Magnetar Financial LLC Makes New Investment in International Seaways, Inc. (NYSE:INSW)

Magnetar Financial LLC bought a new stake in International Seaways, Inc. (NYSE:INSW - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 76,337 shares of the transportation company's stock, valued at approximately $2,744,000. Magnetar Financial LLC owned about 0.16% of International Seaways at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Maryland State Retirement & Pension System purchased a new position in shares of International Seaways in the 4th quarter worth about $488,000. Intech Investment Management LLC raised its holdings in International Seaways by 58.3% in the fourth quarter. Intech Investment Management LLC now owns 19,041 shares of the transportation company's stock valued at $684,000 after buying an additional 7,009 shares during the period. Thrivent Financial for Lutherans purchased a new position in International Seaways in the fourth quarter valued at approximately $1,121,000. Catalyst Funds Management Pty Ltd lifted its position in International Seaways by 21,400.0% during the fourth quarter. Catalyst Funds Management Pty Ltd now owns 43,000 shares of the transportation company's stock valued at $1,545,000 after buying an additional 42,800 shares in the last quarter. Finally, Swiss National Bank grew its stake in International Seaways by 0.9% during the fourth quarter. Swiss National Bank now owns 78,100 shares of the transportation company's stock worth $2,807,000 after buying an additional 700 shares during the period. Hedge funds and other institutional investors own 67.29% of the company's stock.

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Insider Transactions at International Seaways

In related news, SVP William F. Nugent sold 1,000 shares of International Seaways stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $35.07, for a total value of $35,070.00. Following the completion of the sale, the senior vice president now owns 49,803 shares in the company, valued at approximately $1,746,591.21. The trade was a 1.97 % 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, CEO Lois K. Zabrocky sold 2,000 shares of the company'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 in the company, valued at $6,223,445.62. This represents a 1.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,400 shares of company stock valued at $324,296. 1.90% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on INSW. 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 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 MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $57.50.

International Seaways Stock Down 1.4 %

Shares of INSW traded down $0.48 during mid-day trading on Tuesday, reaching $33.85. 516,331 shares of the stock traded hands, compared to its average volume of 688,702. The stock has a fifty day simple moving average of $36.81 and a 200 day simple moving average of $41.10. International Seaways, Inc. has a 12-month low of $31.70 and a 12-month 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 cap of $1.67 billion, a price-to-earnings ratio of 3.27 and a beta of -0.17.

International Seaways Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.48 annualized dividend and a dividend yield of 1.42%. International Seaways's dividend payout ratio is presently 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.