quarter valued at $21,082,000. Finally, Acorn Financial Advisory Services Inc. ADV purchased a new position in International Seaways in the first quarter valued at about $13,145,000. Hedge funds and other institutional investors own 67.29% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Pareto Securities downgraded International Seaways from a “buy” rating to a “hold” rating in a report on Monday, May 18th. Weiss Ratings reissued a “buy (b-)” rating on shares of International Seaways in a research report on Friday, August 7th. Jefferies Financial Group raised their price target on International Seaways from $100.00 to $108.00 and gave the company a “buy” rating in a research report on Thursday, August 13th. BTIG Research lifted their price objective on International Seaways from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Finally, Zacks Research cut International Seaways from a “strong-buy” rating to a “hold” rating in a research report on Monday. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, International Seaways presently has an average rating of “Moderate Buy” and an average price target of $88.00.

International Seaways Trading Up 6.3%

International Seaways stock opened at $99.59 on Friday. The business has a 50 day moving average price of $90.25 and a two-hundred day moving average price of $81.03. The company has a quick ratio of 5.76, a current ratio of 5.94 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 $102.36. The stock has a market cap of $4.93 billion, a price-to-earnings ratio of 6.37 and a beta of -0.13.

International Seaways (NYSE:INSW) last announced its quarterly earnings data on Monday, August 10th. The transportation company reported $5.91 earnings per share for the quarter, topping the consensus estimate of $5.55 by $0.36. The company had revenue of $467.29 million for the quarter, compared to analyst estimates of $406.38 million. International Seaways had a return on equity of 31.75% and a net margin of 61.98%.International Seaways’s revenue for the quarter was up 138.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.02 EPS. As a group, equities analysts forecast that International Seaways Inc. will post 15.89 EPS for the current year.

International Seaways Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be paid a dividend of $5.05 per share. This is an increase from International Seaways’s previous quarterly dividend of $0.12. This represents a $20.20 dividend on an annualized basis and a yield of 20.3%. The ex-dividend date is Thursday, September 10th. International Seaways’s dividend payout ratio is presently 3.07%.

Insider Buying and Selling at International Seaways

In other news, CEO Lois K. Zabrocky sold 2,000 shares of the firm’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $98.44, for a total transaction of $196,880.00. Following the completion of the transaction, the chief executive officer directly owned 173,745 shares of the company’s stock, valued at approximately $17,103,457.80. This trade represents a 1.14% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Jeffrey Pribor sold 1,000 shares of International Seaways stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $81.68, for a total transaction of $81,680.00. Following the sale, the chief financial officer owned 101,984 shares in the company, valued at approximately $8,330,053.12. This trade represents a 0.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 5,000 shares of company stock worth $441,240 in the last three months. Insiders own 1.70% of the company’s stock.

International Seaways 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.