International Seaways, Inc. (NYSE:INSW) Shares Acquired by Geode Capital Management LLC

Geode Capital Management LLC boosted its stake in shares of International Seaways, Inc. (NYSE:INSW) by 4.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 943,375 shares of the transportation company’s stock after purchasing an additional 38,871 shares during the quarter. Geode Capital Management LLC owned approximately 1.92% of International Seaways worth $48,650,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Blue Trust Inc. bought a new stake in shares of International Seaways in the 3rd quarter worth $41,000. EverSource Wealth Advisors LLC raised its position in shares of International Seaways by 62.8% during the second quarter. EverSource Wealth Advisors LLC now owns 791 shares of the transportation company’s stock worth $44,000 after purchasing an additional 305 shares during the period. KBC Group NV raised its position in shares of International Seaways by 65.2% during the third quarter. KBC Group NV now owns 1,084 shares of the transportation company’s stock worth $56,000 after purchasing an additional 428 shares during the period. Quarry LP raised its position in International Seaways by 408.0% during the second quarter. Quarry LP now owns 1,453 shares of the transportation company’s stock valued at $86,000 after buying an additional 1,167 shares during the period. Finally, CWM LLC raised its position in International Seaways by 106.5% during the third quarter. CWM LLC now owns 3,035 shares of the transportation company’s stock valued at $156,000 after buying an additional 1,565 shares during the period. Institutional investors and hedge funds own 67.29% of the company’s stock.

International Seaways Stock Up 3.8 %

NYSE INSW opened at $33.78 on Tuesday. The firm has a market cap of $1.66 billion, a PE ratio of 3.26 and a beta of -0.10. International Seaways, Inc. has a one year low of $32.11 and a one year high of $65.94. The stock’s 50 day simple moving average is $41.14 and its 200 day simple moving average is $49.34. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.60 and a quick ratio of 3.60.

International Seaways (NYSE:INSW) last announced its quarterly earnings data on Thursday, November 7th. The transportation company reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.42 by $0.15. The firm 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 business’s quarterly revenue was down 6.8% compared to the same quarter last year. During the same period last year, the company earned $1.99 EPS. As a group, sell-side analysts forecast that International Seaways, Inc. will post 7.92 earnings per share for the current fiscal year.

International Seaways Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors 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 15.63%. The ex-dividend date of this dividend is Friday, December 13th. This is an increase from International Seaways’s previous quarterly dividend of $0.12. International Seaways’s dividend payout ratio (DPR) is presently 4.64%.

Insider Buying and Selling

In related news, SVP William F. Nugent sold 1,000 shares of International Seaways 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Derek G. Solon sold 1,200 shares of International Seaways stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $38.91, for a total value of $46,692.00. Following the transaction, 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 8,200 shares of company stock valued at $362,622. 1.90% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

INSW has been the topic of several recent analyst reports. Stifel Nicolaus lowered International Seaways from a “buy” rating to a “hold” rating and dropped their price target for the company from $69.00 to $56.00 in a research report on Wednesday, October 23rd. Fearnley Fonds upgraded International Seaways to a “strong-buy” rating in a research note on Friday, September 27th. Finally, Jefferies Financial Group lowered their target price on International Seaways from $66.00 to $60.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th. 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 company. Based on data from MarketBeat, the stock 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.