Paloma Partners Management Co Buys New Position in International Seaways, Inc. (NYSE:INSW)

Paloma Partners Management Co purchased a new position in International Seaways, Inc. (NYSE:INSW) during the 3rd quarter, HoldingsChannel reports. The firm purchased 5,501 shares of the transportation company’s stock, valued at approximately $284,000.

Other large investors also recently modified their holdings of the company. SG Americas Securities LLC grew its stake in shares of International Seaways by 102.1% in the second quarter. SG Americas Securities LLC now owns 21,082 shares of the transportation company’s stock worth $1,247,000 after acquiring an additional 10,652 shares during the last quarter. Kingsview Wealth Management LLC bought a new position in shares of International Seaways during the 3rd quarter worth about $2,161,000. QRG Capital Management Inc. raised its position in shares of International Seaways by 227.5% during the second quarter. QRG Capital Management Inc. now owns 26,253 shares of the transportation company’s stock valued at $1,552,000 after buying an additional 18,237 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of International Seaways by 88.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 71,206 shares of the transportation company’s stock valued at $3,671,000 after buying an additional 33,392 shares during the period. Finally, Aurora Investment Counsel acquired a new stake in International Seaways during the third quarter worth about $661,000. 67.29% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, SVP William F. Nugent sold 1,000 shares of International Seaways stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $51.24, for a total value of $51,240.00. Following the completion of the transaction, the senior vice president now directly owns 52,803 shares of the company’s stock, valued at $2,705,625.72. The trade was a 1.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $50.30, for a total transaction of $100,600.00. Following the sale, the chief executive officer now directly owns 155,475 shares in the company, valued at approximately $7,820,392.50. This represents a 1.27 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,200 shares of company stock worth $758,822. Insiders own 1.90% of the company’s stock.

International Seaways Price Performance

Shares of INSW stock opened at $37.56 on Friday. 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’s fifty day simple moving average is $45.36 and its 200 day simple moving average is $51.97. International Seaways, Inc. has a one year low of $37.33 and a one year high of $65.94. The firm has a market cap of $1.85 billion, a price-to-earnings ratio of 3.63 and a beta of -0.10.

International Seaways (NYSE:INSW) last posted its earnings results on Thursday, November 7th. The transportation company reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.42 by $0.15. The business had revenue of $225.20 million for 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 quarterly revenue was down 6.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.99 EPS. On average, analysts expect that International Seaways, Inc. will post 7.92 earnings per share for the current fiscal year.

International Seaways Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be issued a dividend of $1.32 per share. This is a positive change from International Seaways’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Friday, December 13th. This represents a $5.28 annualized dividend and a dividend yield of 14.06%. International Seaways’s dividend payout ratio (DPR) is presently 4.64%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on INSW shares. Jefferies Financial Group reduced their price objective on International Seaways from $66.00 to $60.00 and set a “buy” rating for the company in a research report on Thursday, November 14th. Fearnley Fonds raised International Seaways to a “strong-buy” rating in a research report on Friday, September 27th. StockNews.com lowered shares of International Seaways from a “buy” rating to a “hold” rating in a report on Thursday, August 8th. Finally, Stifel Nicolaus downgraded shares of International Seaways from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $69.00 to $56.00 in a report on Wednesday, October 23rd. Two research 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 company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average 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.