Moors & Cabot Inc. Acquires 6,440 Shares of International Seaways, Inc. (NYSE:INSW)

Moors & Cabot Inc. boosted its holdings in International Seaways, Inc. (NYSE:INSW) by 54.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 18,338 shares of the transportation company’s stock after acquiring an additional 6,440 shares during the quarter. Moors & Cabot Inc.’s holdings in International Seaways were worth $659,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Sunbelt Securities Inc. bought a new position in shares of International Seaways in the third quarter valued at approximately $52,000. Larson Financial Group LLC purchased a new stake in International Seaways in the 4th quarter valued at $37,000. KBC Group NV lifted its stake in International Seaways by 65.2% during the 3rd quarter. KBC Group NV now owns 1,084 shares of the transportation company’s stock valued at $56,000 after acquiring an additional 428 shares in the last quarter. R Squared Ltd bought a new stake in shares of International Seaways in the 4th quarter worth $59,000. Finally, Venturi Wealth Management LLC purchased a new stake in shares of International Seaways in the fourth quarter valued at about $69,000. Institutional investors and hedge funds own 67.29% of the company’s stock.

Insiders Place Their Bets

In other International Seaways news, SVP Derek G. Solon sold 4,400 shares of the stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $33.39, for a total transaction of $146,916.00. Following the completion of the transaction, the senior vice president now owns 50,453 shares in the company, valued at $1,684,625.67. This trade represents a 8.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP William F. Nugent sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $33.89, for a total transaction of $33,890.00. Following the completion of the sale, the senior vice president now directly owns 55,852 shares in the company, valued at approximately $1,892,824.28. This trade represents a 1.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 7,400 shares of company stock valued at $254,976 over the last ninety days. 1.90% of the stock is currently owned by insiders.

International Seaways Price Performance

Shares of NYSE:INSW opened at $33.57 on Friday. International Seaways, Inc. has a fifty-two week low of $31.70 and a fifty-two week high of $65.94. The company’s 50-day moving average is $37.33 and its 200 day moving average is $42.02. 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 company has a market capitalization of $1.65 billion, a P/E ratio of 3.24 and a beta of -0.17.

International Seaways Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.43%. The ex-dividend date of this dividend is Friday, March 14th. International Seaways’s dividend payout ratio (DPR) is 5.72%.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Jefferies Financial Group restated a “buy” rating and set 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 note on Friday, January 24th. Two investment 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, International Seaways has a consensus rating of “Moderate Buy” and a consensus price target of $57.50.

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.