Man Group plc Sells 9,306 Shares of International Seaways, Inc. (NYSE:INSW)

Man Group plc trimmed its holdings in shares of International Seaways, Inc. (NYSE:INSW - Free Report) by 46.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 10,794 shares of the transportation company's stock after selling 9,306 shares during the quarter. Man Group plc's holdings in International Seaways were worth $388,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Banque Transatlantique SA bought a new position in International Seaways during the fourth quarter worth about $29,000. Larson Financial Group LLC bought a new position in International Seaways during the fourth quarter worth about $37,000. Quarry LP increased its position in International Seaways by 169.0% during the fourth quarter. Quarry LP now owns 1,356 shares of the transportation company's stock worth $49,000 after acquiring an additional 852 shares during the period. R Squared Ltd bought a new position in International Seaways during the fourth quarter worth about $59,000. Finally, KBC Group NV increased its position in International Seaways by 60.2% during the fourth quarter. KBC Group NV now owns 1,737 shares of the transportation company's stock worth $62,000 after acquiring an additional 653 shares during the period. 67.29% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group reaffirmed a "buy" rating and set a $48.00 price target on shares of International Seaways in a research report on Thursday, May 8th.

International Seaways Price Performance

Shares of NYSE:INSW traded down $1.59 during midday trading on Wednesday, hitting $36.29. The stock had a trading volume of 469,879 shares, compared to its average volume of 746,236. The company's 50-day moving average price is $34.39 and its 200-day moving average price is $36.36. The company has a market capitalization of $1.79 billion, a P/E ratio of 3.51 and a beta of -0.01. The company has a quick ratio of 3.60, a current ratio of 3.60 and a debt-to-equity ratio of 0.32. International Seaways, Inc. has a fifty-two week low of $27.20 and a fifty-two week high of $65.32.

International Seaways (NYSE:INSW - Get Free Report) last issued its earnings results on Thursday, May 8th. The transportation company reported $0.80 EPS for the quarter, beating the consensus estimate of $0.59 by $0.21. The company had revenue of $178.34 million during the quarter, compared to analysts' expectations of $176.49 million. International Seaways had a net margin of 50.91% and a return on equity of 24.65%. The business's revenue for the quarter was down 32.9% compared to the same quarter last year. During the same period in the previous year, the company earned $2.92 EPS. As a group, equities research analysts predict that International Seaways, Inc. will post 7.77 EPS for the current fiscal year.

International Seaways Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Thursday, June 12th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.32%. The ex-dividend date is Thursday, June 12th. International Seaways's payout ratio is presently 7.42%.

Insider Activity

In related news, SVP William F. Nugent sold 1,000 shares of International Seaways stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $33.89, for a total transaction of $33,890.00. Following the sale, the senior vice president now directly owns 55,852 shares of the company's stock, valued at approximately $1,892,824.28. The trade was a 1.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Lois K. Zabrocky sold 2,000 shares of International Seaways stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $31.66, for a total transaction of $63,320.00. Following the sale, the chief executive officer now directly owns 198,771 shares in the company, valued at $6,293,089.86. This trade represents a 1.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 14,900 shares of company stock worth $513,716. 2.00% of the stock is currently owned by corporate insiders.

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.