International Seaways, Inc. (NYSE:INSW) Shares Purchased by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA raised its stake in International Seaways, Inc. (NYSE:INSW) by 934.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 56,763 shares of the transportation company’s stock after buying an additional 51,277 shares during the quarter. Pictet Asset Management Holding SA owned about 0.12% of International Seaways worth $2,040,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of INSW. Bfsg LLC grew its stake in shares of International Seaways by 14.9% in the fourth quarter. Bfsg LLC now owns 2,748 shares of the transportation company’s stock valued at $99,000 after buying an additional 357 shares in the last quarter. Farther Finance Advisors LLC grew its position in International Seaways by 3.6% in the 4th quarter. Farther Finance Advisors LLC now owns 10,444 shares of the transportation company’s stock valued at $375,000 after acquiring an additional 360 shares in the last quarter. Franklin Resources Inc. grew its position in International Seaways by 0.8% in the 3rd quarter. Franklin Resources Inc. now owns 47,891 shares of the transportation company’s stock valued at $2,428,000 after acquiring an additional 379 shares in the last quarter. DMC Group LLC increased its stake in International Seaways by 9.9% during the fourth quarter. DMC Group LLC now owns 5,974 shares of the transportation company’s stock worth $215,000 after purchasing an additional 540 shares during the period. Finally, KBC Group NV lifted its position in shares of International Seaways by 60.2% during the fourth quarter. KBC Group NV now owns 1,737 shares of the transportation company’s stock worth $62,000 after purchasing an additional 653 shares in the last quarter. Hedge funds and other institutional investors own 67.29% of the company’s stock.

Insiders Place Their Bets

In other International Seaways news, SVP William F. Nugent sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $32.63, for a total transaction of $32,630.00. Following the sale, the senior vice president now owns 56,846 shares of the company’s stock, valued at approximately $1,854,884.98. This trade represents a 1.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Derek G. Solon sold 4,400 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $33.39, for a total transaction of $146,916.00. Following the sale, the senior vice president now owns 50,453 shares of the company’s stock, valued at $1,684,625.67. This represents a 8.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,400 shares of company stock valued at $321,856 in the last ninety days. Insiders own 1.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Jefferies Financial Group reiterated a “buy” rating and set a $58.00 target price on shares of International Seaways in a report on Thursday, February 27th. SEB Equity Research set a $50.00 price objective on International Seaways in a research report on Friday, January 24th. Two equities research 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $57.50.

International Seaways Trading Down 7.4 %

Shares of NYSE:INSW opened at $28.74 on Friday. International Seaways, Inc. has a 52 week low of $27.20 and a 52 week high of $65.94. The company’s 50 day moving average is $35.78 and its two-hundred day moving average is $40.17. The company has a market cap of $1.41 billion, a PE ratio of 2.78 and a beta of -0.01. The company has a current ratio of 3.60, a quick ratio of 3.60 and a debt-to-equity ratio of 0.32.

International Seaways Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.67%. The ex-dividend date of this dividend was Friday, March 14th. International Seaways’s dividend payout ratio (DPR) is presently 5.72%.

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.