369,950 Shares in International Seaways, Inc. (NYSE:INSW) Purchased by Millennium Management LLC

Millennium Management LLC acquired a new position in shares of International Seaways, Inc. (NYSE:INSW) during the 2nd quarter, HoldingsChannel reports. The institutional investor acquired 369,950 shares of the transportation company’s stock, valued at approximately $21,875,000.

A number of other hedge funds also recently bought and sold shares of the company. Lighthouse Investment Partners LLC raised its holdings in shares of International Seaways by 73.3% during the fourth quarter. Lighthouse Investment Partners LLC now owns 64,219 shares of the transportation company’s stock valued at $2,921,000 after acquiring an additional 27,153 shares during the period. Frontier Capital Management Co. LLC raised its stake in International Seaways by 20.8% during the 4th 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 during the period. GeoSphere Capital Management LLC purchased a new stake in shares of International Seaways in the fourth quarter valued at $2,501,000. Cim LLC acquired a new stake in shares of International Seaways in the fourth quarter worth $192,000. Finally, Goldman Sachs Group Inc. grew its holdings in shares of International Seaways by 57.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 403,848 shares of the transportation company’s stock valued at $18,367,000 after buying an additional 147,740 shares in the last quarter. 67.29% of the stock is owned by hedge funds and other institutional investors.

International Seaways Stock Performance

Shares of INSW stock opened at $53.50 on Friday. International Seaways, Inc. has a fifty-two week low of $40.99 and a fifty-two week high of $65.94. The stock’s 50-day moving average is $50.97 and its two-hundred day moving average is $55.29. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.89 and a quick ratio of 3.87. The firm 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 released its quarterly earnings data on Wednesday, August 7th. The transportation company reported $2.37 EPS for the quarter, missing analysts’ consensus estimates of $2.50 by ($0.13). The firm had revenue of $257.40 million during 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%. The company’s quarterly revenue was down 11.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.12 EPS. Analysts predict that International Seaways, Inc. will post 9.51 earnings per share for the current fiscal year.

International Seaways Cuts Dividend

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

Insider Activity at International Seaways

In other International Seaways news, Director Alexandra Kate Blankenship sold 5,000 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $49.17, for a total transaction of $245,850.00. Following the transaction, the director now directly owns 16,109 shares of the company’s stock, valued at $792,079.53. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other International Seaways news, Director Alexandra Kate Blankenship sold 5,000 shares of the company’s 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 completion of the sale, the director now owns 16,109 shares of the company’s stock, valued at $792,079.53. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Derek G. Solon sold 1,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $49.75, for a total value of $49,750.00. Following the transaction, the senior vice president now owns 46,887 shares in the company, valued at approximately $2,332,628.25. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,000 shares of company stock valued at $653,400. Insiders own 1.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on INSW. Jefferies Financial Group reissued a “buy” rating and issued a $66.00 price objective on shares of International Seaways in a research note on Wednesday, August 7th. Fearnley Fonds raised shares of International Seaways to a “strong-buy” rating in a research report on Friday, September 27th. StockNews.com cut 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 objective on shares of International Seaways from $68.00 to $72.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. One analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, International Seaways presently has an average rating of “Buy” and a consensus price target of $68.00.

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.