Algert Global LLC Lowers Stock Position in International Seaways, Inc. (NYSE:INSW)

Algert Global LLC cut its holdings in shares of International Seaways, Inc. (NYSE:INSW) by 74.8% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 15,179 shares of the transportation company’s stock after selling 45,090 shares during the period. Algert Global LLC’s holdings in International Seaways were worth $783,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of INSW. EdgeRock Capital LLC bought a new stake in International Seaways during the 2nd quarter valued at $28,000. EverSource Wealth Advisors LLC purchased a new stake in shares of International Seaways during the 1st quarter worth $27,000. Blue Trust Inc. purchased a new stake in shares of International Seaways during the 3rd quarter worth $41,000. KBC Group NV boosted its position in International Seaways by 65.2% during the third quarter. KBC Group NV now owns 1,084 shares of the transportation company’s stock valued at $56,000 after purchasing an additional 428 shares in the last quarter. Finally, Quarry LP grew its stake in International Seaways by 408.0% in the second quarter. Quarry LP now owns 1,453 shares of the transportation company’s stock valued at $86,000 after purchasing an additional 1,167 shares during the last quarter. 67.29% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

International Seaways Stock Performance

Shares of International Seaways stock opened at $39.01 on Friday. The firm has a market capitalization of $1.92 billion, a P/E ratio of 3.77 and a beta of -0.06. International Seaways, Inc. has a 52 week low of $38.67 and a 52 week high of $65.94. The company has a quick ratio of 3.60, a current ratio of 3.60 and a debt-to-equity ratio of 0.32. The company has a 50 day moving average price of $46.39 and a 200 day moving average price of $52.66.

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

International Seaways Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders 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 an increase from International Seaways’s previous quarterly dividend of $0.12. International Seaways’s payout ratio is presently 4.64%.

Insider Activity

In related news, CEO Lois K. Zabrocky sold 2,000 shares of the 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 owns 155,475 shares in the company, valued at approximately $7,820,392.50. This represents a 1.27 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Alexandra Kate Blankenship sold 5,000 shares of the firm’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 transaction, the director now directly owns 16,109 shares of the company’s stock, valued at $792,079.53. This represents a 23.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,200 shares of company stock valued at $719,282. Company insiders own 1.90% of the company’s stock.

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.