Diametric Capital LP Makes New $274,000 Investment in International Seaways, Inc. (NYSE:INSW)

Diametric Capital LP purchased a new stake in International Seaways, Inc. (NYSE:INSW) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 7,630 shares of the transportation company’s stock, valued at approximately $274,000.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in International Seaways by 8.4% in the fourth quarter. Vanguard Group Inc. now owns 4,759,119 shares of the transportation company’s stock valued at $171,043,000 after acquiring an additional 369,145 shares during the period. American Century Companies Inc. boosted its holdings in International Seaways by 9.8% during the fourth quarter. American Century Companies Inc. now owns 1,632,753 shares of the transportation company’s stock valued at $58,681,000 after purchasing an additional 146,145 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of International Seaways by 4.3% in the 3rd quarter. Geode Capital Management LLC now owns 943,375 shares of the transportation company’s stock valued at $48,650,000 after purchasing an additional 38,871 shares during the period. FMR LLC raised its holdings in shares of International Seaways by 221.0% in the 3rd quarter. FMR LLC now owns 602,213 shares of the transportation company’s stock worth $31,050,000 after buying an additional 414,610 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of International Seaways by 7.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 463,611 shares of the transportation company’s stock worth $16,662,000 after buying an additional 32,953 shares during the period. Institutional investors and hedge funds own 67.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on INSW. Jefferies Financial Group reiterated a “buy” rating and issued a $58.00 price target on shares of International Seaways in a research report on Thursday, February 27th. SEB Equity Research set a $50.00 target price on shares of International Seaways in a research note on Friday, January 24th. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $57.50.

Insider Activity

In other International Seaways news, SVP Derek G. Solon sold 4,400 shares of the stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $33.39, for a total value of $146,916.00. Following the transaction, the senior vice president now directly owns 50,453 shares in the company, valued at approximately $1,684,625.67. This trade represents a 8.02 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP William F. Nugent sold 1,000 shares of the business’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $39.10, for a total value of $39,100.00. Following the sale, the senior vice president now owns 48,803 shares of the company’s stock, valued at approximately $1,908,197.30. The trade was a 2.01 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 8,400 shares of company stock worth $289,226. 1.90% of the stock is owned by corporate insiders.

International Seaways Stock Up 0.3 %

NYSE INSW opened at $33.29 on Wednesday. The stock’s 50 day simple moving average is $36.10 and its 200 day simple moving average is $40.44. International Seaways, Inc. has a one year low of $31.70 and a one year high of $65.94. The firm has a market cap of $1.64 billion, a PE ratio of 3.22 and a beta of -0.17. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.60 and a quick ratio of 3.60.

International Seaways Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.44%. The ex-dividend date was Friday, March 14th. International Seaways’s payout ratio is presently 5.72%.

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.