International Seaways, Inc. (NYSE:INSW) Shares Purchased by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA boosted its position in shares of International Seaways, Inc. (NYSE:INSW) by 934.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 56,763 shares of the transportation company’s stock after buying an additional 51,277 shares during the period. Pictet Asset Management Holding SA’s holdings in International Seaways were worth $2,040,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bfsg LLC grew its position in shares of International Seaways by 14.9% during the fourth quarter. Bfsg LLC now owns 2,748 shares of the transportation company’s stock worth $99,000 after acquiring an additional 357 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in International Seaways by 3.6% during the 4th quarter. Farther Finance Advisors LLC now owns 10,444 shares of the transportation company’s stock worth $375,000 after purchasing an additional 360 shares during the period. Franklin Resources Inc. grew its position in International Seaways by 0.8% during the 3rd quarter. Franklin Resources Inc. now owns 47,891 shares of the transportation company’s stock worth $2,428,000 after purchasing an additional 379 shares during the last quarter. DMC Group LLC increased its stake in International Seaways by 9.9% in the fourth quarter. DMC Group LLC now owns 5,974 shares of the transportation company’s stock valued at $215,000 after purchasing an additional 540 shares during the period. Finally, KBC Group NV raised its holdings in shares of International Seaways by 60.2% in the fourth 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 during the last quarter. Hedge funds and other institutional investors own 67.29% of the company’s stock.

Wall Street Analyst Weigh In

INSW has been the topic of a number of research reports. Jefferies Financial Group reissued a “buy” rating and set a $58.00 price target on shares of International Seaways in a report on Thursday, February 27th. SEB Equity Research set a $50.00 target price on International Seaways in a research note on Friday, January 24th. 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. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $57.50.

Insider Activity at International Seaways

In other International Seaways news, SVP Derek G. Solon sold 4,400 shares of the stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $33.39, for a total value of $146,916.00. Following the completion of the transaction, the senior vice president now directly owns 50,453 shares of the company’s stock, valued at approximately $1,684,625.67. This trade represents a 8.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP William F. Nugent sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $33.89, for a total value of $33,890.00. Following the sale, the senior vice president now directly owns 55,852 shares in the company, valued at $1,892,824.28. This trade represents a 1.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,400 shares of company stock worth $321,856 over the last three months. 1.90% of the stock is currently owned by corporate insiders.

International Seaways Trading Down 7.4 %

NYSE INSW opened at $28.74 on Friday. The company has a quick ratio of 3.60, a current ratio of 3.60 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $1.41 billion, a P/E ratio of 2.78 and a beta of -0.01. International Seaways, Inc. has a 52-week low of $27.20 and a 52-week high of $65.94. The firm has a 50-day moving average price of $35.78 and a 200 day moving average price of $40.17.

International Seaways Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were issued a $0.12 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.48 annualized dividend and a dividend yield of 1.67%. International Seaways’s dividend 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.