Vanguard Group Inc. Lowers Stake in International Seaways Inc. $INSW

Key Points

• Vanguard Group Inc. reduced its stake in International Seaways Inc. by 2.7% in Q1, owning approximately 9.39% of the company after selling 128,622 shares.
• International Seaways reported $1.02 earnings per share for the latest quarter, surpassing analyst expectations, although quarterly revenue was down 24% compared to the previous year.
• The company will pay a quarterly dividend of $0.12 per share on September 24th, representing an annualized dividend yield of 1.1% and a low payout ratio of 9.98%.

Vanguard Group Inc. reduced its position in International Seaways Inc. (NYSE:INSW - Free Report) by 2.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,630,497 shares of the transportation company's stock after selling 128,622 shares during the period. Vanguard Group Inc. owned 9.39% of International Seaways worth $153,732,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in INSW. Banque Transatlantique SA purchased a new stake in shares of International Seaways in the fourth quarter worth about $29,000. GAMMA Investing LLC increased its stake in 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. Quarry LP increased its stake 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 last quarter. Blue Trust Inc. increased its stake in International Seaways by 87.3% during the first quarter. Blue Trust Inc. now owns 1,583 shares of the transportation company's stock worth $53,000 after acquiring an additional 738 shares during the last quarter. Finally, Picton Mahoney Asset Management bought a new stake in International Seaways during the first quarter worth approximately $55,000. 67.29% of the stock is currently owned by hedge funds and other institutional investors.

International Seaways Trading Up 0.6%

Shares of INSW traded up $0.2680 during mid-day trading on Friday, reaching $44.7680. 686,585 shares of the company's stock traded hands, compared to its average volume of 596,806. The stock has a market cap of $2.21 billion, a P/E ratio of 9.31 and a beta of 0.05. The stock's 50-day moving average is $40.31 and its two-hundred day moving average is $37.08. International Seaways Inc. has a 12 month low of $27.20 and a 12 month high of $54.84. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.95 and a quick ratio of 0.95.

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

International Seaways Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 24th. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.1%. International Seaways's dividend payout ratio is currently 9.98%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on INSW shares. Jefferies Financial Group reissued a "buy" rating and set a $48.00 price objective on shares of International Seaways in a research note on Thursday, May 8th. BTIG Research reduced their price objective on International Seaways from $70.00 to $60.00 and set a "buy" rating on the stock in a research note on Wednesday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $53.50.

Insiders Place Their Bets

In other news, CEO Lois K. Zabrocky sold 2,000 shares of the company's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $38.74, for a total transaction of $77,480.00. Following the transaction, the chief executive officer owned 194,771 shares of the company's stock, valued at approximately $7,545,428.54. This represents a 1.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP William F. Nugent sold 1,000 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $40.21, for a total value of $40,210.00. Following the completion of the sale, the senior vice president owned 58,752 shares of the company's stock, valued at $2,362,417.92. The trade was a 1.67% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,000 shares of company stock worth $760,260. Corporate insiders own 2.00% of the company's stock.

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.