Lazard Asset Management LLC Buys Shares of 28,551 International Seaways Inc. $INSW

Lazard Asset Management LLC purchased a new position in shares of International Seaways Inc. (NYSE:INSW) in the first quarter, Holdings Channel.com reports. The fund purchased 28,551 shares of the transportation company’s stock, valued at approximately $2,081,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Charles Schwab Investment Management Inc. grew 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 valued at $31,013,000 after acquiring an additional 12,188 shares during the last quarter. Resolute Capital LLC acquired a new stake in shares of International Seaways in the 4th quarter valued at approximately $1,273,000. NewEdge Wealth LLC boosted 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 valued at $1,818,000 after purchasing an additional 7,511 shares in the last quarter. Cercano Management LLC bought a new stake in shares of International Seaways during the 4th quarter valued at approximately $4,137,000. Finally, Kingsview Wealth Management LLC grew its holdings in shares of International Seaways by 252.7% during the 4th quarter. Kingsview Wealth Management LLC now owns 64,528 shares of the transportation company’s stock valued at $3,133,000 after purchasing an additional 46,234 shares during the last quarter. 67.29% of the stock is currently owned by institutional investors.

International Seaways Trading Down 0.1%

Shares of NYSE INSW opened at $96.13 on Monday. The firm has a 50 day moving average price of $84.67 and a two-hundred day moving average price of $76.01. The stock has a market cap of $4.76 billion, a P/E ratio of 8.76 and a beta of -0.13. International Seaways Inc. has a 52-week low of $39.06 and a 52-week high of $97.07. The company has a debt-to-equity ratio of 0.26, a quick ratio of 7.28 and a current ratio of 7.34.

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

International Seaways Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, June 12th. This represents a $0.48 annualized dividend and a yield of 0.5%. International Seaways’s payout ratio is presently 4.37%.

Insider Buying and Selling

In other International Seaways news, CEO Lois K. Zabrocky sold 25,000 shares of the company’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $88.08, for a total value of $2,202,000.00. Following the sale, the chief executive officer owned 181,745 shares in the company, valued at approximately $16,008,099.60. The trade was a 12.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Derek G. Solon sold 4,700 shares of the stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $89.22, for a total value of $419,334.00. Following the completion of the sale, the senior vice president directly owned 49,719 shares of the company’s stock, valued at approximately $4,435,929.18. The trade was a 8.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 42,530 shares of company stock valued at $3,699,995 over the last 90 days. 1.70% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently commented on INSW. Pareto Securities downgraded shares of International Seaways from a “buy” rating to a “hold” rating in a research note on Monday, May 18th. Zacks Research raised shares of International Seaways from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 24th. Jefferies Financial Group reiterated a “buy” rating and issued a $100.00 price target on shares of International Seaways in a research note on Friday, May 8th. BTIG Research raised their price objective on International Seaways from $90.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Finally, Wall Street Zen raised International Seaways from a “buy” rating to a “strong-buy” rating in a report on Monday, April 13th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $86.00.

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.