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

Cinctive Capital Management LP raised its position in shares of International Seaways, Inc. (NYSE:INSW) by 230.9% in the third quarter, HoldingsChannel reports. The firm owned 49,046 shares of the transportation company’s stock after acquiring an additional 34,223 shares during the period. Cinctive Capital Management LP’s holdings in International Seaways were worth $2,529,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in INSW. EverSource Wealth Advisors LLC purchased a new stake in International Seaways during the first quarter worth $27,000. EdgeRock Capital LLC acquired a new stake in shares of International Seaways during the second quarter worth $28,000. Blue Trust Inc. purchased a new stake in International Seaways during the 3rd quarter valued at about $41,000. KBC Group NV lifted its holdings in shares of International Seaways by 65.2% during the third quarter. KBC Group NV now owns 1,084 shares of the transportation company’s stock worth $56,000 after purchasing an additional 428 shares during the period. Finally, Quarry LP boosted its position in International Seaways by 408.0% in the second quarter. Quarry LP now owns 1,453 shares of the transportation company’s stock valued at $86,000 after buying an additional 1,167 shares during the last quarter. 67.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

INSW has been the subject of a number of recent research reports. Jefferies Financial Group reduced 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 report on Thursday, November 14th. StockNews.com downgraded shares of International Seaways from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. Fearnley Fonds raised International Seaways to a “strong-buy” rating in a research report on Friday, September 27th. Finally, Stifel Nicolaus cut 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. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $60.67.

Insiders Place Their Bets

In related news, SVP William F. Nugent sold 1,000 shares of the company’s stock in a transaction dated Friday, November 29th. The shares were 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 $2,008,750.62. This represents a 1.93 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Alexandra Kate Blankenship sold 5,000 shares of International Seaways stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $49.17, for a total value of $245,850.00. Following the completion of the sale, the director now owns 16,109 shares in the company, valued at approximately $792,079.53. The trade was a 23.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,200 shares of company stock worth $758,822. 1.90% of the stock is owned by corporate insiders.

International Seaways Price Performance

NYSE:INSW opened at $38.27 on Tuesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.60 and a quick ratio of 3.60. The company has a 50 day moving average price of $46.14 and a 200-day moving average price of $52.34. International Seaways, Inc. has a 1-year low of $38.12 and a 1-year high of $65.94. The firm 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 quarterly earnings data on Thursday, November 7th. The transportation company reported $1.57 earnings per share 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 quarter in the previous year, the company earned $1.99 earnings per share. The firm’s revenue for the quarter was down 6.8% on a year-over-year basis. Equities research analysts forecast that International Seaways, Inc. will post 7.92 EPS for the current year.

International Seaways Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be issued a $1.32 dividend. This is a boost from International Seaways’s previous quarterly dividend of $0.12. The ex-dividend date is Friday, December 13th. This represents a $5.28 dividend on an annualized basis and a yield of 13.80%. International Seaways’s dividend payout ratio is presently 4.64%.

International Seaways Profile

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.