State of New Jersey Common Pension Fund D Takes $1.74 Million Position in International Seaways, Inc. (NYSE:INSW)

State of New Jersey Common Pension Fund D purchased a new position in International Seaways, Inc. (NYSE:INSW) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 29,340 shares of the transportation company’s stock, valued at approximately $1,735,000. State of New Jersey Common Pension Fund D owned about 0.06% of International Seaways at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of International Seaways by 7.7% during the 1st quarter. Vanguard Group Inc. now owns 3,986,353 shares of the transportation company’s stock valued at $212,074,000 after acquiring an additional 286,295 shares during the period. Goldman Sachs Group Inc. grew its position in International Seaways by 57.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 403,848 shares of the transportation company’s stock worth $18,367,000 after acquiring an additional 147,740 shares in the last quarter. Frontier Capital Management Co. LLC increased its stake in International Seaways by 20.8% during 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 last quarter. Boston Partners increased its position in shares of International Seaways by 433.9% during the 1st quarter. Boston Partners now owns 163,778 shares of the transportation company’s stock valued at $8,718,000 after purchasing an additional 133,102 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its stake 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 worth $12,849,000 after buying an additional 102,724 shares during the period. Hedge funds and other institutional investors own 67.29% of the company’s stock.

International Seaways Stock Up 2.0 %

Shares of NYSE INSW opened at $51.70 on Wednesday. The company has a 50-day moving average of $51.63 and a 200 day moving average of $55.32. The stock has a market cap of $2.55 billion, a PE ratio of 4.83 and a beta of -0.07. The company has a current ratio of 3.89, a quick ratio of 3.87 and a debt-to-equity ratio of 0.35. International Seaways, Inc. has a 12-month low of $40.68 and a 12-month high of $65.94.

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

International Seaways Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.93%. The ex-dividend date of this dividend is Wednesday, September 11th. International Seaways’s dividend payout ratio is presently 4.49%.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other International Seaways news, Director Alexandra Kate Blankenship sold 5,000 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $49.17, for a total value of $245,850.00. Following the completion of the transaction, the director now owns 16,109 shares in the company, valued at $792,079.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Alexandra Kate Blankenship sold 5,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were 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 in the company, valued at approximately $792,079.53. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Lois K. Zabrocky sold 2,000 shares of International Seaways stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $50.30, for a total value of $100,600.00. Following the completion of the sale, the chief executive officer now owns 155,475 shares in the company, valued at $7,820,392.50. The disclosure for this sale can be found here. Insiders sold 13,000 shares of company stock valued at $660,990 in the last ninety days. Insiders own 1.90% of the company’s stock.

International Seaways Company 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.