Summit Global Investments Purchases New Position in International Seaways, Inc. (NYSE:INSW)

Summit Global Investments acquired a new position in shares of International Seaways, Inc. (NYSE:INSW) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 12,141 shares of the transportation company’s stock, valued at approximately $436,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Geode Capital Management LLC lifted its position 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 worth $48,650,000 after purchasing an additional 38,871 shares during the period. Kingsview Wealth Management LLC purchased a new stake in International Seaways during the third quarter worth $2,161,000. Charles Schwab Investment Management Inc. boosted its position in International Seaways by 8.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 430,658 shares of the transportation company’s stock valued at $22,205,000 after acquiring an additional 32,825 shares in the last quarter. Barclays PLC boosted its position in International Seaways by 206.3% during the 3rd quarter. Barclays PLC now owns 259,393 shares of the transportation company’s stock valued at $13,374,000 after acquiring an additional 174,695 shares in the last quarter. Finally, FMR LLC increased 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 valued at $31,050,000 after acquiring an additional 414,610 shares during the period. 67.29% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

International Seaways Trading Up 1.6 %

International Seaways stock opened at $34.35 on Tuesday. The stock has a 50-day moving average of $36.81 and a two-hundred day moving average of $41.10. The stock has a market cap of $1.69 billion, a PE ratio of 3.32 and a beta of -0.17. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.60 and a current ratio of 3.60. International Seaways, Inc. has a one year low of $31.70 and a one year high of $65.94.

International Seaways Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be paid a dividend of $0.12 per share. The ex-dividend date is Friday, March 14th. This represents a $0.48 annualized dividend and a dividend yield of 1.40%. International Seaways’s payout ratio is currently 5.72%.

Insiders Place Their Bets

In other International Seaways news, SVP Derek G. Solon sold 4,400 shares of the firm’s stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $33.39, for a total transaction of $146,916.00. Following the completion of the transaction, the senior vice president now directly owns 50,453 shares of the company’s stock, valued at approximately $1,684,625.67. This trade represents a 8.02 % decrease in their position. 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 company’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $39.10, for a total transaction of $39,100.00. Following the completion of the sale, the senior vice president now directly owns 48,803 shares in the company, valued at $1,908,197.30. This trade represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,400 shares of company stock valued at $324,296. 1.90% of the stock is owned by company insiders.

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.