Intrust Bank NA Sells 8,399 Shares of International Seaways, Inc. (NYSE:INSW)

Intrust Bank NA reduced its stake in International Seaways, Inc. (NYSE:INSW) by 34.8% in the fourth quarter, Holdings Channel.com reports. The fund owned 15,707 shares of the transportation company’s stock after selling 8,399 shares during the period. Intrust Bank NA’s holdings in International Seaways were worth $565,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

International Seaways Stock Performance

NYSE INSW opened at $33.16 on Friday. International Seaways, Inc. has a 52-week low of $31.70 and a 52-week high of $65.94. The company has a fifty day moving average of $36.28 and a 200-day moving average of $40.72. The company has a market capitalization of $1.63 billion, a P/E ratio of 3.20 and a beta of -0.17. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.60 and a current ratio of 3.60.

International Seaways Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were given a $0.12 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.48 dividend on an annualized basis and a yield of 1.45%. International Seaways’s payout ratio is 5.72%.

Insiders Place Their Bets

In other International Seaways news, SVP William F. Nugent sold 1,000 shares of the business’s stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $35.07, for a total value of $35,070.00. Following the completion of the sale, the senior vice president now directly owns 49,803 shares of the company’s stock, valued at $1,746,591.21. The trade was a 1.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Derek G. Solon sold 4,400 shares of the firm’s stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $33.39, for a total value of $146,916.00. Following the transaction, the senior vice president now directly owns 50,453 shares in the company, valued at $1,684,625.67. This trade represents a 8.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,400 shares of company stock valued at $324,296 over the last quarter. 1.90% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. SEB Equity Research set a $50.00 target price on shares of International Seaways in a research note on Friday, January 24th. Jefferies Financial Group reiterated a “buy” rating and issued a $58.00 price objective on shares of International Seaways in a research report on Thursday, February 27th. Two equities research 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 company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $57.50.

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.