International Seaways, Inc. (NYSE:INSW) SVP Derek G. Solon Sells 1,200 Shares

International Seaways, Inc. (NYSE:INSW) SVP Derek G. Solon sold 1,200 shares of the company’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 completion of the transaction, the senior vice president now owns 45,687 shares in the company, valued at approximately $1,777,681.17. This represents a 2.56 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

International Seaways Stock Performance

Shares of INSW traded down $0.62 during mid-day trading on Friday, hitting $39.00. 429,947 shares of the company traded hands, compared to its average volume of 579,878. 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 stock has a 50-day moving average price of $46.61 and a two-hundred day moving average price of $52.81. International Seaways, Inc. has a 1 year low of $38.67 and a 1 year high of $65.94. The stock has a market cap of $1.92 billion, a price-to-earnings ratio of 3.77 and a beta of -0.06.

International Seaways (NYSE:INSW) last announced its earnings results on Thursday, November 7th. The transportation company reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.42 by $0.15. International Seaways had a net margin of 50.91% and a return on equity of 24.65%. The business had revenue of $225.20 million during the quarter, compared to analysts’ expectations of $208.75 million. During the same period in the prior year, the company earned $1.99 earnings per share. The firm’s revenue was down 6.8% on a year-over-year basis. Equities analysts anticipate that International Seaways, Inc. will post 7.92 earnings per share for the current year.

International Seaways Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be issued a dividend of $1.32 per share. This is a boost from International Seaways’s previous quarterly dividend of $0.12. This represents a $5.28 dividend on an annualized basis and a yield of 13.54%. The ex-dividend date of this dividend is Friday, December 13th. International Seaways’s dividend payout ratio is currently 4.64%.

Institutional Trading of International Seaways

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Franklin Resources Inc. increased its stake in shares of International Seaways by 0.8% in the third 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 in the last quarter. Hohimer Wealth Management LLC purchased a new stake in shares of International Seaways in the third quarter worth $240,000. Sunbelt Securities Inc. purchased a new stake in shares of International Seaways in the third quarter worth $52,000. Geode Capital Management LLC boosted its position in shares of International Seaways by 4.3% during the third quarter. Geode Capital Management LLC now owns 943,375 shares of the transportation company’s stock worth $48,650,000 after acquiring an additional 38,871 shares during the last quarter. Finally, Barclays PLC boosted 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 worth $13,374,000 after acquiring an additional 174,695 shares during the last quarter. 67.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Jefferies Financial Group dropped their target price on shares of International Seaways from $66.00 to $60.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th. StockNews.com cut shares of International Seaways from a “buy” rating to a “hold” rating in a report on Thursday, August 8th. Stifel Nicolaus cut shares of International Seaways from a “buy” rating to a “hold” rating and decreased their price objective for the company from $69.00 to $56.00 in a report on Wednesday, October 23rd. Finally, Fearnley Fonds raised shares of 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 given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $60.67.

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.