International Seaways (NYSE:INSW) Reaches New 1-Year Low Following Insider Selling

International Seaways, Inc. (NYSE:INSW) shares hit a new 52-week low during mid-day trading on Thursday following insider selling activity. The company traded as low as $31.38 and last traded at $31.59, with a volume of 715327 shares trading hands. The stock had previously closed at $33.12.

Specifically, SVP William F. Nugent sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $32.63, for a total transaction of $32,630.00. Following the transaction, the senior vice president now directly owns 56,846 shares of the company’s stock, valued at approximately $1,854,884.98. This represents a 1.73 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analyst Ratings Changes

INSW has been the topic of a number of research reports. 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. SEB Equity Research set a $50.00 price objective on shares of International Seaways in a research note on Friday, January 24th. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $57.50.

International Seaways Price Performance

The company has a current ratio of 3.60, a quick ratio of 3.60 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $1.56 billion, a PE ratio of 3.05 and a beta of -0.01. The business has a 50-day moving average of $36.04 and a 200 day moving average of $40.39.

International Seaways Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were paid a $0.12 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.52%. International Seaways’s payout ratio is presently 5.72%.

Hedge Funds Weigh In On International Seaways

Several institutional investors have recently modified their holdings of the business. FMR LLC grew its stake in International Seaways by 221.0% in the 3rd quarter. FMR LLC now owns 602,213 shares of the transportation company’s stock valued at $31,050,000 after purchasing an additional 414,610 shares during the period. Bridgeway Capital Management LLC bought a new position in International Seaways during the fourth quarter valued at about $14,269,000. Vanguard Group Inc. increased its holdings in International Seaways by 8.4% during the fourth quarter. Vanguard Group Inc. now owns 4,759,119 shares of the transportation company’s stock worth $171,043,000 after buying an additional 369,145 shares during the last quarter. Clearbridge Investments LLC bought a new stake in International Seaways in the fourth quarter worth about $11,374,000. Finally, Empowered Funds LLC boosted its stake in International Seaways by 470.8% in the fourth quarter. Empowered Funds LLC now owns 273,032 shares of the transportation company’s stock valued at $9,813,000 after acquiring an additional 225,196 shares during the last quarter. 67.29% of the stock is owned by institutional investors.

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.