International Seaways (NYSE:INSW) Hits New 1-Year Low on Insider Selling

International Seaways, Inc. (NYSE:INSW) shares hit a new 52-week low on Thursday following insider selling activity. The stock traded as low as $31.38 and last traded at $31.59, with a volume of 715327 shares. The stock had previously closed at $33.12.

Specifically, SVP William F. Nugent sold 1,000 shares of the stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $32.63, for a total transaction of $32,630.00. Following the completion of the sale, the senior vice president now directly owns 56,846 shares of the company’s stock, valued at approximately $1,854,884.98. This represents a 1.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on INSW. SEB Equity Research set a $50.00 target price on shares of International Seaways in a research note on Friday, January 24th. Jefferies Financial Group restated a “buy” rating and set a $58.00 target price 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 given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $57.50.

International Seaways Stock Performance

The stock has a market capitalization of $1.41 billion, a price-to-earnings ratio of 2.78 and a beta of -0.01. The company has a current ratio of 3.60, a quick ratio of 3.60 and a debt-to-equity ratio of 0.32. The firm has a 50-day moving average of $35.78 and a 200-day moving average of $40.17.

International Seaways Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date of this dividend was Friday, March 14th. International Seaways’s dividend payout ratio (DPR) is 5.72%.

Hedge Funds Weigh In On International Seaways

Hedge funds and other institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. boosted its holdings in shares of International Seaways by 8.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 430,658 shares of the transportation company’s stock valued at $22,205,000 after acquiring an additional 32,825 shares during the last quarter. FMR LLC grew its position in International Seaways by 221.0% during the 3rd quarter. FMR LLC now owns 602,213 shares of the transportation company’s stock worth $31,050,000 after purchasing an additional 414,610 shares during the period. Paloma Partners Management Co purchased a new position in shares of International Seaways during the 3rd quarter valued at about $284,000. Hotchkis & Wiley Capital Management LLC acquired a new position in shares of International Seaways in the 3rd quarter valued at about $6,168,000. Finally, Janus Henderson Group PLC boosted its stake in shares of International Seaways by 51.3% in the third quarter. Janus Henderson Group PLC now owns 60,107 shares of the transportation company’s stock worth $3,098,000 after buying an additional 20,372 shares during the last quarter. Institutional investors and hedge funds own 67.29% of the company’s stock.

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.