Donald Smith & CO. Inc. Increases Stake in International Seaways, Inc. (NYSE:INSW)

Donald Smith & CO. Inc. raised its position in shares of International Seaways, Inc. (NYSE:INSW - Free Report) by 77.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 362,192 shares of the transportation company's stock after buying an additional 158,495 shares during the quarter. Donald Smith & CO. Inc. owned about 0.74% of International Seaways worth $13,017,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Cynosure Group LLC grew its holdings in shares of International Seaways by 19.8% in the fourth quarter. Cynosure Group LLC now owns 8,593 shares of the transportation company's stock valued at $309,000 after purchasing an additional 1,422 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of International Seaways by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 948,144 shares of the transportation company's stock worth $34,084,000 after buying an additional 4,769 shares in the last quarter. Diametric Capital LP purchased a new position in shares of International Seaways in the 4th quarter worth $274,000. Franklin Resources Inc. increased its holdings in shares of International Seaways by 49.1% in the 4th quarter. Franklin Resources Inc. now owns 71,391 shares of the transportation company's stock worth $2,566,000 after buying an additional 23,500 shares during the last quarter. Finally, Alliancebernstein L.P. raised its position in shares of International Seaways by 12.9% during the 4th quarter. Alliancebernstein L.P. now owns 93,196 shares of the transportation company's stock valued at $3,349,000 after buying an additional 10,668 shares in the last quarter. Institutional investors own 67.29% of the company's stock.

Remove Ads

Insider Transactions at International Seaways

In other news, SVP Derek G. Solon sold 4,400 shares of the company's stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $33.39, for a total value of $146,916.00. Following the transaction, the senior vice president now directly owns 50,453 shares in the company, valued at approximately $1,684,625.67. This represents a 8.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP William F. Nugent sold 1,000 shares of International Seaways stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $33.89, for a total transaction of $33,890.00. Following the sale, the senior vice president now owns 55,852 shares of the company's stock, valued at $1,892,824.28. The trade was a 1.76 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,400 shares of company stock worth $321,856. 1.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

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

International Seaways Trading Down 4.8 %

Shares of INSW stock traded down $1.53 during trading hours on Tuesday, reaching $30.12. 425,711 shares of the stock were exchanged, compared to its average volume of 909,848. 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, Inc. has a 12-month low of $27.20 and a 12-month high of $65.94. The firm has a market capitalization of $1.48 billion, a price-to-earnings ratio of 2.90 and a beta of -0.01. The company's 50-day moving average price is $35.69 and its 200-day moving average price is $39.88.

International Seaways Cuts Dividend

The firm also recently announced 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. 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 1.59%. International Seaways's dividend payout ratio is 5.72%.

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.