Clearbridge Investments LLC Buys Shares of 316,473 International Seaways, Inc. (NYSE:INSW)

Clearbridge Investments LLC purchased a new position in shares of International Seaways, Inc. (NYSE:INSW) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 316,473 shares of the transportation company’s stock, valued at approximately $11,374,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Pictet Asset Management Holding SA increased its holdings in International Seaways by 934.7% in the fourth quarter. Pictet Asset Management Holding SA now owns 56,763 shares of the transportation company’s stock valued at $2,040,000 after buying an additional 51,277 shares during the last quarter. New Age Alpha Advisors LLC acquired a new stake in shares of International Seaways during the 4th quarter valued at approximately $203,000. Loomis Sayles & Co. L P lifted its stake in International Seaways by 1.7% during the fourth quarter. Loomis Sayles & Co. L P now owns 429,889 shares of the transportation company’s stock worth $15,450,000 after purchasing an additional 7,325 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in International Seaways by 2.6% in the fourth quarter. JPMorgan Chase & Co. now owns 406,197 shares of the transportation company’s stock worth $14,599,000 after purchasing an additional 10,142 shares during the period. Finally, TrueMark Investments LLC increased its stake in International Seaways by 69.1% during the fourth quarter. TrueMark Investments LLC now owns 152,698 shares of the transportation company’s stock valued at $5,488,000 after purchasing an additional 62,387 shares during the last quarter. Institutional investors own 67.29% of the company’s stock.

Insider Buying and Selling

In other International Seaways news, CEO Lois K. Zabrocky sold 2,000 shares of the business’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $34.66, for a total transaction of $69,320.00. Following the sale, the chief executive officer now directly owns 179,557 shares in the company, valued at approximately $6,223,445.62. The trade was a 1.10 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP William F. Nugent sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $32.63, for a total transaction of $32,630.00. Following the transaction, the senior vice president now owns 56,846 shares in the company, valued at $1,854,884.98. This represents a 1.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,400 shares of company stock valued at $321,856 in the last three months. 1.90% of the stock is currently owned by corporate insiders.

International Seaways Trading Down 0.7 %

Shares of NYSE:INSW opened at $33.09 on Thursday. International Seaways, Inc. has a fifty-two week low of $31.70 and a fifty-two week high of $65.94. The company has a quick ratio of 3.60, a current ratio of 3.60 and a debt-to-equity ratio of 0.32. The company has a market cap of $1.63 billion, a PE ratio of 3.20 and a beta of -0.01. The company’s 50-day moving average price is $36.04 and its 200 day moving average price is $40.39.

International Seaways Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.48 annualized dividend and a dividend yield of 1.45%. International Seaways’s dividend payout ratio is presently 5.72%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on INSW. SEB Equity Research set a $50.00 price target on shares of International Seaways in a research report on Friday, January 24th. Jefferies Financial Group reaffirmed a “buy” rating and set a $58.00 target price on shares of International Seaways in a report on Thursday, February 27th. Two 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 stock. According to data from MarketBeat, International Seaways has an average rating of “Moderate Buy” and an average price target of $57.50.

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.