Teacher Retirement System of Texas Cuts Stake in International Seaways, Inc. (NYSE:INSW)

Teacher Retirement System of Texas lessened its holdings in International Seaways, Inc. (NYSE:INSW - Free Report) by 55.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 32,454 shares of the transportation company's stock after selling 40,703 shares during the quarter. Teacher Retirement System of Texas owned 0.07% of International Seaways worth $1,476,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Bfsg LLC acquired a new position in International Seaways during the fourth quarter worth $167,000. U S Global Investors Inc. increased its position in shares of International Seaways by 144.5% during the 4th quarter. U S Global Investors Inc. now owns 4,230 shares of the transportation company's stock worth $192,000 after purchasing an additional 2,500 shares in the last quarter. Peterson Wealth Services bought a new position in International Seaways during the 4th quarter valued at about $203,000. Capricorn Fund Managers Ltd acquired a new position in International Seaways in the fourth quarter valued at about $227,000. Finally, Raymond James & Associates bought a new stake in International Seaways during the third quarter worth about $274,000. Institutional investors and hedge funds own 67.29% of the company's stock.

International Seaways Trading Down 0.3 %

International Seaways stock traded down $0.19 during mid-day trading on Friday, hitting $63.31. The stock had a trading volume of 305,725 shares, compared to its average volume of 695,757. The stock has a 50-day simple moving average of $54.85 and a two-hundred day simple moving average of $51.15. The company has a current ratio of 2.73, a quick ratio of 2.72 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $3.13 billion, a PE ratio of 5.92 and a beta of -0.05. International Seaways, Inc. has a 12 month low of $34.77 and a 12 month high of $63.80.

International Seaways (NYSE:INSW - Get Free Report) last issued its earnings results on Wednesday, May 8th. The transportation company reported $2.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.38 by $0.54. The company had revenue of $274.40 million for the quarter, compared to analyst estimates of $249.12 million. International Seaways had a net margin of 49.88% and a return on equity of 29.74%. The company's revenue for the quarter was down 4.4% on a year-over-year basis. During the same quarter last year, the firm earned $3.30 EPS. As a group, sell-side analysts forecast that International Seaways, Inc. will post 10.07 EPS for the current year.

International Seaways Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 26th. Shareholders of record on Wednesday, June 12th will be given a dividend of $1.75 per share. This is a boost from International Seaways's previous quarterly dividend of $1.20. The ex-dividend date of this dividend is Wednesday, June 12th. This represents a $7.00 annualized dividend and a dividend yield of 11.06%. International Seaways's payout ratio is presently 4.49%.

Insider Activity

In related news, Director Joseph Isaac Kronsberg sold 5,035 shares of International Seaways stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $62.30, for a total transaction of $313,680.50. Following the completion of the sale, the director now directly owns 6,725 shares of the company's stock, valued at $418,967.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Joseph Isaac Kronsberg sold 5,035 shares of International Seaways stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $62.30, for a total transaction of $313,680.50. Following the transaction, the director now owns 6,725 shares of the company's stock, valued at approximately $418,967.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Lois K. Zabrocky sold 16,240 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $52.02, for a total transaction of $844,804.80. Following the completion of the sale, the chief executive officer now owns 136,260 shares in the company, valued at $7,088,245.20. The disclosure for this sale can be found here. Insiders have sold a total of 76,693 shares of company stock valued at $4,183,455 in the last 90 days. 2.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on INSW shares. Stifel Nicolaus lifted their target price on shares of International Seaways from $64.00 to $66.00 and gave the company a "buy" rating in a research note on Thursday, May 9th. Jefferies Financial Group restated a "buy" rating and set a $66.00 target price on shares of International Seaways in a report on Thursday, February 29th. Deutsche Bank Aktiengesellschaft lifted their price target on International Seaways from $62.00 to $66.00 and gave the company a "buy" rating in a report on Thursday, May 9th. Finally, StockNews.com upgraded shares of International Seaways from a "hold" rating to a "buy" rating in a research report on Thursday, May 9th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $63.25.

About International Seaways

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.