Summit Global Investments Acquires New Stake in International Seaways, Inc. (NYSE:INSW)

Summit Global Investments acquired a new position in International Seaways, Inc. (NYSE:INSW - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 12,141 shares of the transportation company's stock, valued at approximately $436,000.

Other large investors have also recently made changes to their positions in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in shares of International Seaways in the fourth quarter worth about $310,000. Magnetar Financial LLC purchased a new position in International Seaways in the 4th quarter worth approximately $2,744,000. Maryland State Retirement & Pension System bought a new position in International Seaways in the 4th quarter worth approximately $488,000. Intech Investment Management LLC grew its holdings in International Seaways by 58.3% during the 4th 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 in the last quarter. Finally, Thrivent Financial for Lutherans bought a new position in shares of International Seaways during the fourth quarter worth $1,121,000. 67.29% of the stock is owned by hedge funds and other institutional investors.

International Seaways Price Performance

Shares of International Seaways stock traded up $0.29 during trading hours on Friday, reaching $33.16. The company's stock had a trading volume of 491,479 shares, compared to its average volume of 713,316. The firm has a 50 day moving average price of $36.28 and a 200-day moving average price of $40.77. 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 cap of $1.63 billion, a P/E ratio of 3.20 and a beta of -0.17. International Seaways, Inc. has a one year low of $31.70 and a one year high of $65.94.

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International Seaways Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be paid a dividend of $0.12 per share. The ex-dividend date is Friday, March 14th. This represents a $0.48 annualized dividend and a yield of 1.45%. International Seaways's payout ratio is currently 5.72%.

Insider Buying and Selling at International Seaways

In other International Seaways news, CEO Lois K. Zabrocky sold 2,000 shares of the business'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 transaction, the chief executive officer now owns 179,557 shares in the company, valued at $6,223,445.62. The trade was a 1.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP William F. Nugent sold 1,000 shares of the stock in a transaction on Friday, January 31st. The shares were sold at an average price of $39.10, for a total transaction of $39,100.00. Following the completion of the sale, the senior vice president now directly owns 48,803 shares in the company, valued at approximately $1,908,197.30. This represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,400 shares of company stock worth $324,296 over the last ninety days. Company insiders own 1.90% of the company's stock.

Analysts Set New Price Targets

INSW has been the topic of a number of research reports. Jefferies Financial Group reiterated a "buy" rating and issued a $58.00 price target on shares of International Seaways in a report on Thursday, February 27th. SEB Equity Research set a $50.00 target price on International Seaways in a research report on Friday, January 24th. Two 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 has an average rating of "Moderate Buy" and an average price target of $57.50.

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.