International Seaways (NYSE:INSW) Trading Down 5% After Insider Selling

International Seaways, Inc. (NYSE:INSW)’s stock price dropped 5% during mid-day trading on Thursday after an insider sold shares in the company. The stock traded as low as $39.54 and last traded at $39.53. Approximately 746,184 shares were traded during mid-day trading, a decline of 25% from the average daily volume of 989,218 shares. The stock had previously closed at $41.61.

Specifically, CEO Lois K. Zabrocky sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, January 15th. The shares were sold at an average price of $41.28, for a total transaction of $82,560.00. Following the transaction, the chief executive officer now directly owns 147,045 shares in the company, valued at approximately $6,070,017.60. This trade represents a 1.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Jefferies Financial Group decreased their price target on shares of International Seaways from $66.00 to $60.00 and set a “buy” rating for the company in a research note on Thursday, November 14th. Stifel Nicolaus downgraded shares of International Seaways from a “buy” rating to a “hold” rating and decreased their target price for the stock from $69.00 to $56.00 in a research note on Wednesday, October 23rd. Finally, Fearnley Fonds raised International Seaways to a “strong-buy” rating in a report on Friday, September 27th. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $60.67.

International Seaways Trading Down 2.3 %

The firm has a market cap of $1.89 billion, a PE ratio of 3.72 and a beta of -0.10. The company’s fifty day moving average price is $38.14 and its two-hundred day moving average price is $46.69. The company has a quick ratio of 3.60, a current ratio of 3.60 and a debt-to-equity ratio of 0.32.

International Seaways (NYSE:INSW) last posted its quarterly earnings results on Thursday, November 7th. The transportation company reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates of $1.42 by $0.15. The business had revenue of $225.20 million for the quarter, compared to analysts’ expectations of $208.75 million. International Seaways had a net margin of 50.91% and a return on equity of 24.65%. The business’s revenue for the quarter was down 6.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.99 EPS. As a group, sell-side analysts forecast that International Seaways, Inc. will post 7.92 earnings per share for the current fiscal year.

International Seaways Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 13th were given a $1.32 dividend. The ex-dividend date of this dividend was 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 13.72%. International Seaways’s payout ratio is currently 4.64%.

Hedge Funds Weigh In On International Seaways

Hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its position in shares of International Seaways by 4.3% in the third quarter. Geode Capital Management LLC now owns 943,375 shares of the transportation company’s stock valued at $48,650,000 after purchasing an additional 38,871 shares during the last quarter. Kingsview Wealth Management LLC acquired a new stake in International Seaways during the 3rd quarter valued at $2,161,000. Charles Schwab Investment Management Inc. increased its position in International Seaways by 8.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 430,658 shares of the transportation company’s stock worth $22,205,000 after buying an additional 32,825 shares in the last quarter. Barclays PLC raised its holdings in shares of International Seaways by 206.3% in the third quarter. Barclays PLC now owns 259,393 shares of the transportation company’s stock worth $13,374,000 after acquiring an additional 174,695 shares during the last quarter. Finally, FMR LLC lifted its position in shares of International Seaways by 221.0% in the third quarter. FMR LLC now owns 602,213 shares of the transportation company’s stock valued at $31,050,000 after acquiring an additional 414,610 shares in the last quarter. 67.29% of the stock is currently owned by hedge funds and other institutional investors.

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.