Quarry LP Sells 949 Shares of International Seaways, Inc. (NYSE:INSW)

Quarry LP reduced its stake in International Seaways, Inc. (NYSE:INSW) by 65.3% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 504 shares of the transportation company’s stock after selling 949 shares during the period. Quarry LP’s holdings in International Seaways were worth $26,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Bailard Inc. boosted its holdings in International Seaways by 2.4% during the second quarter. Bailard Inc. now owns 12,714 shares of the transportation company’s stock worth $752,000 after buying an additional 300 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in International Seaways by 62.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 791 shares of the transportation company’s stock worth $44,000 after acquiring an additional 305 shares during the last quarter. Consolidated Portfolio Review Corp boosted its stake in International Seaways by 3.9% during the 2nd quarter. Consolidated Portfolio Review Corp now owns 8,328 shares of the transportation company’s stock worth $492,000 after acquiring an additional 312 shares during the last quarter. KBC Group NV grew its holdings in International Seaways by 65.2% during the third quarter. KBC Group NV now owns 1,084 shares of the transportation company’s stock valued at $56,000 after purchasing an additional 428 shares during the period. Finally, Cynosure Group LLC increased its stake in International Seaways by 6.6% in the third quarter. Cynosure Group LLC now owns 7,171 shares of the transportation company’s stock valued at $370,000 after purchasing an additional 447 shares in the last quarter. 67.29% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently issued reports on INSW. Stifel Nicolaus lowered shares of International Seaways from a “buy” rating to a “hold” rating and decreased their price target for the company from $69.00 to $56.00 in a report on Wednesday, October 23rd. Jefferies Financial Group lowered their price target on International Seaways from $66.00 to $60.00 and set a “buy” rating for the company in a report on Thursday, November 14th. Finally, Fearnley Fonds upgraded International Seaways to a “strong-buy” rating in a report on Friday, September 27th. Two 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 stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $60.67.

Insider Transactions at International Seaways

In other International Seaways news, SVP Derek G. Solon sold 1,200 shares of the business’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $38.91, for a total transaction of $46,692.00. Following the transaction, the senior vice president now owns 45,687 shares of the company’s stock, valued at $1,777,681.17. The trade was a 2.56 % decrease in their position. The transaction 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 company’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $51.24, for a total value of $51,240.00. Following the sale, the senior vice president now owns 52,803 shares in the company, valued at approximately $2,705,625.72. This represents a 1.86 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 10,200 shares of company stock valued at $463,222 over the last 90 days. 1.90% of the stock is owned by corporate insiders.

International Seaways Price Performance

Shares of NYSE INSW opened at $35.94 on Friday. The company has a fifty day moving average price of $43.79 and a 200 day moving average price of $51.01. The firm has a market cap of $1.77 billion, a PE ratio of 3.47 and a beta of -0.10. The company has a current ratio of 3.60, a quick ratio of 3.60 and a debt-to-equity ratio of 0.32. International Seaways, Inc. has a 1-year low of $35.34 and a 1-year high of $65.94.

International Seaways (NYSE:INSW) last posted its quarterly earnings data 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 company had revenue of $225.20 million during the quarter, compared to analysts’ expectations of $208.75 million. International Seaways had a return on equity of 24.65% and a net margin of 50.91%. International Seaways’s revenue for the quarter was down 6.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.99 earnings per share. Research analysts predict 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 will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be issued a $1.32 dividend. The ex-dividend date of this dividend is Friday, December 13th. This is an increase from International Seaways’s previous quarterly dividend of $0.12. This represents a $5.28 dividend on an annualized basis and a dividend yield of 14.69%. International Seaways’s dividend payout ratio (DPR) is 4.64%.

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.