MML Investors Services LLC Raises Holdings in International Seaways, Inc. (NYSE:INSW)

MML Investors Services LLC lifted its stake in shares of International Seaways, Inc. (NYSE:INSW) by 24.1% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 4,970 shares of the transportation company’s stock after purchasing an additional 966 shares during the period. MML Investors Services LLC’s holdings in International Seaways were worth $256,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in INSW. Kingsview Wealth Management LLC acquired a new position in International Seaways during the 3rd quarter worth approximately $2,161,000. Charles Schwab Investment Management Inc. lifted its position in shares of International Seaways by 8.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 430,658 shares of the transportation company’s stock worth $22,205,000 after purchasing an additional 32,825 shares during the last quarter. FMR LLC grew its stake in shares of International Seaways by 221.0% during the third quarter. FMR LLC now owns 602,213 shares of the transportation company’s stock worth $31,050,000 after purchasing an additional 414,610 shares in the last quarter. PEAK6 Investments LLC purchased a new position in International Seaways in the third quarter valued at $682,000. Finally, Janus Henderson Group PLC raised its stake in International Seaways by 51.3% in the third quarter. Janus Henderson Group PLC now owns 60,107 shares of the transportation company’s stock valued at $3,098,000 after buying an additional 20,372 shares in the last quarter. 67.29% of the stock is currently owned by hedge funds and other institutional investors.

International Seaways Stock Up 9.3 %

INSW opened at $36.92 on Thursday. The stock has a market capitalization of $1.82 billion, a P/E ratio of 3.57 and a beta of -0.10. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.60 and a current ratio of 3.60. International Seaways, Inc. has a one year low of $32.11 and a one year high of $65.94. The business’s 50-day simple moving average is $40.91 and its 200-day simple moving average is $49.17.

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

International Seaways Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be given a $1.32 dividend. This is an increase from International Seaways’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Friday, December 13th. This represents a $5.28 annualized dividend and a yield of 14.30%. International Seaways’s dividend payout ratio is 4.64%.

Insider Buying and Selling

In other news, SVP Derek G. Solon sold 1,200 shares of the company’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $38.91, for a total value of $46,692.00. Following the completion of the sale, the senior vice president now directly owns 45,687 shares of the company’s stock, valued at approximately $1,777,681.17. This represents a 2.56 % decrease in their ownership of the stock. 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 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 directly owns 52,803 shares in the company, valued at approximately $2,705,625.72. This represents a 1.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 8,200 shares of company stock worth $362,622 in the last 90 days. Company insiders own 1.90% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Fearnley Fonds raised International Seaways to a “strong-buy” rating in a research report on Friday, September 27th. Jefferies Financial Group lowered their price target on International Seaways from $66.00 to $60.00 and set a “buy” rating for the company in a report on Thursday, November 14th. Finally, Stifel Nicolaus cut shares of International Seaways from a “buy” rating to a “hold” rating and cut their price objective for the stock from $69.00 to $56.00 in a report on Wednesday, October 23rd. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $60.67.

International Seaways 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.