Arrowstreet Capital Limited Partnership Reduces Position in International Seaways, Inc. (NYSE:INSW)

Arrowstreet Capital Limited Partnership lowered its holdings in International Seaways, Inc. (NYSE:INSW) by 76.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 37,515 shares of the transportation company’s stock after selling 124,081 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 0.08% of International Seaways worth $1,348,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Geode Capital Management LLC lifted its holdings in International Seaways by 4.3% during the 3rd quarter. Geode Capital Management LLC now owns 943,375 shares of the transportation company’s stock worth $48,650,000 after purchasing an additional 38,871 shares in the last quarter. Barclays PLC increased its position in shares of International Seaways by 206.3% during the third quarter. Barclays PLC now owns 259,393 shares of the transportation company’s stock valued at $13,374,000 after buying an additional 174,695 shares during the period. Nisa Investment Advisors LLC lifted its holdings in shares of International Seaways by 1,677.7% in the fourth quarter. Nisa Investment Advisors LLC now owns 110,945 shares of the transportation company’s stock worth $3,987,000 after buying an additional 104,704 shares in the last quarter. State of Alaska Department of Revenue bought a new position in shares of International Seaways in the fourth quarter valued at approximately $804,000. Finally, Thrivent Financial for Lutherans bought a new stake in International Seaways during the 4th quarter worth approximately $1,121,000. 67.29% of the stock is currently owned by hedge funds and other institutional investors.

International Seaways Stock Up 8.7 %

Shares of NYSE:INSW opened at $33.31 on Friday. The firm has a fifty day moving average of $34.78 and a 200 day moving average of $39.21. International Seaways, Inc. has a 52-week low of $27.20 and a 52-week high of $65.94. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.60 and a current ratio of 3.60. The firm has a market capitalization of $1.64 billion, a PE ratio of 3.22 and a beta of -0.01.

International Seaways Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.44%. The ex-dividend date was Friday, March 14th. International Seaways’s payout ratio is currently 5.72%.

Analyst Upgrades and Downgrades

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

Insider Activity

In other news, SVP William F. Nugent sold 1,000 shares of the firm’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $39.10, for a total transaction of $39,100.00. Following the transaction, the senior vice president now directly owns 48,803 shares of the company’s stock, valued at approximately $1,908,197.30. This trade represents a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Lois K. Zabrocky sold 2,000 shares of International Seaways stock in a transaction dated 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 owns 179,557 shares in the company, valued at approximately $6,223,445.62. This represents a 1.10 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,400 shares of company stock worth $321,856. 1.90% of the stock is currently owned by insiders.

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.