Sumitomo Mitsui DS Asset Management Company Ltd Makes New $14.40 Million Investment in International Seaways, Inc. (NYSE:INSW)

Sumitomo Mitsui DS Asset Management Company Ltd acquired a new position in International Seaways, Inc. (NYSE:INSW - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 316,600 shares of the transportation company's stock, valued at approximately $14,399,000. Sumitomo Mitsui DS Asset Management Company Ltd owned 0.65% of International Seaways as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the stock. Knights of Columbus Asset Advisors LLC acquired a new stake in International Seaways in the 4th quarter valued at about $4,186,000. Federated Hermes Inc. lifted its holdings in International Seaways by 1.8% in the 4th quarter. Federated Hermes Inc. now owns 70,656 shares of the transportation company's stock valued at $3,213,000 after acquiring an additional 1,247 shares during the last quarter. Peterson Wealth Services acquired a new stake in International Seaways in the 4th quarter valued at about $203,000. Waldron Private Wealth LLC acquired a new stake in International Seaways in the 4th quarter valued at about $375,000. Finally, Strs Ohio lifted its holdings in International Seaways by 136.6% in the 4th quarter. Strs Ohio now owns 19,400 shares of the transportation company's stock valued at $882,000 after acquiring an additional 11,200 shares during the last quarter. Institutional investors and hedge funds own 67.29% of the company's stock.

Insider Activity

In other news, Director Douglas D. Wheat sold 3,846 shares of the company's stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $51.22, for a total value of $196,992.12. Following the transaction, the director now owns 26,056 shares in the company, valued at approximately $1,334,588.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Douglas D. Wheat sold 3,846 shares of the stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $51.22, for a total value of $196,992.12. Following the transaction, the director now owns 26,056 shares in the company, valued at $1,334,588.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Lois K. Zabrocky sold 16,240 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $52.02, for a total value of $844,804.80. Following the completion of the transaction, the chief executive officer now owns 136,260 shares in the company, valued at approximately $7,088,245.20. The disclosure for this sale can be found here. Insiders have sold 58,846 shares of company stock worth $3,073,978 in the last 90 days. Company insiders own 2.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on INSW shares. Stifel Nicolaus upped their price target on shares of International Seaways from $63.00 to $64.00 and gave the company a "buy" rating in a report on Friday. Jefferies Financial Group restated a "buy" rating and set a $66.00 price objective on shares of International Seaways in a report on Thursday, February 29th. Finally, StockNews.com downgraded International Seaways from a "buy" rating to a "hold" rating in a report on Wednesday.

International Seaways Trading Up 2.8 %

NYSE INSW traded up $1.42 on Friday, hitting $53.03. 508,164 shares of the company were exchanged, compared to its average volume of 405,607. The company's 50 day moving average price is $52.64 and its 200-day moving average price is $49.46. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.38 and a quick ratio of 2.37. The firm has a market capitalization of $2.59 billion, a P/E ratio of 4.71 and a beta of -0.05. International Seaways, Inc. has a twelve month low of $34.77 and a twelve month high of $55.59.

International Seaways (NYSE:INSW - Get Free Report) last issued its earnings results on Thursday, February 29th. The transportation company reported $2.18 earnings per share for the quarter, beating analysts' consensus estimates of $2.08 by $0.10. The company had revenue of $250.73 million for the quarter, compared to the consensus estimate of $239.36 million. International Seaways had a return on equity of 32.03% and a net margin of 51.92%. Analysts predict that International Seaways, Inc. will post 9.42 earnings per share for the current fiscal year.

International Seaways Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were issued a $1.20 dividend. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 9.05%. International Seaways's dividend payout ratio is 4.27%.

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.