Pale Fire Capital SE Sells 240,638 Shares of International Seaways Inc. $INSW

Key Points

• Pale Fire Capital SE reduced its stake in International Seaways Inc. by 46.5%, selling 240,638 shares and leaving it with 276,626 shares, representing 1.1% of its portfolio.
• In contrast, other investors such as GAMMA Investing LLC and New York State Teachers Retirement System increased their holdings by over 100%, indicating a mixed sentiment among institutional investors.
• International Seaways announced a quarterly dividend of $0.12 per share, with an annual yield of 1.1%, and reported earnings of $1.02 per share, exceeding analysts' expectations.

Pale Fire Capital SE reduced its holdings in shares of International Seaways Inc. (NYSE:INSW - Free Report) by 46.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 276,626 shares of the transportation company's stock after selling 240,638 shares during the quarter. International Seaways makes up about 1.1% of Pale Fire Capital SE's holdings, making the stock its 12th largest position. Pale Fire Capital SE owned about 0.56% of International Seaways worth $9,184,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Banque Transatlantique SA bought a new stake in International Seaways during the fourth quarter worth $29,000. GAMMA Investing LLC increased its position in International Seaways by 105.1% in the first quarter. GAMMA Investing LLC now owns 1,163 shares of the transportation company's stock worth $39,000 after buying an additional 596 shares during the last quarter. Quarry LP increased its position in International Seaways by 169.0% in the fourth quarter. Quarry LP now owns 1,356 shares of the transportation company's stock worth $49,000 after buying an additional 852 shares during the last quarter. Blue Trust Inc. increased its position in International Seaways by 87.3% in the first quarter. Blue Trust Inc. now owns 1,583 shares of the transportation company's stock worth $53,000 after buying an additional 738 shares during the last quarter. Finally, Picton Mahoney Asset Management purchased a new stake in International Seaways in the first quarter worth $55,000. 67.29% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CFO Jeffrey Pribor sold 1,000 shares of the business's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $44.69, for a total value of $44,690.00. Following the completion of the sale, the chief financial officer owned 64,502 shares of the company's stock, valued at approximately $2,882,594.38. The trade was a 1.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Lois K. Zabrocky sold 2,000 shares of the business's stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $41.58, for a total value of $83,160.00. Following the completion of the sale, the chief executive officer directly owned 190,771 shares of the company's stock, valued at approximately $7,932,258.18. This trade represents a 1.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,000 shares of company stock worth $804,950 in the last 90 days. 2.00% of the stock is currently owned by company insiders.

International Seaways Price Performance

Shares of NYSE:INSW traded down $0.16 on Tuesday, hitting $44.17. The company's stock had a trading volume of 452,696 shares, compared to its average volume of 607,193. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.95 and a quick ratio of 0.95. The company has a 50-day simple moving average of $40.50 and a 200 day simple moving average of $37.14. International Seaways Inc. has a 1 year low of $27.20 and a 1 year high of $54.84. The company has a market capitalization of $2.18 billion, a PE ratio of 9.18 and a beta of 0.05.

International Seaways (NYSE:INSW - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The transportation company reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.11. International Seaways had a return on equity of 11.35% and a net margin of 29.88%.The firm had revenue of $188.82 million during the quarter, compared to analyst estimates of $199.06 million. During the same quarter in the previous year, the company posted $2.37 earnings per share. The company's revenue was down 24.0% compared to the same quarter last year. Sell-side analysts forecast that International Seaways Inc. will post 7.77 EPS for the current fiscal year.

International Seaways Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 24th. Shareholders of record on Wednesday, September 10th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $0.48 annualized dividend and a yield of 1.1%. International Seaways's payout ratio is 9.98%.

Analysts Set New Price Targets

INSW has been the subject of a number of recent research reports. BTIG Research decreased their target price on International Seaways from $70.00 to $60.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. Jefferies Financial Group reissued a "buy" rating and issued a $48.00 target price on shares of International Seaways in a research report on Thursday, May 8th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Buy" and an average price target of $53.50.

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.