Cinctive Capital Management LP Buys 34,223 Shares of International Seaways, Inc. (NYSE:INSW)

Cinctive Capital Management LP raised its stake in shares of International Seaways, Inc. (NYSE:INSW) by 230.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 49,046 shares of the transportation company’s stock after purchasing an additional 34,223 shares during the period. Cinctive Capital Management LP owned 0.10% of International Seaways worth $2,529,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Paloma Partners Management Co bought a new position in shares of International Seaways during the 3rd quarter valued at approximately $284,000. Martingale Asset Management L P increased its stake in International Seaways by 2.9% in the 3rd quarter. Martingale Asset Management L P now owns 61,805 shares of the transportation company’s stock worth $3,187,000 after buying an additional 1,725 shares in the last quarter. PEAK6 Investments LLC bought a new stake in International Seaways during the third quarter valued at about $682,000. Cynosure Group LLC lifted its position in shares of International Seaways by 6.6% in the third quarter. Cynosure Group LLC now owns 7,171 shares of the transportation company’s stock valued at $370,000 after acquiring an additional 447 shares in the last quarter. Finally, FMR LLC boosted its stake in shares of International Seaways by 221.0% in the third quarter. FMR LLC now owns 602,213 shares of the transportation company’s stock worth $31,050,000 after acquiring an additional 414,610 shares during the period. Hedge funds and other institutional investors own 67.29% of the company’s stock.

Insider Transactions at International Seaways

In other news, Director Alexandra Kate Blankenship sold 5,000 shares of International Seaways stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $49.17, for a total transaction of $245,850.00. Following the completion of the sale, the director now directly owns 16,109 shares in the company, valued at approximately $792,079.53. This trade represents a 23.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP William F. Nugent sold 1,000 shares of the company’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $39.54, for a total transaction of $39,540.00. Following the completion of the transaction, the senior vice president now owns 50,803 shares in the company, valued at approximately $2,008,750.62. The trade was a 1.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,200 shares of company stock worth $758,822. 1.90% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on INSW shares. Stifel Nicolaus cut International Seaways from a “buy” rating to a “hold” rating and lowered their price target for the stock from $69.00 to $56.00 in a report on Wednesday, October 23rd. Fearnley Fonds upgraded shares of International Seaways to a “strong-buy” rating in a research report on Friday, September 27th. StockNews.com downgraded shares of International Seaways from a “buy” rating to a “hold” rating in a report on Thursday, August 8th. Finally, Jefferies Financial Group dropped their price objective on shares of International Seaways from $66.00 to $60.00 and set a “buy” rating for the company in a report on Thursday, November 14th. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $60.67.

International Seaways Price Performance

International Seaways stock opened at $38.27 on Tuesday. The firm’s fifty day moving average is $46.14 and its 200 day moving average is $52.34. 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 $38.12 and a 52-week high of $65.94. The company has a market cap of $1.88 billion, a price-to-earnings ratio of 3.70 and a beta of -0.10.

International Seaways (NYSE:INSW) last released its earnings results on Thursday, November 7th. The transportation company reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.42 by $0.15. The firm had revenue of $225.20 million for the quarter, compared to the consensus estimate of $208.75 million. International Seaways had a return on equity of 24.65% and a net margin of 50.91%. The company’s revenue for the quarter was down 6.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.99 EPS. Sell-side analysts forecast that International Seaways, Inc. will post 7.92 EPS for the current fiscal year.

International Seaways Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be paid a $1.32 dividend. The ex-dividend date is Friday, December 13th. This represents a $5.28 annualized dividend and a dividend yield of 13.80%. This is an increase from International Seaways’s previous quarterly dividend of $0.12. International Seaways’s dividend payout ratio is currently 4.64%.

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.