Hsbc Holdings PLC Cuts Stock Position in International Seaways, Inc. (NYSE:INSW)

Hsbc Holdings PLC trimmed its stake in shares of International Seaways, Inc. (NYSE:INSW) by 36.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,163 shares of the transportation company’s stock after selling 9,329 shares during the period. Hsbc Holdings PLC’s holdings in International Seaways were worth $949,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. raised its position 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 worth $212,074,000 after purchasing an additional 286,295 shares during the last quarter. American Century Companies Inc. lifted its position in shares of International Seaways by 25.7% in the second quarter. American Century Companies Inc. now owns 1,235,135 shares of the transportation company’s stock valued at $73,034,000 after acquiring an additional 252,492 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of International Seaways by 5.3% in the second quarter. Renaissance Technologies LLC now owns 882,531 shares of the transportation company’s stock worth $52,184,000 after acquiring an additional 44,200 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of International Seaways by 4.1% during the second quarter. Victory Capital Management Inc. now owns 853,745 shares of the transportation company’s stock worth $50,482,000 after purchasing an additional 33,712 shares in the last quarter. Finally, Frontier Capital Management Co. LLC increased its position in shares of 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 purchasing an additional 139,569 shares in the last quarter. Institutional investors and hedge funds own 67.29% of the company’s stock.

Insider Activity at International Seaways

In other International Seaways news, SVP William F. Nugent sold 1,000 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $51.19, for a total transaction of $51,190.00. Following the completion of the sale, the senior vice president now owns 53,803 shares of the company’s stock, valued at $2,754,175.57. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO Lois K. Zabrocky sold 2,000 shares of the company’s 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 transaction, the chief executive officer now directly owns 155,475 shares in the company, valued at approximately $7,820,392.50. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP William F. Nugent sold 1,000 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $51.19, for a total transaction of $51,190.00. Following the transaction, the senior vice president now directly owns 53,803 shares of the company’s stock, valued at approximately $2,754,175.57. The disclosure for this sale can be found here. Over the last three months, insiders have sold 13,000 shares of company stock worth $660,990. Insiders own 1.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on INSW shares. Stifel Nicolaus raised their price objective on International Seaways from $68.00 to $72.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. StockNews.com lowered shares of International Seaways from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $66.00 price objective on shares of International Seaways in a report on Wednesday, August 7th.

International Seaways Stock Down 0.4 %

Shares of NYSE:INSW opened at $51.82 on Friday. International Seaways, Inc. has a 52-week low of $40.68 and a 52-week 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 business has a fifty day moving average of $51.36 and a two-hundred day moving average of $55.27. The stock has a market cap of $2.56 billion, a P/E ratio of 4.84 and a beta of -0.07.

International Seaways (NYSE:INSW) last released its quarterly earnings data on Wednesday, August 7th. The transportation company reported $2.37 earnings per share (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 analyst estimates of $256.13 million. International Seaways had a return on equity of 26.55% and a net margin of 50.70%. International Seaways’s revenue for the quarter was down 11.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.12 earnings per share. On average, research analysts expect that International Seaways, Inc. will post 9.51 earnings per share for the current year.

International Seaways Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 11th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.93%. The ex-dividend date of this dividend was Wednesday, September 11th. International Seaways’s payout ratio is presently 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.