International Seaways, Inc. (NYSE:INSW) Shares Sold by Portolan Capital Management LLC

Portolan Capital Management LLC lowered its stake in shares of International Seaways, Inc. (NYSE:INSW) by 9.2% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 84,625 shares of the transportation company’s stock after selling 8,566 shares during the period. Portolan Capital Management LLC owned approximately 0.17% of International Seaways worth $4,363,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. FMR LLC raised its position in International Seaways by 221.0% in the 3rd quarter. FMR LLC now owns 602,213 shares of the transportation company’s stock valued at $31,050,000 after purchasing an additional 414,610 shares in the last quarter. Millennium Management LLC purchased a new position in International Seaways in the second quarter worth approximately $21,875,000. American Century Companies Inc. grew its holdings in International Seaways by 25.7% during the 2nd quarter. American Century Companies Inc. now owns 1,235,135 shares of the transportation company’s stock worth $73,034,000 after acquiring an additional 252,492 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of International Seaways in the 2nd quarter valued at $8,781,000. Finally, Hotchkis & Wiley Capital Management LLC purchased a new stake in shares of International Seaways during the 3rd quarter worth $6,168,000. Institutional investors and hedge funds own 67.29% of the company’s stock.

Analyst Ratings Changes

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

Insiders Place Their Bets

In other International Seaways 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 sale, the director now owns 16,109 shares of the company’s stock, valued at $792,079.53. The trade was a 23.69 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Derek G. Solon sold 1,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $49.75, for a total value of $49,750.00. Following the transaction, the senior vice president now directly owns 46,887 shares in the company, valued at $2,332,628.25. This trade represents a 2.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 16,200 shares of company stock valued at $758,822. Company insiders own 1.90% of the company’s stock.

International Seaways Stock Performance

International Seaways stock opened at $39.74 on Wednesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.60 and a quick ratio of 3.60. International Seaways, Inc. has a 12 month low of $38.12 and a 12 month high of $65.94. The company has a market cap of $1.95 billion, a price-to-earnings ratio of 3.84 and a beta of -0.10. The stock’s 50-day moving average is $45.90 and its 200-day moving average is $52.17.

International Seaways (NYSE:INSW) last issued its quarterly earnings data on Thursday, November 7th. The transportation company reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.42 by $0.15. The company had revenue of $225.20 million during the quarter, compared to the consensus estimate of $208.75 million. International Seaways had a net margin of 50.91% and a return on equity of 24.65%. International Seaways’s revenue for the quarter was down 6.8% on a year-over-year basis. During the same quarter last year, the company earned $1.99 earnings per share. Equities analysts anticipate that International Seaways, Inc. will post 7.92 earnings per share for the current 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 given a $1.32 dividend. This is a positive change from International Seaways’s previous quarterly dividend of $0.12. The ex-dividend date is Friday, December 13th. This represents a $5.28 annualized dividend and a dividend yield of 13.29%. International Seaways’s dividend payout ratio (DPR) is presently 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.