Navellier & Associates Inc. lowered its position in shares of International Seaways, Inc. (NYSE:INSW – Free Report) by 18.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 20,449 shares of the transportation company’s stock after selling 4,621 shares during the period. Navellier & Associates Inc.’s holdings in International Seaways were worth $1,054,000 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 company. Intech Investment Management LLC acquired a new position in International Seaways in the third quarter valued at $620,000. Aurora Investment Counsel purchased a new position in shares of International Seaways during the third quarter worth about $661,000. Moors & Cabot Inc. raised its stake in shares of International Seaways by 17.4% during the third quarter. Moors & Cabot Inc. now owns 11,898 shares of the transportation company’s stock worth $613,000 after purchasing an additional 1,765 shares during the last quarter. Segall Bryant & Hamill LLC lifted its stake in shares of International Seaways by 3.4% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 98,597 shares of the transportation company’s stock worth $5,084,000 after acquiring an additional 3,278 shares during the period. Finally, KBC Group NV increased its position in International Seaways by 65.2% during the 3rd 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. 67.29% of the stock is owned by hedge funds and other institutional investors.
International Seaways Price Performance
Shares of INSW stock opened at $41.35 on Friday. The firm has a fifty day simple moving average of $47.81 and a 200-day simple moving average of $53.57. The company has a market capitalization of $2.03 billion, a PE ratio of 4.00 and a beta of -0.06. International Seaways, Inc. has a twelve month low of $40.86 and a twelve month high of $65.94. The company has a current ratio of 3.60, a quick ratio of 3.60 and a debt-to-equity ratio of 0.32.
International Seaways Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be issued a dividend of $1.32 per share. This represents a $5.28 dividend on an annualized basis and a dividend yield of 12.77%. This is a boost from International Seaways’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Friday, December 13th. International Seaways’s dividend payout ratio is 4.64%.
Analysts Set New Price Targets
INSW has been the subject of a number of research analyst reports. StockNews.com cut shares of International Seaways from a “buy” rating to a “hold” rating in a report on Thursday, August 8th. Stifel Nicolaus downgraded International Seaways from a “buy” rating to a “hold” rating and dropped their price objective for the company from $69.00 to $56.00 in a research note on Wednesday, October 23rd. Fearnley Fonds upgraded International Seaways to a “strong-buy” rating in a research report on Friday, September 27th. Finally, Jefferies Financial Group dropped their price target on International Seaways from $66.00 to $60.00 and set a “buy” rating for the company in a research report on Thursday, November 14th. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, International Seaways currently has an average rating of “Moderate Buy” and a consensus price target of $60.67.
Insider Buying and Selling
In other International Seaways news, CEO Lois K. Zabrocky sold 2,000 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $50.30, for a total value of $100,600.00. Following the sale, the chief executive officer now directly owns 155,475 shares in the company, valued at approximately $7,820,392.50. The trade was a 1.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP William F. Nugent sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $51.24, for a total transaction of $51,240.00. Following the completion of the transaction, the senior vice president now directly owns 52,803 shares of the company’s stock, valued at $2,705,625.72. This represents a 1.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,000 shares of company stock worth $723,780 in the last three months. 1.90% of the stock is owned by insiders.
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.
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