Foundry Partners LLC Trims Stock Holdings in International Seaways, Inc. (NYSE:INSW)

Foundry Partners LLC lowered its stake in International Seaways, Inc. (NYSE:INSW) by 19.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,340 shares of the transportation company’s stock after selling 2,071 shares during the quarter. Foundry Partners LLC’s holdings in International Seaways were worth $430,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the stock. Magnetar Financial LLC purchased a new position in shares of International Seaways during the 1st quarter worth approximately $2,604,000. SG Americas Securities LLC boosted its position in shares of International Seaways by 102.1% during the second quarter. SG Americas Securities LLC now owns 21,082 shares of the transportation company’s stock worth $1,247,000 after buying an additional 10,652 shares during the period. QRG Capital Management Inc. boosted its position in shares of International Seaways by 227.5% during the second quarter. QRG Capital Management Inc. now owns 26,253 shares of the transportation company’s stock worth $1,552,000 after buying an additional 18,237 shares during the period. Allspring Global Investments Holdings LLC grew its stake in shares of International Seaways by 88.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 71,206 shares of the transportation company’s stock valued at $3,671,000 after buying an additional 33,392 shares in the last quarter. Finally, Lazard Asset Management LLC raised its holdings in shares of International Seaways by 21.3% in the 1st quarter. Lazard Asset Management LLC now owns 63,621 shares of the transportation company’s stock valued at $3,384,000 after buying an additional 11,192 shares during the period. Hedge funds and other institutional investors own 67.29% of the company’s stock.

Insider Buying and Selling

In related news, Director Alexandra Kate Blankenship sold 5,000 shares of International Seaways stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $49.17, for a total transaction of $245,850.00. Following the sale, the director now directly owns 16,109 shares in the company, valued at $792,079.53. This trade represents a 23.69 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Lois K. Zabrocky sold 2,000 shares of the business’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $41.83, for a total transaction of $83,660.00. Following the completion of the sale, the chief executive officer now directly owns 151,475 shares of the company’s stock, valued at approximately $6,336,199.25. This trade represents a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,000 shares of company stock worth $723,780 over the last 90 days. 1.90% of the stock is owned by insiders.

International Seaways Stock Up 0.1 %

Shares of International Seaways stock opened at $41.40 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. International Seaways, Inc. has a 52-week low of $40.86 and a 52-week high of $65.94. The company has a market capitalization of $2.04 billion, a P/E ratio of 4.00 and a beta of -0.06. The company has a 50 day moving average of $47.66 and a 200 day moving average of $53.48.

International Seaways (NYSE:INSW) last released its quarterly earnings data on Thursday, November 7th. The transportation company reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate 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 previous year, the company earned $1.99 EPS. The company’s revenue for the quarter was down 6.8% on a year-over-year basis. As a group, research analysts forecast that International Seaways, Inc. will post 7.92 EPS for the current fiscal year.

International Seaways Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be given a dividend of $1.32 per share. This represents a $5.28 annualized dividend and a dividend yield of 12.75%. The ex-dividend date is Friday, December 13th. This is a positive change from International Seaways’s previous quarterly dividend of $0.12. International Seaways’s dividend payout ratio (DPR) is 4.64%.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Stifel Nicolaus downgraded International Seaways from a “buy” rating to a “hold” rating and dropped their target price for the company from $69.00 to $56.00 in a research report on Wednesday, October 23rd. StockNews.com cut shares of International Seaways from a “buy” rating to a “hold” rating in a report on Thursday, August 8th. Fearnley Fonds upgraded shares of International Seaways to a “strong-buy” rating in a report on Friday, September 27th. Finally, Jefferies Financial Group dropped their price target on shares of International Seaways from $66.00 to $60.00 and set a “buy” rating for the company in a research note on Thursday, November 14th. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, International Seaways has an average rating of “Moderate Buy” and an average target price 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.