JPMorgan Chase & Co. Cuts Stock Holdings in International Seaways, Inc. (NYSE:INSW)

JPMorgan Chase & Co. lessened its position in International Seaways, Inc. (NYSE:INSW) by 2.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 396,055 shares of the transportation company’s stock after selling 11,425 shares during the quarter. JPMorgan Chase & Co. owned about 0.81% of International Seaways worth $20,421,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Principal Financial Group Inc. raised its holdings in International Seaways by 27.3% in the 3rd 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 during the last quarter. Franklin Resources Inc. grew its position in shares of International Seaways by 0.8% in the third quarter. Franklin Resources Inc. now owns 47,891 shares of the transportation company’s stock valued at $2,428,000 after purchasing an additional 379 shares in the last quarter. Hohimer Wealth Management LLC acquired a new stake in shares of International Seaways in the third quarter valued at approximately $240,000. Sunbelt Securities Inc. purchased a new position in International Seaways during the third quarter worth approximately $52,000. Finally, Geode Capital Management LLC boosted its stake in International Seaways by 4.3% during the third quarter. Geode Capital Management LLC now owns 943,375 shares of the transportation company’s stock worth $48,650,000 after buying an additional 38,871 shares during the last quarter. Hedge funds and other institutional investors own 67.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on INSW. Fearnley Fonds upgraded International Seaways to a “strong-buy” rating in a report on Friday, September 27th. Jefferies Financial Group reduced their target price on shares of International Seaways from $66.00 to $60.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th. Finally, Stifel Nicolaus cut shares of 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 note on Wednesday, October 23rd. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, International Seaways has an average rating of “Moderate Buy” and an average target price of $60.67.

Insiders Place Their Bets

In related news, SVP William F. Nugent sold 1,000 shares of the business’s stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $35.07, for a total transaction of $35,070.00. Following the completion of the transaction, the senior vice president now owns 49,803 shares in the company, valued at approximately $1,746,591.21. The trade was a 1.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Lois K. Zabrocky sold 2,000 shares of International Seaways stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $49.22, for a total value of $98,440.00. Following the sale, the chief executive officer now directly owns 153,475 shares of the company’s stock, valued at $7,554,039.50. This trade represents a 1.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 8,200 shares of company stock worth $346,452 over the last 90 days. Corporate insiders own 1.90% of the company’s stock.

International Seaways Trading Down 0.6 %

INSW opened at $38.16 on Friday. International Seaways, Inc. has a 52 week low of $32.11 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 business has a fifty day simple moving average of $38.63 and a 200-day simple moving average of $47.56. The firm has a market cap of $1.88 billion, a P/E ratio of 3.69 and a beta of -0.10.

International Seaways (NYSE:INSW) last issued 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 company had revenue of $225.20 million for the quarter, compared to analyst estimates of $208.75 million. During the same period in the prior year, the firm earned $1.99 earnings per share. The business’s revenue for the quarter was down 6.8% compared to the same quarter last year. On average, equities analysts expect that International Seaways, Inc. will post 7.92 earnings per share for the current year.

International Seaways Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 13th were given a $1.32 dividend. This represents a $5.28 annualized dividend and a yield of 13.84%. The ex-dividend date was 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 currently 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.