Diametric Capital LP Takes Position in International Seaways, Inc. (NYSE:INSW)

Diametric Capital LP bought a new stake in International Seaways, Inc. (NYSE:INSW - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 7,630 shares of the transportation company's stock, valued at approximately $274,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in INSW. Franklin Resources Inc. increased its stake in International Seaways by 49.1% during the fourth quarter. Franklin Resources Inc. now owns 71,391 shares of the transportation company's stock worth $2,566,000 after purchasing an additional 23,500 shares during the period. Alliancebernstein L.P. increased its stake in International Seaways by 12.9% during the 4th quarter. Alliancebernstein L.P. now owns 93,196 shares of the transportation company's stock worth $3,349,000 after buying an additional 10,668 shares during the period. Clearbridge Investments LLC acquired a new stake in International Seaways during the 4th quarter worth approximately $11,374,000. Pictet Asset Management Holding SA boosted its position in International Seaways by 934.7% in the 4th quarter. Pictet Asset Management Holding SA now owns 56,763 shares of the transportation company's stock valued at $2,040,000 after buying an additional 51,277 shares during the period. Finally, New Age Alpha Advisors LLC acquired a new position in shares of International Seaways in the fourth quarter worth $203,000. Hedge funds and other institutional investors own 67.29% of the company's stock.

International Seaways Stock Down 7.4 %

NYSE:INSW traded down $2.30 during trading hours on Friday, hitting $28.74. The company's stock had a trading volume of 1,696,292 shares, compared to its average volume of 722,887. International Seaways, Inc. has a 52-week low of $27.20 and a 52-week 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. The stock has a market capitalization of $1.41 billion, a P/E ratio of 2.78 and a beta of -0.01. The stock has a fifty day moving average of $35.78 and a 200-day moving average of $40.10.

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International Seaways Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were issued a $0.12 dividend. 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 1.67%. International Seaways's payout ratio is currently 5.72%.

Insider Transactions at International Seaways

In related news, SVP William F. Nugent sold 1,000 shares of the stock in a transaction on Friday, January 31st. The shares were sold at an average price of $39.10, for a total value of $39,100.00. Following the transaction, the senior vice president now directly owns 48,803 shares of the company's stock, valued at $1,908,197.30. This trade represents a 2.01 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 completion of the sale, the chief executive officer now directly owns 179,557 shares of the company's stock, valued at approximately $6,223,445.62. This trade represents a 1.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,400 shares of company stock valued at $321,856. Corporate insiders own 1.90% of the company's stock.

Wall Street Analysts Forecast Growth

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