Summit Global Investments Invests $436,000 in International Seaways, Inc. (NYSE:INSW)

Summit Global Investments bought a new stake in International Seaways, Inc. (NYSE:INSW) in the 4th quarter, according to its most recent filing with the SEC. The fund bought 12,141 shares of the transportation company’s stock, valued at approximately $436,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Larson Financial Group LLC purchased a new stake in shares of International Seaways in the fourth quarter valued at approximately $37,000. Sunbelt Securities Inc. purchased a new stake in shares of International Seaways during the third quarter worth about $52,000. R Squared Ltd acquired a new position in shares of International Seaways during the 4th quarter worth about $59,000. KBC Group NV lifted its stake in International Seaways by 60.2% in the 4th quarter. KBC Group NV now owns 1,737 shares of the transportation company’s stock valued at $62,000 after buying an additional 653 shares in the last quarter. Finally, Venturi Wealth Management LLC acquired a new stake in International Seaways in the 4th quarter worth about $69,000. 67.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have commented on INSW. SEB Equity Research set a $50.00 target price on International Seaways in a report on Friday, January 24th. Jefferies Financial Group reissued a “buy” rating and issued a $58.00 price objective on shares of International Seaways in a research note on Thursday, February 27th. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $57.50.

Insiders Place Their Bets

In related news, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $34.66, for a total value of $69,320.00. Following the completion of the transaction, the chief executive officer now directly owns 179,557 shares in the company, valued at approximately $6,223,445.62. This represents a 1.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP William F. Nugent sold 1,000 shares of International Seaways stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $35.07, for a total value of $35,070.00. Following the completion of the sale, the senior vice president now owns 49,803 shares in the company, valued at $1,746,591.21. This represents a 1.97 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,400 shares of company stock valued at $324,296 in the last three months. 1.90% of the stock is currently owned by insiders.

International Seaways Trading Up 1.6 %

Shares of International Seaways stock opened at $34.35 on Tuesday. International Seaways, Inc. has a 1-year low of $31.70 and a 1-year high of $65.94. 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 has a market cap of $1.69 billion, a P/E ratio of 3.32 and a beta of -0.17. The stock’s 50 day simple moving average is $36.81 and its 200-day simple moving average is $41.10.

International Seaways Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.40%. The ex-dividend date is Friday, March 14th. International Seaways’s payout ratio is currently 5.72%.

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.