Algert Global LLC Sells 45,090 Shares of International Seaways, Inc. (NYSE:INSW)

Algert Global LLC reduced its position in International Seaways, Inc. (NYSE:INSW - Free Report) by 74.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 15,179 shares of the transportation company's stock after selling 45,090 shares during the period. Algert Global LLC's holdings in International Seaways were worth $783,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in INSW. EdgeRock Capital LLC purchased a new stake in International Seaways in the 2nd quarter worth about $28,000. EverSource Wealth Advisors LLC acquired a new position in shares of International Seaways in the 1st quarter valued at about $27,000. Blue Trust Inc. purchased a new stake in shares of International Seaways in the third quarter worth approximately $41,000. KBC Group NV boosted its holdings 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. Finally, Quarry LP grew 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 purchasing an additional 1,167 shares in the last quarter. Institutional investors and hedge funds own 67.29% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. StockNews.com lowered International Seaways from a "buy" rating to a "hold" rating in a research report on Thursday, August 8th. Jefferies Financial Group dropped their price objective on International Seaways from $66.00 to $60.00 and set a "buy" rating on the stock in a report on Thursday, November 14th. Fearnley Fonds upgraded shares of International Seaways to a "strong-buy" rating in a research note on Friday, September 27th. Finally, Stifel Nicolaus downgraded shares of International Seaways from a "buy" rating to a "hold" rating and decreased their target price for the stock from $69.00 to $56.00 in a research report on Wednesday, October 23rd. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $60.67.

Insider Buying and Selling

In related news, CEO Lois K. Zabrocky sold 2,000 shares of International Seaways stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $50.30, for a total value of $100,600.00. Following the completion of the transaction, the chief executive officer now directly owns 155,475 shares of the company's stock, valued at $7,820,392.50. The trade was a 1.27 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Derek G. Solon sold 1,000 shares of the company's stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $49.75, for a total transaction of $49,750.00. Following the transaction, the senior vice president now owns 46,887 shares in the company, valued at approximately $2,332,628.25. This trade represents a 2.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 15,200 shares of company stock worth $719,282 in the last quarter. 1.90% of the stock is owned by corporate insiders.

International Seaways Stock Performance

Shares of NYSE INSW traded down $0.62 during trading hours on Friday, reaching $39.00. The stock had a trading volume of 429,949 shares, compared to its average volume of 579,878. International Seaways, Inc. has a twelve month low of $38.67 and a twelve month high of $65.94. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.60 and a quick ratio of 3.60. The business's fifty day moving average is $46.39 and its two-hundred day moving average is $52.66. The company has a market cap of $1.92 billion, a price-to-earnings ratio of 3.77 and a beta of -0.06.

International Seaways (NYSE:INSW - Get Free Report) last posted its quarterly earnings results on Thursday, November 7th. The transportation company reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.42 by $0.15. International Seaways had a net margin of 50.91% and a return on equity of 24.65%. The firm had revenue of $225.20 million during the quarter, compared to analyst estimates of $208.75 million. During the same quarter in the prior year, the business posted $1.99 earnings per share. The company's quarterly revenue was down 6.8% compared to the same quarter last year. As a group, research analysts expect that International Seaways, Inc. will post 7.92 EPS for the current year.

International Seaways Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be given a dividend of $1.32 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $5.28 dividend on an annualized basis and a dividend yield of 13.54%. This is a boost from International Seaways's previous quarterly dividend of $0.12. International Seaways's dividend payout ratio (DPR) is 4.64%.

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.