Canada Pension Plan Investment Board Decreases Holdings in International Seaways, Inc. (NYSE:INSW)

Canada Pension Plan Investment Board lessened its position in shares of International Seaways, Inc. (NYSE:INSW - Free Report) by 46.6% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 39,000 shares of the transportation company's stock after selling 34,100 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.08% of International Seaways worth $1,402,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its holdings in International Seaways by 8.4% during the 4th quarter. Vanguard Group Inc. now owns 4,759,119 shares of the transportation company's stock valued at $171,043,000 after acquiring an additional 369,145 shares in the last quarter. Clearbridge Investments LLC purchased a new position in shares of International Seaways during the 4th quarter worth approximately $11,374,000. Empowered Funds LLC increased its stake in shares of International Seaways by 470.8% during the 4th quarter. Empowered Funds LLC now owns 273,032 shares of the transportation company's stock worth $9,813,000 after purchasing an additional 225,196 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of International Seaways by 685.6% during the 4th quarter. Principal Financial Group Inc. now owns 224,544 shares of the transportation company's stock worth $8,070,000 after purchasing an additional 195,961 shares during the last quarter. Finally, Winmill & CO. Inc. purchased a new stake in International Seaways in the 4th quarter valued at approximately $6,311,000. 67.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have weighed in on INSW shares. SEB Equity Research set a $50.00 price target on International Seaways in a research report on Friday, January 24th. Jefferies Financial Group reiterated a "buy" rating and set a $58.00 price objective on shares of International Seaways in a research report on Thursday, February 27th. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, International Seaways presently has an average rating of "Moderate Buy" and a consensus price target of $57.50.

Insider Activity

In other news, SVP William F. Nugent sold 1,000 shares of the company's stock in a transaction on Friday, February 28th. The stock was 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 directly owns 55,852 shares in the company, valued at $1,892,824.28. This represents a 1.76 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $31.66, for a total value of $63,320.00. Following the completion of the transaction, the chief executive officer now directly owns 198,771 shares in the company, valued at $6,293,089.86. This trade represents a 1.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,400 shares of company stock valued at $385,176 in the last 90 days. 1.90% of the stock is currently owned by insiders.

International Seaways Trading Up 2.3 %

International Seaways stock traded up $0.76 during trading on Friday, hitting $33.99. The company's stock had a trading volume of 654,557 shares, compared to its average volume of 744,012. The stock's fifty day moving average is $33.44 and its 200 day moving average is $37.82. International Seaways, Inc. has a 1-year low of $27.20 and a 1-year high of $65.94. The stock has a market capitalization of $1.67 billion, a price-to-earnings ratio of 3.28 and a beta of -0.01. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.60 and a current ratio of 3.60.

International Seaways Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.41%. The ex-dividend date was Friday, March 14th. International Seaways's dividend payout ratio is currently 5.72%.

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.