On September 10, 2023, it was reported that the Healthcare of Ontario Pension Plan Trust Fund has acquired a new stake in International Seaways, Inc. (NYSE:INSW) during the first quarter. According to the filing with the Securities and Exchange Commission, the trust fund purchased 342,800 shares of the transportation company’s stock, valued at approximately $14,288,000. At the end of the quarter, Healthcare of Ontario Pension Plan Trust Fund owned about 0.70% of International Seaways.
International Seaways recently released its quarterly earnings results on August 9th. The transportation company reported earnings per share of $3.12 for the quarter, surpassing analysts’ consensus estimates by $0.42. This strong performance showcases a return on equity of 42.76% and a net margin of 57.03%. Additionally, the company generated revenue of $292.20 million during the quarter, exceeding analysts’ expectations of $262.66 million.
With these impressive financial results and positive market sentiment, analysts anticipate that International Seaways will post earnings per share of 10.3 for the current fiscal year.
This latest acquisition by Healthcare of Ontario Pension Plan Trust Fund indicates growing confidence in International Seaways as an attractive investment opportunity within the transportation sector. As a company operating in international shipping and energy transportation markets with a fleet comprising crude oil tankers and LNG carriers, International Seaways demonstrates significant potential for continued success.
Investors are advised to keep an eye on International Seaways’ future performance as it navigates through these dynamic markets and leverages its operational expertise to drive growth and deliver value to its shareholders.
Please note that this article is based on information from September 10, 2023, and may not reflect recent developments or changes in market conditions associated with International Seaways or other relevant parties involved in this report.
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Hedge Funds and Institutional Investors Increase Holdings in International Seaways, Inc.
International Seaways, Inc. (INSW), a leading transportation company, has recently seen some significant changes in its holdings by hedge funds and other institutional investors. Renaissance Technologies LLC, one of the prominent hedge funds, has boosted its stake in International Seaways by 50.8% in the first quarter of 2023. With an additional purchase of 190,781 shares, Renaissance Technologies LLC now owns a total of 566,431 shares valued at $23,609,000.
Similarly, Stifel Financial Corp has also purchased a new stake in International Seaways during the first quarter with an approximate value of $208,000. BNP Paribas Arbitrage SNC saw a boost of 585.1% in its stake after buying an additional 120,185 shares valued at $5,865,000. Bank of America Corp DE increased its holdings by 61.3%, acquiring an additional 28,888 shares valued at $3,168,000.
Additionally, Prudential Financial Inc., which is known for making strategic investments in different sectors, bought a new stake worth about $430,000 during the same period.
It is interesting to note that approximately 63.08% of International Seaways’ stock is currently owned by hedge funds and other institutional investors.
Analysts have also weighed in on INSW shares recently. StockNews.com began coverage on International Seaways with a “buy” rating on Thursday, August 17th. Furthermore, Stifel Nicolaus lowered their target price for INSW from $65.00 to $58.00 and maintained a “buy” rating on the stock in their research report released on Wednesday,
