Empowered Funds LLC Sells 106,601 Shares of International Seaways, Inc. (NYSE:INSW)

Empowered Funds LLC decreased its position in shares of International Seaways, Inc. (NYSE:INSW) by 69.0% during the third quarter, HoldingsChannel reports. The firm owned 47,836 shares of the transportation company’s stock after selling 106,601 shares during the period. Empowered Funds LLC’s holdings in International Seaways were worth $2,466,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in INSW. EverSource Wealth Advisors LLC purchased a new stake in International Seaways during the first quarter valued at about $27,000. EdgeRock Capital LLC purchased a new stake in International Seaways during the second quarter valued at about $28,000. Blue Trust Inc. purchased a new stake in International Seaways during the third quarter valued at about $41,000. KBC Group NV increased its holdings in shares of International Seaways by 65.2% in the third quarter. KBC Group NV now owns 1,084 shares of the transportation company’s stock worth $56,000 after buying an additional 428 shares during the period. Finally, Quarry LP increased its holdings in shares of International Seaways by 408.0% in the second quarter. Quarry LP now owns 1,453 shares of the transportation company’s stock worth $86,000 after buying an additional 1,167 shares during the period. Hedge funds and other institutional investors own 67.29% of the company’s stock.

International Seaways Stock Up 0.2 %

Shares of NYSE:INSW opened at $41.98 on Wednesday. International Seaways, Inc. has a 1 year low of $41.22 and a 1 year high of $65.94. The company has a market cap of $2.06 billion, a PE ratio of 4.06 and a beta of -0.06. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.60 and a quick ratio of 3.60. The stock’s 50-day moving average is $47.93 and its 200 day moving average is $53.65.

International Seaways (NYSE:INSW) last announced its quarterly earnings results on Thursday, November 7th. The transportation company reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.42 by $0.15. International Seaways had a return on equity of 24.65% and a net margin of 50.91%. The company had revenue of $225.20 million for the quarter, compared to the consensus estimate of $208.75 million. During the same quarter in the previous year, the business earned $1.99 EPS. International Seaways’s revenue was down 6.8% compared to the same quarter last year. Sell-side analysts anticipate that International Seaways, Inc. will post 7.92 EPS for the current year.

International Seaways Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be given a dividend of $1.32 per share. This represents a $5.28 annualized dividend and a yield of 12.58%. This is a boost from International Seaways’s previous quarterly dividend of $0.12. The ex-dividend date is Friday, December 13th. International Seaways’s payout ratio is presently 4.64%.

Insider Buying and Selling at International Seaways

In other International Seaways news, Director Alexandra Kate Blankenship sold 5,000 shares of International Seaways 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 sale, the director now directly owns 16,109 shares of the company’s stock, valued at approximately $792,079.53. The trade was a 23.69 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 sale, the chief executive officer now directly owns 155,475 shares in the company, valued at approximately $7,820,392.50. The trade was a 1.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 15,000 shares of company stock valued at $723,780. 1.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have recently commented on INSW. StockNews.com downgraded International Seaways from a “buy” rating to a “hold” rating in a report on Thursday, August 8th. Fearnley Fonds upgraded International Seaways to a “strong-buy” rating in a report on Friday, September 27th. Jefferies Financial Group decreased their price objective on International Seaways from $66.00 to $60.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. Finally, Stifel Nicolaus downgraded International Seaways from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $69.00 to $56.00 in a report on Wednesday, October 23rd. Two 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 company. According to data from MarketBeat, the stock has an average 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.