Renaissance Technologies LLC Decreases Stake in International Seaways, Inc. (NYSE:INSW)

Renaissance Technologies LLC cut its holdings in shares of International Seaways, Inc. (NYSE:INSW) by 9.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 739,000 shares of the transportation company’s stock after selling 81,400 shares during the period. Renaissance Technologies LLC owned about 1.50% of International Seaways worth $26,560,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of INSW. Geode Capital Management LLC grew its stake in International Seaways by 4.3% in the third 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 in the last quarter. Barclays PLC lifted its holdings in International Seaways by 206.3% during the 3rd quarter. Barclays PLC now owns 259,393 shares of the transportation company’s stock worth $13,374,000 after buying an additional 174,695 shares during the last quarter. Nisa Investment Advisors LLC grew its position in shares of International Seaways by 1,677.7% in the 4th quarter. Nisa Investment Advisors LLC now owns 110,945 shares of the transportation company’s stock worth $3,987,000 after acquiring an additional 104,704 shares in the last quarter. State of Alaska Department of Revenue bought a new stake in shares of International Seaways in the 4th quarter valued at approximately $804,000. Finally, Thrivent Financial for Lutherans acquired a new stake in shares of International Seaways during the 4th quarter valued at approximately $1,121,000. 67.29% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Jefferies Financial Group reissued 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 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 issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $57.50.

Insider Activity at International Seaways

In related news, SVP William F. Nugent sold 1,000 shares of the firm’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $33.89, for a total transaction of $33,890.00. Following the completion of the transaction, the senior vice president now owns 55,852 shares of the company’s stock, valued at $1,892,824.28. This trade represents a 1.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Derek G. Solon sold 4,400 shares of the business’s stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $33.39, for a total transaction of $146,916.00. Following the completion of the sale, the senior vice president now owns 50,453 shares in the company, valued at approximately $1,684,625.67. This trade represents a 8.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,400 shares of company stock worth $321,856 over the last ninety days. 1.90% of the stock is currently owned by corporate insiders.

International Seaways Price Performance

NYSE INSW opened at $33.31 on Friday. The company has a 50-day moving average price of $34.78 and a two-hundred day moving average price of $39.21. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of 3.22 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, Inc. has a 52 week low of $27.20 and a 52 week high of $65.94.

International Seaways Cuts Dividend

The firm also recently declared 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 dividend on an annualized basis and a dividend yield of 1.44%. The ex-dividend date was Friday, March 14th. International Seaways’s dividend payout ratio (DPR) is 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.