Victory Capital Management Inc. Sells 698,450 Shares of International Seaways, Inc. (NYSE:INSW)

Victory Capital Management Inc. lowered its position in shares of International Seaways, Inc. (NYSE:INSW) by 81.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 155,295 shares of the transportation company’s stock after selling 698,450 shares during the period. Victory Capital Management Inc. owned about 0.31% of International Seaways worth $8,007,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of INSW. GSA Capital Partners LLP raised its position in shares of International Seaways by 112.6% in the 3rd quarter. GSA Capital Partners LLP now owns 17,453 shares of the transportation company’s stock worth $900,000 after acquiring an additional 9,245 shares in the last quarter. Entropy Technologies LP increased its stake in International Seaways by 61.0% in the 3rd quarter. Entropy Technologies LP now owns 22,988 shares of the transportation company’s stock worth $1,185,000 after buying an additional 8,713 shares in the last quarter. CWA Asset Management Group LLC bought a new stake in International Seaways during the third quarter valued at about $414,000. Principal Financial Group Inc. lifted its position in shares of International Seaways by 27.3% in the third quarter. Principal Financial Group Inc. now owns 28,583 shares of the transportation company’s stock valued at $1,474,000 after acquiring an additional 6,121 shares in the last quarter. Finally, QRG Capital Management Inc. boosted its stake in shares of International Seaways by 7.6% in the third quarter. QRG Capital Management Inc. now owns 28,255 shares of the transportation company’s stock worth $1,457,000 after acquiring an additional 2,002 shares during the period. 67.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

INSW has been the topic of a number of research analyst reports. Stifel Nicolaus cut International Seaways from a “buy” rating to a “hold” rating and lowered their price target for the stock from $69.00 to $56.00 in a report on Wednesday, October 23rd. Fearnley Fonds upgraded shares of International Seaways to a “strong-buy” rating in a research report on Friday, September 27th. StockNews.com downgraded shares of International Seaways from a “buy” rating to a “hold” rating in a report on Thursday, August 8th. Finally, Jefferies Financial Group dropped their price objective on shares of International Seaways from $66.00 to $60.00 and set a “buy” rating for the company in a report on Thursday, November 14th. Two equities research 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 company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $60.67.

Insider Activity at International Seaways

In other news, SVP William F. Nugent sold 1,000 shares of the firm’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $51.19, for a total value of $51,190.00. Following the transaction, the senior vice president now directly owns 53,803 shares of the company’s stock, valued at approximately $2,754,175.57. This trade represents a 1.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Lois K. Zabrocky sold 2,000 shares of the business’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $50.30, for a total value of $100,600.00. Following the transaction, the chief executive officer now directly owns 155,475 shares in the company, valued at $7,820,392.50. This trade represents a 1.27 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,000 shares of company stock worth $723,780. 1.90% of the stock is owned by corporate insiders.

International Seaways Stock Down 1.2 %

Shares of International Seaways stock opened at $41.35 on Friday. The company has a market cap of $2.03 billion, a P/E ratio of 4.00 and a beta of -0.06. International Seaways, Inc. has a 52-week low of $40.86 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 firm’s 50 day moving average price is $47.81 and its 200-day moving average price is $53.57.

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. On average, sell-side analysts predict that International Seaways, Inc. will post 7.92 EPS for the current fiscal year.

International Seaways Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be issued a dividend of $1.32 per share. This represents a $5.28 annualized dividend and a yield of 12.77%. This is a positive change from International Seaways’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Friday, December 13th. International Seaways’s dividend payout ratio (DPR) is 4.64%.

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.