Canada Pension Plan Investment Board Has $1.40 Million Stake in International Seaways, Inc. (NYSE:INSW)

Canada Pension Plan Investment Board lessened its position in International Seaways, Inc. (NYSE:INSW - Free Report) by 46.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,000 shares of the transportation company's stock after selling 34,100 shares during the period. Canada Pension Plan Investment Board owned about 0.08% of International Seaways worth $1,402,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of INSW. Barclays PLC lifted its position in shares of International Seaways by 8.4% in the fourth quarter. Barclays PLC now owns 281,301 shares of the transportation company's stock valued at $10,110,000 after buying an additional 21,908 shares during the last quarter. Townsquare Capital LLC bought a new position in International Seaways during the fourth quarter worth $226,000. Sterling Capital Management LLC increased its holdings in shares of International Seaways by 11.5% in the fourth quarter. Sterling Capital Management LLC now owns 11,167 shares of the transportation company's stock valued at $401,000 after purchasing an additional 1,156 shares during the last quarter. Capital Fund Management S.A. acquired a new stake in shares of International Seaways during the 4th quarter worth about $937,000. Finally, Raymond James Financial Inc. bought a new stake in shares of International Seaways during the 4th quarter worth about $1,837,000. 67.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

INSW has been the subject of a number of research analyst reports. SEB Equity Research set a $50.00 price objective on International Seaways in a report on Friday, January 24th. Jefferies Financial Group reissued a "buy" rating and issued a $58.00 price objective on shares of International Seaways in a report on Thursday, February 27th. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $57.50.

International Seaways Price Performance

NYSE:INSW traded up $0.58 during trading hours on Tuesday, hitting $34.36. The company's stock had a trading volume of 201,912 shares, compared to its average volume of 741,770. International Seaways, Inc. has a twelve month low of $27.20 and a twelve month high of $65.94. 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 stock has a fifty day simple moving average of $33.35 and a 200-day simple moving average of $37.59. The company has a market capitalization of $1.69 billion, a P/E ratio of 3.32 and a beta of -0.01.

International Seaways Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.40%. The ex-dividend date was Friday, March 14th. International Seaways's dividend payout ratio is 5.72%.

Insider Activity at International Seaways

In related news, CEO Lois K. Zabrocky sold 2,000 shares of International Seaways stock in a transaction that occurred on 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 $6,223,445.62. This trade represents a 1.10 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP William F. Nugent sold 1,000 shares of the company'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 completion of the transaction, the senior vice president now owns 56,846 shares of the company's stock, valued at approximately $1,854,884.98. This trade represents a 1.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,400 shares of company stock valued at $385,176 in the last quarter. Insiders own 1.90% of the company's stock.

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.