Bluemountain Capital Managemen Sells 170,630 Shares of International Seaways Inc (NYSE:INSW) Stock

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International Seaways Inc (NYSE:INSW) major shareholder Bluemountain Capital Managemen sold 170,630 shares of the company’s stock in a transaction that occurred on Wednesday, October 17th. The shares were sold at an average price of $21.32, for a total value of $3,637,831.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Bluemountain Capital Managemen also recently made the following trade(s):

  • On Thursday, October 25th, Bluemountain Capital Managemen sold 57,300 shares of International Seaways stock. The shares were sold at an average price of $20.31, for a total value of $1,163,763.00.
  • On Tuesday, October 23rd, Bluemountain Capital Managemen sold 174,660 shares of International Seaways stock. The shares were sold at an average price of $20.96, for a total value of $3,660,873.60.
  • On Friday, October 19th, Bluemountain Capital Managemen sold 221,870 shares of International Seaways stock. The shares were sold at an average price of $21.38, for a total value of $4,743,580.60.
  • On Monday, October 15th, Bluemountain Capital Managemen sold 126,005 shares of International Seaways stock. The shares were sold at an average price of $20.67, for a total value of $2,604,523.35.
  • On Thursday, October 11th, Bluemountain Capital Managemen sold 129,290 shares of International Seaways stock. The shares were sold at an average price of $21.25, for a total value of $2,747,412.50.
  • On Tuesday, October 9th, Bluemountain Capital Managemen sold 210,870 shares of International Seaways stock. The shares were sold at an average price of $21.59, for a total value of $4,552,683.30.
  • On Wednesday, October 3rd, Bluemountain Capital Managemen sold 163,155 shares of International Seaways stock. The shares were sold at an average price of $21.98, for a total value of $3,586,146.90.
  • On Monday, October 1st, Bluemountain Capital Managemen sold 166,765 shares of International Seaways stock. The shares were sold at an average price of $20.93, for a total value of $3,490,391.45.
  • On Tuesday, September 25th, Bluemountain Capital Managemen sold 199,235 shares of International Seaways stock. The shares were sold at an average price of $20.44, for a total value of $4,072,363.40.
  • On Friday, August 31st, Bluemountain Capital Managemen sold 81,345 shares of International Seaways stock. The shares were sold at an average price of $20.93, for a total value of $1,702,550.85.

NYSE INSW traded down $1.02 during midday trading on Friday, hitting $17.79. 211,992 shares of the company traded hands, compared to its average volume of 131,002. The company has a current ratio of 1.99, a quick ratio of 1.94 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $572.29 million, a PE ratio of -61.34 and a beta of -0.80. International Seaways Inc has a 52 week low of $15.23 and a 52 week high of $24.78.

International Seaways (NYSE:INSW) last announced its earnings results on Wednesday, November 7th. The transportation company reported ($1.04) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.74) by ($0.30). The company had revenue of $60.93 million for the quarter, compared to the consensus estimate of $54.59 million. International Seaways had a negative net margin of 78.00% and a negative return on equity of 7.81%. On average, equities analysts predict that International Seaways Inc will post -2.23 earnings per share for the current fiscal year.

A number of research firms have recently commented on INSW. Zacks Investment Research cut International Seaways from a “hold” rating to a “sell” rating in a research note on Wednesday, October 24th. B. Riley began coverage on International Seaways in a research note on Friday. They set a “neutral” rating and a $21.50 target price on the stock. Jefferies Financial Group began coverage on International Seaways in a research note on Monday, October 1st. They issued a “buy” rating and a $30.00 price objective on the stock. Finally, Stifel Nicolaus began coverage on International Seaways in a research note on Tuesday, September 25th. They issued a “buy” rating and a $25.00 price objective on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $26.38.

A number of hedge funds and other institutional investors have recently made changes to their positions in INSW. Paloma Partners Management Co purchased a new stake in shares of International Seaways during the 2nd quarter valued at $956,000. Frontier Capital Management Co. LLC raised its stake in International Seaways by 25.4% in the 3rd quarter. Frontier Capital Management Co. LLC now owns 1,616,534 shares of the transportation company’s stock worth $32,363,000 after acquiring an additional 327,942 shares during the last quarter. Millennium Management LLC purchased a new position in International Seaways in the 2nd quarter worth $1,160,000. LMR Partners LLP purchased a new position in International Seaways in the 2nd quarter worth $452,000. Finally, Dimensional Fund Advisors LP raised its stake in International Seaways by 32.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,030,466 shares of the transportation company’s stock worth $18,136,000 after acquiring an additional 250,173 shares during the last quarter. 85.42% of the stock is currently owned by institutional investors and hedge funds.

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About International Seaways

International Seaways, Inc owns and operates a fleet of oceangoing vessels for the transportation of crude oil and petroleum products in the International Flag trades. It operates through two segments, Crude Tankers and Product Carriers. As of June 14, 2018, the company owned and operated a fleet of 55 vessels, including 1 ultra large crude carrier, 14 very large crude carriers, 2 Suezmaxes, 7 Aframaxes, 12 Panamaxes, and 13 medium range tankers.

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