International Seaways (NYSE:INSW) Sets New 1-Year Low After Insider Selling

International Seaways, Inc. (NYSE:INSW)’s stock price reached a new 52-week low on Thursday after an insider sold shares in the company. The company traded as low as $31.38 and last traded at $31.59, with a volume of 715327 shares trading hands. The stock had previously closed at $33.12.

Specifically, SVP William F. Nugent sold 1,000 shares of the stock in a transaction on Monday, March 31st. The shares were sold at an average price of $32.63, for a total transaction of $32,630.00. Following the completion of the transaction, the senior vice president now owns 56,846 shares in the company, valued at $1,854,884.98. This trade represents a 1.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. SEB Equity Research set a $50.00 price objective on International Seaways in a research note on Friday, January 24th. Jefferies Financial Group restated a “buy” rating and set a $58.00 price target on shares of International Seaways in a report on Thursday, February 27th. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $57.50.

International Seaways Price Performance

The stock has a 50 day moving average of $35.78 and a 200-day moving average of $40.17. The company has a current ratio of 3.60, a quick ratio of 3.60 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $1.41 billion, a P/E ratio of 2.78 and a beta of -0.01.

International Seaways Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.48 annualized dividend and a dividend yield of 1.67%. International Seaways’s dividend payout ratio (DPR) is 5.72%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. 111 Capital bought a new position in International Seaways in the 4th quarter worth about $293,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in International Seaways by 89.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 109,919 shares of the transportation company’s stock valued at $3,950,000 after purchasing an additional 51,884 shares in the last quarter. Voloridge Investment Management LLC grew its position in shares of International Seaways by 445.5% during the 4th quarter. Voloridge Investment Management LLC now owns 180,566 shares of the transportation company’s stock worth $6,490,000 after buying an additional 147,468 shares in the last quarter. Vident Advisory LLC increased its stake in shares of International Seaways by 85.5% during the fourth quarter. Vident Advisory LLC now owns 21,947 shares of the transportation company’s stock valued at $789,000 after buying an additional 10,113 shares during the period. Finally, Squarepoint Ops LLC lifted its stake in International Seaways by 68.1% in the fourth quarter. Squarepoint Ops LLC now owns 118,452 shares of the transportation company’s stock worth $4,257,000 after acquiring an additional 48,006 shares during the period. Hedge funds and other institutional investors own 67.29% 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.