Fmr LLC Buys 414,610 Shares of International Seaways, Inc. (NYSE:INSW)

Fmr LLC boosted its position in International Seaways, Inc. (NYSE:INSW) by 221.0% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 602,213 shares of the transportation company’s stock after purchasing an additional 414,610 shares during the quarter. Fmr LLC owned approximately 1.22% of International Seaways worth $31,050,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of INSW. SG Americas Securities LLC raised its stake in shares of International Seaways by 102.1% during the 2nd quarter. SG Americas Securities LLC now owns 21,082 shares of the transportation company’s stock worth $1,247,000 after acquiring an additional 10,652 shares in the last quarter. Kingsview Wealth Management LLC purchased a new position in International Seaways in the third quarter worth $2,161,000. Charles Schwab Investment Management Inc. increased its position in shares of International Seaways by 8.3% during the third 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 in the last quarter. QRG Capital Management Inc. lifted its holdings in shares of International Seaways by 227.5% during the 2nd quarter. QRG Capital Management Inc. now owns 26,253 shares of the transportation company’s stock valued at $1,552,000 after purchasing an additional 18,237 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of International Seaways by 88.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 71,206 shares of the transportation company’s stock worth $3,671,000 after purchasing an additional 33,392 shares in the last quarter. 67.29% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on INSW shares. Jefferies Financial Group reduced their target price 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. Fearnley Fonds upgraded shares of International Seaways to a “strong-buy” rating in a report on Friday, September 27th. Finally, Stifel Nicolaus cut shares of International Seaways from a “buy” rating to a “hold” rating and lowered their target price for the stock from $69.00 to $56.00 in a research note on Wednesday, October 23rd. Two investment 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 company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $60.67.

Insider Activity at International Seaways

In other International Seaways news, SVP Derek G. Solon sold 1,200 shares of International Seaways stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $38.91, for a total transaction of $46,692.00. Following the sale, the senior vice president now owns 45,687 shares of the company’s stock, valued at $1,777,681.17. The trade was a 2.56 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP William F. Nugent sold 1,000 shares of the stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $51.24, for a total transaction of $51,240.00. Following the completion of the sale, the senior vice president now owns 52,803 shares of the company’s stock, valued at approximately $2,705,625.72. The trade was a 1.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 16,200 shares of company stock worth $758,822 over the last three months. Company insiders own 1.90% of the company’s stock.

International Seaways Stock Performance

Shares of INSW opened at $37.06 on Monday. The stock has a 50-day moving average of $45.06 and a two-hundred day moving average of $51.61. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.60 and a current ratio of 3.60. The stock has a market cap of $1.82 billion, a P/E ratio of 3.58 and a beta of -0.10. International Seaways, Inc. has a one year low of $36.65 and a one year high of $65.94.

International Seaways (NYSE:INSW) last issued its earnings results on Thursday, November 7th. The transportation company reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.42 by $0.15. International Seaways had a return on equity of 24.65% and a net margin of 50.91%. The firm had revenue of $225.20 million for the quarter, compared to analyst estimates of $208.75 million. During the same quarter in the prior year, the firm earned $1.99 earnings per share. International Seaways’s revenue for the quarter was down 6.8% on a year-over-year basis. As a group, research analysts predict that International Seaways, Inc. will post 7.92 EPS for the current year.

International Seaways Increases Dividend

The firm 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 dividend yield of 14.25%. The ex-dividend date is Friday, December 13th. This is a boost from International Seaways’s previous quarterly dividend of $0.12. International Seaways’s dividend payout ratio (DPR) is 4.64%.

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.