New York State Common Retirement Fund Sells 8,656 Shares of International Seaways Inc. (NYSE:INSW)

Key Points

• The New York State Common Retirement Fund reduced its stake in International Seaways Inc. by 28.4%, now holding 21,845 shares valued at approximately $725,000.
• International Seaways reported $0.80 earnings per share for the latest quarter, exceeding analysts' expectations of $0.59, although revenue decreased by 32.9% year-over-year.
• The firm declared a quarterly dividend of $0.12 per share, resulting in an annualized dividend yield of 1.19%, with a payout ratio of 7.42%.

New York State Common Retirement Fund cut its stake in shares of International Seaways Inc. (NYSE:INSW - Free Report) by 28.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,845 shares of the transportation company's stock after selling 8,656 shares during the period. New York State Common Retirement Fund's holdings in International Seaways were worth $725,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of INSW. Bridgeway Capital Management LLC acquired a new stake in shares of International Seaways during the fourth quarter worth $14,269,000. Vanguard Group Inc. raised its position in International Seaways by 8.4% during the fourth quarter. Vanguard Group Inc. now owns 4,759,119 shares of the transportation company's stock valued at $171,043,000 after buying an additional 369,145 shares during the period. Clearbridge Investments LLC acquired a new position in International Seaways during the fourth quarter valued at $11,374,000. Winmill & CO. Inc. acquired a new position in International Seaways during the fourth quarter valued at $6,311,000. Finally, Donald Smith & CO. Inc. raised its position in International Seaways by 77.8% during the fourth quarter. Donald Smith & CO. Inc. now owns 362,192 shares of the transportation company's stock valued at $13,017,000 after buying an additional 158,495 shares during the period. 67.29% of the stock is owned by institutional investors and hedge funds.

International Seaways Stock Up 0.3%

NYSE INSW traded up $0.11 on Tuesday, reaching $41.10. The stock had a trading volume of 55,888 shares, compared to its average volume of 776,338. The business has a 50 day moving average price of $38.51 and a 200 day moving average price of $36.58. The company has a current ratio of 2.76, a quick ratio of 2.75 and a debt-to-equity ratio of 0.29. International Seaways Inc. has a 1 year low of $27.20 and a 1 year high of $56.66. The company has a market capitalization of $2.03 billion, a price-to-earnings ratio of 6.32 and a beta of 0.05.

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 analysts' consensus estimates of $0.59 by $0.21. International Seaways had a return on equity of 14.98% and a net margin of 37.39%. The firm had revenue of $178.34 million for the quarter, compared to the consensus estimate of $176.49 million. During the same quarter in the previous year, the company posted $2.92 earnings per share. The business's quarterly revenue was down 32.9% compared to the same quarter last year. On average, analysts forecast that International Seaways Inc. will post 7.77 EPS for the current fiscal year.

International Seaways Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 26th. Shareholders of record on Thursday, June 12th were paid a $0.12 dividend. The ex-dividend date of this dividend was Thursday, June 12th. This represents a $0.48 dividend on an annualized basis and a yield of 1.17%. International Seaways's dividend payout ratio (DPR) is currently 7.42%.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at International Seaways

In other International Seaways news, SVP William F. Nugent sold 1,000 shares of the business's stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $37.00, for a total value of $37,000.00. Following the transaction, the senior vice president owned 59,752 shares in the company, valued at $2,210,824. The trade was a 1.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Derek G. Solon sold 1,500 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $38.22, for a total value of $57,330.00. Following the transaction, the senior vice president directly owned 55,893 shares in the company, valued at approximately $2,136,230.46. This represents a 2.61% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,500 shares of company stock worth $473,730 over the last 90 days. 2.00% of the stock is currently owned by corporate insiders.

International Seaways Company 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.