Commonwealth Equity Services LLC Lowers Holdings in International Seaways, Inc. (NYSE:INSW)

Commonwealth Equity Services LLC decreased its position in International Seaways, Inc. (NYSE:INSW) by 59.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,030 shares of the transportation company’s stock after selling 10,149 shares during the period. Commonwealth Equity Services LLC’s holdings in International Seaways were worth $416,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in International Seaways by 7.7% in the first quarter. Vanguard Group Inc. now owns 3,986,353 shares of the transportation company’s stock worth $212,074,000 after purchasing an additional 286,295 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of International Seaways by 57.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 403,848 shares of the transportation company’s stock worth $18,367,000 after buying an additional 147,740 shares during the last quarter. Frontier Capital Management Co. LLC grew its holdings in shares of International Seaways by 20.8% in the fourth quarter. Frontier Capital Management Co. LLC now owns 810,675 shares of the transportation company’s stock worth $36,869,000 after acquiring an additional 139,569 shares during the period. Boston Partners increased its position in International Seaways by 433.9% during the first quarter. Boston Partners now owns 163,778 shares of the transportation company’s stock valued at $8,718,000 after acquiring an additional 133,102 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its position in International Seaways by 74.0% during the first quarter. Russell Investments Group Ltd. now owns 241,526 shares of the transportation company’s stock valued at $12,849,000 after acquiring an additional 102,724 shares during the last quarter. 67.29% of the stock is currently owned by institutional investors.

International Seaways Price Performance

Shares of International Seaways stock opened at $50.24 on Monday. The stock has a market cap of $2.48 billion, a price-to-earnings ratio of 4.70 and a beta of -0.07. The company has a debt-to-equity ratio of 0.35, a quick ratio of 3.87 and a current ratio of 3.89. The stock has a 50 day moving average price of $51.86 and a 200-day moving average price of $55.35. International Seaways, Inc. has a one year low of $40.68 and a one year high of $65.94.

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

International Seaways Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th will be given a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, September 11th. This represents a $0.48 annualized dividend and a yield of 0.96%. International Seaways’s dividend payout ratio (DPR) is 4.49%.

Analyst Upgrades and Downgrades

INSW has been the subject of several analyst reports. Stifel Nicolaus upped their price objective on International Seaways from $68.00 to $72.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Jefferies Financial Group restated a “buy” rating and issued a $66.00 price target on shares of International Seaways in a research report on Wednesday, August 7th. Finally, StockNews.com cut International Seaways from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, International Seaways presently has an average rating of “Moderate Buy” and a consensus target price of $64.75.

Insiders Place Their Bets

In other International Seaways news, Director Alexandra Kate Blankenship sold 5,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $49.17, for a total transaction of $245,850.00. Following the transaction, the director now directly owns 16,109 shares in the company, valued at approximately $792,079.53. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Jeffrey Pribor sold 1,000 shares of International Seaways stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $58.83, for a total transaction of $58,830.00. Following the transaction, the chief financial officer now directly owns 39,849 shares of the company’s stock, valued at $2,344,316.67. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Alexandra Kate Blankenship sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $49.17, for a total transaction of $245,850.00. Following the completion of the transaction, the director now directly owns 16,109 shares of the company’s stock, valued at approximately $792,079.53. The disclosure for this sale can be found here. Insiders have sold 13,000 shares of company stock worth $660,990 in the last three months. Corporate 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.