International Seaways (NYSE:INSW) Reaches New 52-Week Low After Insider Selling

International Seaways, Inc. (NYSE:INSW - Get Free Report) hit a new 52-week low on Thursday after an insider sold shares in the company. The company traded as low as $31.38 and last traded at $31.59, with a volume of 715327 shares traded. The stock had previously closed at $33.12.

Specifically, SVP William F. Nugent sold 1,000 shares of the company's stock in a transaction on Monday, March 31st. The stock was sold at an average price of $32.63, for a total transaction of $32,630.00. Following the completion of the sale, the senior vice president now directly owns 56,846 shares in the company, valued at approximately $1,854,884.98. This represents a 1.73 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on INSW shares. SEB Equity Research set a $50.00 target price on shares of International Seaways in a research note on Friday, January 24th. Jefferies Financial Group reissued a "buy" rating and issued a $58.00 price objective on shares of International Seaways in a research note on Thursday, February 27th. Two equities research 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, International Seaways presently has a consensus rating of "Moderate Buy" and an average target price of $57.50.

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International Seaways Trading Down 6.7 %

The company has a debt-to-equity ratio of 0.32, a current ratio of 3.60 and a quick ratio of 3.60. The stock has a market capitalization of $1.45 billion, a P/E ratio of 2.85 and a beta of -0.01. The firm's 50 day moving average price is $35.40 and its 200 day moving average price is $39.67.

International Seaways Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were paid a $0.12 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.48 annualized dividend and a dividend yield of 1.62%. International Seaways's dividend payout ratio is presently 5.72%.

Institutional Investors Weigh In On International Seaways

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Banque Transatlantique SA bought a new stake in International Seaways during the 4th quarter valued at approximately $29,000. Larson Financial Group LLC purchased a new position in International Seaways during the fourth quarter valued at approximately $37,000. Quarry LP lifted its position in shares of International Seaways by 169.0% during the fourth quarter. Quarry LP now owns 1,356 shares of the transportation company's stock valued at $49,000 after buying an additional 852 shares during the last quarter. Sunbelt Securities Inc. acquired a new stake in shares of International Seaways in the 3rd quarter worth $52,000. Finally, R Squared Ltd purchased a new position in shares of International Seaways in the fourth quarter worth $59,000. Hedge funds and other institutional investors own 67.29% of the company's stock.

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.