PFG Investments LLC Lowers Position in International Seaways, Inc. (NYSE:INSW)

PFG Investments LLC trimmed its position in International Seaways, Inc. (NYSE:INSW) by 57.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,414 shares of the transportation company’s stock after selling 4,602 shares during the period. PFG Investments LLC’s holdings in International Seaways were worth $202,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Magnetar Financial LLC purchased a new position in shares of International Seaways during the first quarter valued at approximately $2,604,000. SG Americas Securities LLC raised its stake in International Seaways by 102.1% during the second quarter. SG Americas Securities LLC now owns 21,082 shares of the transportation company’s stock valued at $1,247,000 after buying an additional 10,652 shares during the last quarter. GeoSphere Capital Management LLC bought a new stake in International Seaways in the fourth quarter worth $2,501,000. BNP Paribas Financial Markets grew its stake in shares of International Seaways by 101.5% in the first quarter. BNP Paribas Financial Markets now owns 34,543 shares of the transportation company’s stock worth $1,838,000 after acquiring an additional 17,399 shares during the last quarter. Finally, Prevail Innovative Wealth Advisors LLC bought a new position in shares of International Seaways during the first quarter valued at $1,735,000. Institutional investors own 67.29% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on INSW. StockNews.com downgraded shares of International Seaways from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. Stifel Nicolaus raised their price target on shares of International Seaways from $68.00 to $72.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $66.00 price objective on shares of International Seaways in a research report on Wednesday, August 7th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $64.75.

International Seaways Stock Performance

Shares of NYSE INSW opened at $49.32 on Friday. The company has a quick ratio of 3.87, a current ratio of 3.89 and a debt-to-equity ratio of 0.35. The firm’s 50-day moving average price is $52.45 and its 200-day moving average price is $55.38. International Seaways, Inc. has a 52-week low of $40.68 and a 52-week high of $65.94. The company has a market cap of $2.45 billion, a PE ratio of 4.61 and a beta of -0.07.

International Seaways (NYSE:INSW) last posted its earnings results on Wednesday, August 7th. The transportation company reported $2.37 EPS for the quarter, missing analysts’ consensus estimates of $2.50 by ($0.13). The company had revenue of $257.40 million during the quarter, compared to the consensus estimate of $256.13 million. International Seaways had a return on equity of 26.55% and a net margin of 50.70%. The company’s revenue for the quarter was down 11.9% on a year-over-year basis. During the same period last year, the firm posted $3.12 EPS. As a group, analysts anticipate that International Seaways, Inc. will post 9.51 EPS for the current year.

International Seaways Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.97%. The ex-dividend date is Wednesday, September 11th. International Seaways’s dividend payout ratio is 4.49%.

Insiders Place Their Bets

In other news, Director Alexandra Kate Blankenship sold 5,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $49.17, for a total transaction of $245,850.00. Following the completion of the sale, the director now owns 16,109 shares of the company’s stock, valued at approximately $792,079.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other International Seaways news, CFO Jeffrey Pribor sold 1,000 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $58.83, for a total transaction of $58,830.00. Following the completion of the sale, the chief financial officer now owns 39,849 shares of the company’s stock, valued at $2,344,316.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Alexandra Kate Blankenship sold 5,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $49.17, for a total value of $245,850.00. Following the completion of the sale, the director now owns 16,109 shares of the company’s stock, valued at approximately $792,079.53. The disclosure for this sale can be found here. Over the last three months, insiders have sold 11,000 shares of company stock valued at $560,390. Insiders own 1.90% of the company’s stock.

International Seaways Profile

International Seaways, Inc owns and operates a fleet of oceangoing vessels for the transportation of crude oil and petroleum products in the international flag trade. It operates in two segments: Crude Tankers and Product Carriers. As of December 31, 2023, the company owned a fleet of 73 vessels. It serves independent and state-owned oil companies, oil traders, refinery operators, and international government entities.