Point72 Asset Management L.P. Has $509,000 Stake in International Seaways, Inc. (NYSE:INSW)

Point72 Asset Management L.P. grew its holdings in shares of International Seaways, Inc. (NYSE:INSW) by 75.5% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,600 shares of the transportation company’s stock after purchasing an additional 3,700 shares during the period. Point72 Asset Management L.P.’s holdings in International Seaways were worth $509,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of 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 period. American Century Companies Inc. increased its holdings in International Seaways by 25.7% in the 2nd quarter. American Century Companies Inc. now owns 1,235,135 shares of the transportation company’s stock valued at $73,034,000 after buying an additional 252,492 shares during the period. Renaissance Technologies LLC raised its position in shares of International Seaways by 5.3% in the 2nd quarter. Renaissance Technologies LLC now owns 882,531 shares of the transportation company’s stock valued at $52,184,000 after buying an additional 44,200 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of International Seaways by 4.1% during the 2nd quarter. Victory Capital Management Inc. now owns 853,745 shares of the transportation company’s stock worth $50,482,000 after acquiring an additional 33,712 shares in the last quarter. Finally, Frontier Capital Management Co. LLC raised its position 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 valued at $36,869,000 after purchasing an additional 139,569 shares in the last quarter. 67.29% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Jefferies Financial Group reaffirmed a “buy” rating and issued a $66.00 target price on shares of International Seaways in a report on Wednesday, August 7th. Fearnley Fonds raised International Seaways to a “strong-buy” rating in a research note on Friday, September 27th. StockNews.com lowered shares of International Seaways from a “buy” rating to a “hold” rating in a report on Thursday, August 8th. Finally, Stifel Nicolaus upped 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. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $68.00.

Insider Buying and Selling

In other news, SVP William F. Nugent sold 1,000 shares of the stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $51.24, for a total transaction of $51,240.00. Following the completion of the transaction, the senior vice president now directly owns 52,803 shares of the company’s stock, valued at $2,705,625.72. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, SVP William F. Nugent sold 1,000 shares of the business’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $51.24, for a total transaction of $51,240.00. Following the sale, the senior vice president now directly owns 52,803 shares in the company, valued at approximately $2,705,625.72. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Lois K. Zabrocky sold 2,000 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $49.40, for a total value of $98,800.00. Following the completion of the transaction, the chief executive officer now owns 157,475 shares of the company’s stock, valued at approximately $7,779,265. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,000 shares of company stock worth $653,400. 1.90% of the stock is owned by insiders.

International Seaways Price Performance

Shares of INSW opened at $53.50 on Friday. The business’s fifty day moving average is $50.97 and its 200 day moving average is $55.29. International Seaways, Inc. has a 12-month low of $40.99 and a 12-month high of $65.94. 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 stock has a market cap of $2.64 billion, a P/E ratio of 5.00 and a beta of -0.08.

International Seaways (NYSE:INSW) last posted its 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 business had revenue of $257.40 million for 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 was down 11.9% on a year-over-year basis. During the same period in the previous year, the firm earned $3.12 earnings per share. Sell-side analysts anticipate that International Seaways, Inc. will post 9.51 earnings per share for the current fiscal year.

International Seaways Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 25th. Investors of record on Wednesday, September 11th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.90%. The ex-dividend date was Wednesday, September 11th. International Seaways’s payout ratio is currently 4.49%.

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 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.