International Seaways Inc. $INSW Shares Bought by Rhumbline Advisers

Key Points

• Rhumbline Advisers increased its stake in International Seaways Inc. by 13.8% in Q1, now holding a total of 136,422 shares valued at approximately $4.5 million.
• Several hedge funds significantly boosted their positions in International Seaways, with PNC Financial Services increasing its stake by 550.7%.
• The company announced a quarterly dividend of $0.12, set to be paid on September 24th, reflecting an annualized yield of 1.0%.

Rhumbline Advisers raised its holdings in shares of International Seaways Inc. (NYSE:INSW - Free Report) by 13.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 136,422 shares of the transportation company's stock after buying an additional 16,519 shares during the period. Rhumbline Advisers owned about 0.28% of International Seaways worth $4,529,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its position in shares of International Seaways by 105.1% during the first quarter. GAMMA Investing LLC now owns 1,163 shares of the transportation company's stock worth $39,000 after acquiring an additional 596 shares during the last quarter. Blue Trust Inc. increased its holdings 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. Picton Mahoney Asset Management acquired a new position in International Seaways during the first quarter valued at approximately $55,000. PNC Financial Services Group Inc. boosted its position in shares of International Seaways by 550.7% in the first quarter. PNC Financial Services Group Inc. now owns 1,822 shares of the transportation company's stock valued at $60,000 after acquiring an additional 1,542 shares during the period. Finally, KBC Group NV lifted its position in International Seaways by 61.2% in the first quarter. KBC Group NV now owns 2,800 shares of the transportation company's stock worth $93,000 after purchasing an additional 1,063 shares during the period. 67.29% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, BTIG Research decreased their price objective 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. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, International Seaways has an average rating of "Buy" and a consensus price target of $53.50.

Insider Transactions at International Seaways

In related news, CFO Jeffrey Pribor sold 1,000 shares of International Seaways stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $48.27, for a total value of $48,270.00. Following the completion of the sale, the chief financial officer owned 63,502 shares in the company, valued at approximately $3,065,241.54. This trade represents a 1.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Derek G. Solon sold 3,000 shares of International Seaways stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $41.35, for a total transaction of $124,050.00. Following the sale, the senior vice president directly owned 52,893 shares of the company's stock, valued at approximately $2,187,125.55. This trade represents a 5.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,000 shares of company stock worth $836,770 over the last 90 days. Insiders own 2.00% of the company's stock.

International Seaways Trading Down 2.4%

Shares of NYSE INSW traded down $1.19 during midday trading on Friday, reaching $47.63. The company had a trading volume of 1,273,374 shares, compared to its average volume of 489,113. The firm's fifty day moving average price is $43.35 and its 200-day moving average price is $38.35. The stock has a market cap of $2.35 billion, a PE ratio of 9.90 and a beta of 0.08. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.14. International Seaways Inc. has a one year low of $27.20 and a one year high of $54.84.

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

International Seaways Announces Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $0.48 dividend on an annualized basis and a yield of 1.0%. International Seaways's payout ratio is 9.98%.

International Seaways 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.