Bank of New York Mellon Corp Raises Position in International Seaways, Inc. (NYSE:INSW)

Bank of New York Mellon Corp lifted its stake in shares of International Seaways, Inc. (NYSE:INSW) by 111.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 325,267 shares of the transportation company’s stock after acquiring an additional 171,498 shares during the quarter. Bank of New York Mellon Corp owned 0.66% of International Seaways worth $11,690,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Geode Capital Management LLC grew its holdings in International Seaways by 4.3% during the 3rd quarter. Geode Capital Management LLC now owns 943,375 shares of the transportation company’s stock worth $48,650,000 after acquiring an additional 38,871 shares in the last quarter. Kingsview Wealth Management LLC acquired a new position in shares of International Seaways during the third quarter worth $2,161,000. Charles Schwab Investment Management Inc. grew its stake 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. Barclays PLC increased its holdings in International Seaways by 206.3% in the third quarter. Barclays PLC now owns 259,393 shares of the transportation company’s stock valued at $13,374,000 after buying an additional 174,695 shares during the last quarter. Finally, FMR LLC raised its stake in International Seaways by 221.0% in the third quarter. FMR LLC now owns 602,213 shares of the transportation company’s stock valued at $31,050,000 after buying an additional 414,610 shares in the last quarter. 67.29% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, SVP William F. Nugent sold 1,000 shares of the stock in a transaction on Friday, February 28th. The shares were sold at an average price of $33.89, for a total transaction of $33,890.00. Following the completion of the sale, the senior vice president now owns 55,852 shares in the company, valued at $1,892,824.28. This represents a 1.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 3,000 shares of company stock valued at $108,060 over the last quarter. Company insiders own 1.90% of the company’s stock.

International Seaways Stock Performance

NYSE INSW opened at $33.00 on Friday. The company has a fifty day moving average of $37.40 and a two-hundred day moving average of $42.09. 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, Inc. has a 1 year low of $31.70 and a 1 year high of $65.94. The company has a market capitalization of $1.62 billion, a PE ratio of 3.19 and a beta of -0.17.

International Seaways Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.48 dividend on an annualized basis and a yield of 1.45%. International Seaways’s dividend payout ratio is presently 5.72%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on INSW shares. SEB Equity Research set a $50.00 price objective on International Seaways in a report on Friday, January 24th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $58.00 price target on shares of International Seaways in a report on Thursday, February 27th. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, International Seaways has an average rating of “Moderate Buy” and an average target price of $57.50.

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.