Marshall Wace LLP Purchases 17,259 Shares of International Seaways, Inc. (NYSE:INSW)

Marshall Wace LLP raised its holdings in International Seaways, Inc. (NYSE:INSW) by 72.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 40,961 shares of the transportation company’s stock after buying an additional 17,259 shares during the quarter. Marshall Wace LLP’s holdings in International Seaways were worth $2,422,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in INSW. Vanguard Group Inc. increased its stake in International Seaways by 7.7% in the first 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. American Century Companies Inc. boosted its holdings in International Seaways by 25.7% during 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 purchasing an additional 252,492 shares in the last quarter. Renaissance Technologies LLC grew its stake 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 purchasing an additional 44,200 shares during the period. Victory Capital Management Inc. grew its stake in shares of International Seaways by 4.1% in the 2nd quarter. Victory Capital Management Inc. now owns 853,745 shares of the transportation company’s stock valued at $50,482,000 after purchasing an additional 33,712 shares during the period. Finally, Frontier Capital Management Co. LLC raised its holdings in shares of International Seaways by 20.8% in the 4th quarter. Frontier Capital Management Co. LLC now owns 810,675 shares of the transportation company’s stock worth $36,869,000 after buying an additional 139,569 shares in the last quarter. Institutional investors and hedge funds own 67.29% of the company’s stock.

International Seaways Stock Performance

International Seaways stock opened at $54.29 on Friday. The stock has a 50-day simple moving average of $51.01 and a 200 day simple moving average of $55.29. The stock has a market capitalization of $2.68 billion, a price-to-earnings ratio of 5.07 and a beta of -0.07. The company has a quick ratio of 3.87, a current ratio of 3.89 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 earnings results on Wednesday, August 7th. The transportation company reported $2.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.50 by ($0.13). The company 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 company posted $3.12 earnings per share. On average, research 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 disclosed a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th were given a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, September 11th. This represents a $0.48 dividend on an annualized basis and a yield of 0.88%. International Seaways’s payout ratio is 4.49%.

Insider Activity

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

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Jefferies Financial Group reiterated a “buy” rating and issued a $66.00 price target on shares of International Seaways in a research report on Wednesday, August 7th. StockNews.com cut shares of International Seaways from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. Stifel Nicolaus boosted their price target on shares of International Seaways from $68.00 to $72.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Finally, Fearnley Fonds upgraded shares of International Seaways to a “strong-buy” rating in a research note on Friday, September 27th. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $68.00.

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.