Private Management Group Inc. Decreases Stake in International Seaways, Inc. (NYSE:INSW)

Private Management Group Inc. reduced its stake in shares of International Seaways, Inc. (NYSE:INSW) by 5.8% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 435,567 shares of the transportation company’s stock after selling 26,738 shares during the period. Private Management Group Inc. owned approximately 0.89% of International Seaways worth $19,810,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of International Seaways by 5.3% in the 3rd quarter. Vanguard Group Inc. now owns 3,581,058 shares of the transportation company’s stock worth $161,148,000 after buying an additional 181,287 shares in the last quarter. Hosking Partners LLP boosted its position in shares of International Seaways by 20.1% in the 3rd quarter. Hosking Partners LLP now owns 964,530 shares of the transportation company’s stock worth $43,404,000 after buying an additional 161,643 shares in the last quarter. American Century Companies Inc. raised its stake in International Seaways by 38.1% in the 3rd quarter. American Century Companies Inc. now owns 423,943 shares of the transportation company’s stock valued at $19,077,000 after purchasing an additional 116,923 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd acquired a new position in International Seaways in the 4th quarter valued at about $14,399,000. Finally, Brandywine Global Investment Management LLC raised its stake in International Seaways by 15.8% in the 3rd quarter. Brandywine Global Investment Management LLC now owns 148,639 shares of the transportation company’s stock valued at $6,689,000 after purchasing an additional 20,272 shares during the last quarter. 67.29% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at International Seaways

In related news, CEO Lois K. Zabrocky sold 13,760 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $52.87, for a total transaction of $727,491.20. Following the sale, the chief executive officer now directly owns 148,942 shares of the company’s stock, valued at approximately $7,874,563.54. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other International Seaways news, CEO Lois K. Zabrocky sold 13,760 shares of the stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $52.87, for a total value of $727,491.20. Following the sale, the chief executive officer now directly owns 148,942 shares of the company’s stock, valued at $7,874,563.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Alexandra Kate Blankenship sold 6,000 shares of the stock in a transaction on Friday, March 8th. The stock was sold at an average price of $53.09, for a total value of $318,540.00. Following the completion of the sale, the director now directly owns 19,098 shares in the company, valued at $1,013,912.82. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 58,846 shares of company stock valued at $3,073,978. Corporate insiders own 2.00% of the company’s stock.

International Seaways Stock Up 0.7 %

Shares of International Seaways stock traded up $0.37 on Tuesday, hitting $53.97. 484,756 shares of the company’s stock traded hands, compared to its average volume of 532,160. The company has a quick ratio of 2.37, a current ratio of 2.38 and a debt-to-equity ratio of 0.35. The stock has a market cap of $2.64 billion, a P/E ratio of 4.79 and a beta of -0.05. International Seaways, Inc. has a 52-week low of $34.77 and a 52-week high of $55.59. The firm’s 50-day moving average is $52.66 and its 200 day moving average is $49.54.

International Seaways (NYSE:INSW) last posted its quarterly earnings results on Thursday, February 29th. The transportation company reported $2.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.08 by $0.10. The business had revenue of $250.73 million for the quarter, compared to analyst estimates of $239.36 million. International Seaways had a return on equity of 32.03% and a net margin of 51.92%. Equities analysts anticipate that International Seaways, Inc. will post 9.42 earnings per share for the current year.

International Seaways Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were given a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 8.89%. The ex-dividend date of this dividend was Wednesday, March 13th. International Seaways’s dividend payout ratio is currently 4.27%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. StockNews.com cut International Seaways from a “buy” rating to a “hold” rating in a research note on Wednesday, April 17th. Stifel Nicolaus increased their target price on International Seaways from $63.00 to $64.00 and gave the company a “buy” rating in a research note on Friday. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $66.00 target price on shares of International Seaways in a research note on Thursday, February 29th.

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.