Victory Capital Management Inc. Sells 698,450 Shares of International Seaways, Inc. (NYSE:INSW)

Victory Capital Management Inc. trimmed its holdings in International Seaways, Inc. (NYSE:INSW - Free Report) by 81.8% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 155,295 shares of the transportation company's stock after selling 698,450 shares during the quarter. Victory Capital Management Inc. owned about 0.31% of International Seaways worth $8,007,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in INSW. ProShare Advisors LLC raised its position in International Seaways by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 7,303 shares of the transportation company's stock worth $389,000 after purchasing an additional 574 shares during the last quarter. Vanguard Group Inc. raised its position in shares of International Seaways by 7.7% during the first quarter. Vanguard Group Inc. now owns 3,986,353 shares of the transportation company's stock worth $212,074,000 after acquiring an additional 286,295 shares during the last quarter. MQS Management LLC acquired a new position in shares of International Seaways during the first quarter valued at $200,000. Shell Asset Management Co. boosted its holdings in International Seaways by 20.3% in the first quarter. Shell Asset Management Co. now owns 7,399 shares of the transportation company's stock valued at $394,000 after acquiring an additional 1,247 shares during the last quarter. Finally, EntryPoint Capital LLC acquired a new stake in International Seaways in the first quarter worth about $108,000. Institutional investors and hedge funds own 67.29% of the company's stock.

Insider Buying and Selling

In other International Seaways news, SVP William F. Nugent sold 1,000 shares of International Seaways stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $43.05, for a total value of $43,050.00. Following the sale, the senior vice president now directly owns 51,803 shares in the company, valued at approximately $2,230,119.15. The trade was a 1.89 % decrease in their position. 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 business's stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $41.83, for a total transaction of $83,660.00. Following the sale, the chief executive officer now directly owns 151,475 shares in the company, valued at $6,336,199.25. This trade represents a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 15,000 shares of company stock valued at $723,780. 1.90% of the stock is owned by corporate insiders.

International Seaways Trading Up 0.1 %

International Seaways stock traded up $0.05 during midday trading on Friday, hitting $41.40. 487,266 shares of the stock were exchanged, compared to its average volume of 577,983. International Seaways, Inc. has a 52 week low of $40.86 and a 52 week 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 stock has a market capitalization of $2.04 billion, a PE ratio of 3.99 and a beta of -0.06. The company has a fifty day simple moving average of $47.66 and a two-hundred day simple moving average of $53.48.

International Seaways (NYSE:INSW - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The transportation company reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.42 by $0.15. The company had revenue of $225.20 million during the quarter, compared to analyst estimates of $208.75 million. International Seaways had a net margin of 50.91% and a return on equity of 24.65%. The firm's revenue was down 6.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.99 EPS. Equities research analysts anticipate that International Seaways, Inc. will post 7.92 EPS for the current fiscal year.

International Seaways Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be given a $1.32 dividend. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from International Seaways's previous quarterly dividend of $0.12. This represents a $5.28 annualized dividend and a dividend yield of 12.75%. International Seaways's payout ratio is currently 4.64%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Stifel Nicolaus downgraded shares of International Seaways from a "buy" rating to a "hold" rating and cut their target price for the company from $69.00 to $56.00 in a research report on Wednesday, October 23rd. Jefferies Financial Group reduced their price objective on shares of International Seaways from $66.00 to $60.00 and set a "buy" rating on the stock in a research note on Thursday, November 14th. Fearnley Fonds raised shares of International Seaways to a "strong-buy" rating in a report on Friday, September 27th. Finally, StockNews.com downgraded International Seaways from a "buy" rating to a "hold" rating in a research note on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $60.67.

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.