Pictet Asset Management Holding SA Increases Stock Position in International Seaways, Inc. (NYSE:INSW)

Pictet Asset Management Holding SA raised its holdings in International Seaways, Inc. (NYSE:INSW - Free Report) by 934.7% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 56,763 shares of the transportation company's stock after acquiring an additional 51,277 shares during the period. Pictet Asset Management Holding SA owned approximately 0.12% of International Seaways worth $2,040,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. FMR LLC lifted its position in International Seaways by 221.0% in the third quarter. FMR LLC now owns 602,213 shares of the transportation company's stock valued at $31,050,000 after purchasing an additional 414,610 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of International Seaways by 8.4% in the fourth quarter. Vanguard Group Inc. now owns 4,759,119 shares of the transportation company's stock worth $171,043,000 after buying an additional 369,145 shares during the period. Empowered Funds LLC raised its holdings in International Seaways by 470.8% during the 4th quarter. Empowered Funds LLC now owns 273,032 shares of the transportation company's stock valued at $9,813,000 after buying an additional 225,196 shares during the last quarter. Principal Financial Group Inc. boosted its position in International Seaways by 685.6% during 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 during the period. Finally, Barclays PLC grew its holdings in International Seaways by 206.3% in the 3rd quarter. Barclays PLC now owns 259,393 shares of the transportation company's stock worth $13,374,000 after acquiring an additional 174,695 shares during the last quarter. Institutional investors own 67.29% of the company's stock.

Remove Ads

Insider Activity

In related news, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $34.66, for a total transaction of $69,320.00. Following the completion of the transaction, the chief executive officer now directly owns 179,557 shares of the company's stock, valued at approximately $6,223,445.62. This represents a 1.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP William F. Nugent sold 1,000 shares of the stock in a transaction that occurred 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 owns 48,803 shares of the company's stock, valued at $1,908,197.30. This represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 9,400 shares of company stock worth $321,856 over the last ninety days. Corporate insiders own 1.90% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented 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 restated a "buy" rating and issued a $58.00 price objective on shares of International Seaways in a report on Thursday, February 27th. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $57.50.

International Seaways Stock Performance

Shares of International Seaways stock traded up $1.88 during trading hours on Wednesday, reaching $31.49. 1,192,655 shares of the stock traded hands, compared to its average volume of 730,484. The company has a 50 day moving average price of $35.10 and a 200 day moving average price of $39.48. International Seaways, Inc. has a one year low of $27.20 and a one year high of $65.94. The company has a quick ratio of 3.60, a current ratio of 3.60 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $1.55 billion, a price-to-earnings ratio of 3.04 and a beta of -0.01.

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 given a $0.12 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.48 annualized dividend and a dividend yield of 1.52%. International Seaways's payout ratio is 5.72%.

International Seaways Company 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.