Public Sector Pension Investment Board Increases Stock Holdings in International Seaways Inc. $INSW

Key Points

• The Public Sector Pension Investment Board increased its stake in International Seaways by 53.3%, acquiring an additional 53,558 shares during the first quarter.
• Analysts have set new target prices for International Seaways, with BTIG Research lowering their target from $70.00 to $60.00, while Jefferies maintains a target of $48.00 with a "buy" rating.
• The company announced a quarterly dividend of $0.12 per share, with an annualized payout of $0.48, translating to a dividend yield of 1.2%.

Public Sector Pension Investment Board raised its holdings in International Seaways Inc. (NYSE:INSW - Free Report) by 53.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 154,003 shares of the transportation company's stock after purchasing an additional 53,558 shares during the period. Public Sector Pension Investment Board owned approximately 0.31% of International Seaways worth $5,113,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in INSW. Pacer Advisors Inc. acquired a new position in shares of International Seaways in the 1st quarter valued at approximately $17,331,000. Bridgeway Capital Management LLC acquired a new position in International Seaways during the 4th quarter worth approximately $14,269,000. Nuveen LLC acquired a new position in International Seaways during the 1st quarter worth approximately $9,079,000. Voloridge Investment Management LLC increased its position in International Seaways by 445.5% during the 4th quarter. Voloridge Investment Management LLC now owns 180,566 shares of the transportation company's stock worth $6,490,000 after purchasing an additional 147,468 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its position in International Seaways by 1,452.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 145,444 shares of the transportation company's stock worth $4,829,000 after purchasing an additional 136,076 shares in the last quarter. 67.29% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Lois K. Zabrocky sold 2,000 shares of International Seaways stock in a transaction on Friday, August 15th. The shares were sold at an average price of $41.58, for a total value of $83,160.00. Following the sale, the chief executive officer owned 190,771 shares in the company, valued at $7,932,258.18. The trade was a 1.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO James D. Small III sold 5,000 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $41.35, for a total value of $206,750.00. Following the transaction, the chief accounting officer owned 69,292 shares in the company, valued at $2,865,224.20. This trade represents a 6.73% decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,000 shares of company stock worth $760,260 in the last quarter. Insiders own 2.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on INSW shares. Jefferies Financial Group reiterated a "buy" rating and set a $48.00 price objective on shares of International Seaways in a research report on Thursday, May 8th. BTIG Research lowered their price objective on shares of International Seaways from $70.00 to $60.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, International Seaways has a consensus rating of "Buy" and an average price target of $53.50.

International Seaways Price Performance

Shares of INSW stock traded up $0.4760 during trading hours on Friday, reaching $44.9760. The stock had a trading volume of 116,462 shares, compared to its average volume of 758,930. The stock's fifty day simple moving average is $40.22 and its 200 day simple moving average is $37.07. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. International Seaways Inc. has a 12 month low of $27.20 and a 12 month high of $54.84. The firm has a market capitalization of $2.22 billion, a PE ratio of 9.32 and a beta of 0.05.

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

International Seaways Dividend Announcement

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

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.