Clearbridge Investments LLC Takes Position in International Seaways, Inc. (NYSE:INSW)

Clearbridge Investments LLC acquired a new stake in International Seaways, Inc. (NYSE:INSW - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 316,473 shares of the transportation company's stock, valued at approximately $11,374,000. Clearbridge Investments LLC owned about 0.64% of International Seaways as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in INSW. FMR LLC grew its stake in International Seaways by 221.0% in the 3rd 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 during the last quarter. Vanguard Group Inc. lifted 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 worth $171,043,000 after purchasing an additional 369,145 shares during the last quarter. Empowered Funds LLC boosted its stake in International Seaways by 470.8% in the 4th quarter. Empowered Funds LLC now owns 273,032 shares of the transportation company's stock valued at $9,813,000 after purchasing an additional 225,196 shares during the period. Principal Financial Group Inc. grew its holdings in International Seaways by 685.6% in the 4th quarter. Principal Financial Group Inc. now owns 224,544 shares of the transportation company's stock valued at $8,070,000 after buying an additional 195,961 shares in the last quarter. Finally, Barclays PLC boosted its position in shares of 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 acquiring an additional 174,695 shares during the period. 67.29% of the stock is currently owned by institutional investors.

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Insider Transactions at International Seaways

In other International Seaways news, CEO Lois K. Zabrocky sold 2,000 shares of the business's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $34.66, for a total transaction of $69,320.00. Following the sale, the chief executive officer now owns 179,557 shares of the company's stock, valued at approximately $6,223,445.62. The trade was a 1.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP William F. Nugent sold 1,000 shares of the stock in a transaction on Monday, March 31st. The shares were sold at an average price of $32.63, for a total value of $32,630.00. Following the completion of the transaction, the senior vice president now owns 56,846 shares of the company's stock, valued at $1,854,884.98. The trade was a 1.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,400 shares of company stock valued at $321,856. Corporate insiders own 1.90% of the company's stock.

International Seaways Price Performance

NYSE:INSW traded up $2.94 during mid-day trading on Monday, reaching $31.70. The stock had a trading volume of 1,523,761 shares, compared to its average volume of 726,079. The stock has a 50-day simple moving average of $35.69 and a two-hundred day simple moving average of $39.88. 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 12 month low of $27.20 and a 12 month high of $65.94. The stock has a market capitalization of $1.56 billion, a PE ratio of 3.06 and a beta of -0.01.

International Seaways Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.51%. International Seaways's dividend payout ratio (DPR) is currently 5.72%.

Analysts Set New Price Targets

Several brokerages have recently commented on INSW. Jefferies Financial Group reaffirmed a "buy" rating and set a $58.00 target price on shares of International Seaways in a report on Thursday, February 27th. SEB Equity Research set a $50.00 target price on International Seaways in a report on Friday, January 24th. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, International Seaways currently has a consensus rating of "Moderate Buy" and a consensus 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.