41,911 Shares in International Seaways, Inc. (NYSE:INSW) Acquired by Kingsview Wealth Management LLC

Kingsview Wealth Management LLC acquired a new stake in International Seaways, Inc. (NYSE:INSW) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 41,911 shares of the transportation company’s stock, valued at approximately $2,161,000.

Several other large investors have also modified their holdings of INSW. SG Americas Securities LLC grew its holdings 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 last quarter. QRG Capital Management Inc. grew its stake in shares of International Seaways by 227.5% in the 2nd quarter. QRG Capital Management Inc. now owns 26,253 shares of the transportation company’s stock valued at $1,552,000 after purchasing an additional 18,237 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings 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 purchasing an additional 33,392 shares during the period. Lazard Asset Management LLC raised its stake in shares of International Seaways by 21.3% during the first quarter. Lazard Asset Management LLC now owns 63,621 shares of the transportation company’s stock worth $3,384,000 after purchasing an additional 11,192 shares during the last quarter. Finally, Aurora Investment Counsel purchased a new stake in shares of International Seaways during the third quarter worth approximately $661,000. 67.29% of the stock is owned by institutional investors and hedge funds.

International Seaways Stock Performance

Shares of INSW opened at $40.81 on Tuesday. 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 $40.49 and a 52-week high of $65.94. The company has a 50-day simple moving average of $47.50 and a 200-day simple moving average of $53.30. The company has a market capitalization of $2.01 billion, a PE ratio of 3.94 and a beta of -0.06.

International Seaways (NYSE:INSW) last issued its earnings results on Thursday, November 7th. The transportation company reported $1.57 earnings per share (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 company had revenue of $225.20 million during the quarter, compared to analysts’ expectations of $208.75 million. During the same period last year, the company posted $1.99 earnings per share. The firm’s quarterly revenue was down 6.8% compared to the same quarter last year. Equities research analysts predict that International Seaways, Inc. will post 7.92 earnings per share for the current fiscal year.

International Seaways Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be issued a dividend of $1.32 per share. The ex-dividend date of this dividend is Friday, December 13th. This is a boost from International Seaways’s previous quarterly dividend of $0.12. This represents a $5.28 annualized dividend and a yield of 12.94%. International Seaways’s payout ratio is currently 4.64%.

Analyst Ratings Changes

INSW has been the subject of several analyst reports. Stifel Nicolaus cut International Seaways from a “buy” rating to a “hold” rating and cut their price target for the stock from $69.00 to $56.00 in a research note on Wednesday, October 23rd. StockNews.com cut International Seaways from a “buy” rating to a “hold” rating in a research note on Thursday, August 8th. Fearnley Fonds upgraded International Seaways to a “strong-buy” rating in a research note on Friday, September 27th. Finally, Jefferies Financial Group cut their price target on 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 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 company’s stock. According to data from MarketBeat.com, International Seaways presently has an average rating of “Moderate Buy” and a consensus price target of $60.67.

Insiders Place Their Bets

In related news, SVP William F. Nugent sold 1,000 shares of International Seaways stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $51.24, for a total transaction of $51,240.00. Following the completion of the transaction, the senior vice president now directly owns 52,803 shares in the company, valued at $2,705,625.72. The trade was a 1.86 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction on Friday, November 15th. The shares were sold at an average price of $41.83, for a total value of $83,660.00. Following the sale, the chief executive officer now owns 151,475 shares in the company, valued at approximately $6,336,199.25. This trade represents a 1.30 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 15,000 shares of company stock worth $723,780. 1.90% of the stock is owned by corporate insiders.

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.