International Seaways (NYSE:INSW) Trading Down 2.9% - Here's What Happened

International Seaways, Inc. (NYSE:INSW - Get Free Report) was down 2.9% during trading on Tuesday . The company traded as low as $31.29 and last traded at $30.73. Approximately 29,972 shares traded hands during trading, a decline of 96% from the average daily volume of 723,420 shares. The stock had previously closed at $31.65.

Analyst Ratings Changes

INSW has been the subject of several research reports. SEB Equity Research set a $50.00 price target on shares of International Seaways in a research report on Friday, January 24th. Jefferies Financial Group reaffirmed a "buy" rating and set a $58.00 target price on shares of International Seaways in a research report 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 assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, International Seaways currently has a consensus rating of "Moderate Buy" and an average price target of $57.50.

International Seaways Stock Performance

The stock has a market cap of $1.64 billion, a P/E ratio of 3.22 and a beta of -0.01. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.60 and a current ratio of 3.60. The firm's 50 day moving average is $34.78 and its 200 day moving average is $39.21.

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 dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.48 annualized dividend and a dividend yield of 1.44%. International Seaways's dividend payout ratio is presently 5.72%.

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Insider Transactions at International Seaways

In related news, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $34.66, for a total value 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 $6,223,445.62. This trade represents a 1.10 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Derek G. Solon sold 4,400 shares of the business's stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $33.39, for a total transaction of $146,916.00. Following the sale, 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 position. The disclosure for this sale can be found here. Insiders sold 9,400 shares of company stock valued at $321,856 in the last quarter. 1.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On International Seaways

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vest Financial LLC purchased a new position in shares of International Seaways in the first quarter worth about $389,000. Rhumbline Advisers raised its position in International Seaways by 13.8% during the 1st quarter. Rhumbline Advisers now owns 136,422 shares of the transportation company's stock worth $4,529,000 after buying an additional 16,519 shares during the last quarter. GAMMA Investing LLC lifted its stake in International Seaways by 6,709.9% during the 1st quarter. GAMMA Investing LLC now owns 38,612 shares of the transportation company's stock valued at $12,820,000 after acquiring an additional 38,045 shares during the period. 111 Capital purchased a new stake in shares of International Seaways in the 4th quarter valued at $293,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of International Seaways by 89.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 109,919 shares of the transportation company's stock worth $3,950,000 after acquiring an additional 51,884 shares during the period. 67.29% of the stock is currently owned by institutional investors and hedge funds.

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.