Algert Global LLC Trims Stake in International Seaways, Inc. (NYSE:INSW)

Algert Global LLC lessened its stake in International Seaways, Inc. (NYSE:INSW) by 74.8% during the 3rd quarter, HoldingsChannel reports. The firm owned 15,179 shares of the transportation company’s stock after selling 45,090 shares during the quarter. Algert Global LLC’s holdings in International Seaways were worth $783,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. SG Americas Securities LLC boosted its holdings 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 worth $1,247,000 after buying an additional 10,652 shares in the last quarter. Kingsview Wealth Management LLC purchased a new stake in shares of International Seaways during the 3rd quarter worth about $2,161,000. QRG Capital Management Inc. grew its position in shares of International Seaways by 227.5% during the 2nd quarter. QRG Capital Management Inc. now owns 26,253 shares of the transportation company’s stock valued at $1,552,000 after acquiring an additional 18,237 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of International Seaways by 88.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 71,206 shares of the transportation company’s stock valued at $3,671,000 after purchasing an additional 33,392 shares in the last quarter. Finally, Aurora Investment Counsel acquired a new position in International Seaways in the 3rd quarter worth about $661,000. Institutional investors and hedge funds own 67.29% of the company’s stock.

Insider Buying and Selling at International Seaways

In other International Seaways news, Director Alexandra Kate Blankenship sold 5,000 shares of the business’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 owns 16,109 shares of the company’s stock, valued at approximately $792,079.53. The trade was a 23.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP William F. Nugent sold 1,000 shares of the firm’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $51.24, for a total value of $51,240.00. Following the completion of the sale, the senior vice president now directly owns 52,803 shares of the company’s stock, valued at $2,705,625.72. This trade represents a 1.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 15,200 shares of company stock worth $719,282. Insiders own 1.90% of the company’s stock.

International Seaways Stock Performance

Shares of NYSE:INSW opened at $39.01 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.60 and a quick ratio of 3.60. International Seaways, Inc. has a 1 year low of $38.67 and a 1 year high of $65.94. The firm has a market capitalization of $1.92 billion, a PE ratio of 3.77 and a beta of -0.06. The business’s 50 day moving average price is $46.39 and its 200-day moving average price is $52.66.

International Seaways (NYSE:INSW) last announced its earnings results on Thursday, November 7th. The transportation company reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.42 by $0.15. The company had revenue of $225.20 million for the quarter, compared to analysts’ expectations of $208.75 million. International Seaways had a net margin of 50.91% and a return on equity of 24.65%. The firm’s quarterly revenue was down 6.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.99 EPS. As a group, equities research analysts expect that International Seaways, Inc. will post 7.92 earnings per share for the current fiscal year.

International Seaways Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be paid a dividend of $1.32 per share. This represents a $5.28 annualized dividend and a yield of 13.53%. The ex-dividend date is Friday, December 13th. This is a boost from International Seaways’s previous quarterly dividend of $0.12. International Seaways’s dividend payout ratio is currently 4.64%.

Analysts Set New Price Targets

Several analysts have commented on INSW shares. StockNews.com lowered International Seaways from a “buy” rating to a “hold” rating in a report on Thursday, August 8th. Jefferies Financial Group dropped their price target on shares of International Seaways from $66.00 to $60.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th. Stifel Nicolaus cut shares of International Seaways from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $69.00 to $56.00 in a research report on Wednesday, October 23rd. Finally, Fearnley Fonds upgraded shares of International Seaways to a “strong-buy” rating in a research report on Friday, September 27th. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, International Seaways has a consensus rating of “Moderate Buy” and a consensus target price of $60.67.

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.