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

Diametric Capital LP acquired a new stake in International Seaways, Inc. (NYSE:INSW) in the fourth quarter, HoldingsChannel.com reports. The institutional investor acquired 7,630 shares of the transportation company’s stock, valued at approximately $274,000.

Several other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. grew 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. grew its position in shares of International Seaways by 9.8% in the 4th 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 during the period. Geode Capital Management LLC increased its stake in International Seaways by 4.3% during 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 in the last quarter. FMR LLC raised its holdings in International Seaways by 221.0% during 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 during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in International Seaways by 7.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 463,611 shares of the transportation company’s stock valued at $16,662,000 after buying an additional 32,953 shares in the last quarter. Institutional investors and hedge funds own 67.29% of the company’s stock.

Insider Activity at International Seaways

In related news, CEO Lois K. Zabrocky sold 2,000 shares of the firm’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $34.66, for a total value of $69,320.00. Following the completion of the transaction, the chief executive officer now directly owns 179,557 shares of the company’s stock, valued at approximately $6,223,445.62. This trade represents a 1.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP William F. Nugent sold 1,000 shares of the company’s stock in a transaction on Friday, February 28th. The stock was sold at an average price of $33.89, for a total transaction of $33,890.00. Following the sale, the senior vice president now directly owns 55,852 shares in the company, valued at $1,892,824.28. This trade represents a 1.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 8,400 shares of company stock valued at $289,226. 1.90% of the stock is owned by insiders.

International Seaways Stock Up 0.3 %

International Seaways stock opened at $33.29 on Wednesday. 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 1-year low of $31.70 and a 1-year high of $65.94. The company has a fifty day simple moving average of $36.10 and a 200 day simple moving average of $40.44. The company has a market cap of $1.64 billion, a P/E ratio of 3.22 and a beta of -0.17.

International Seaways Cuts Dividend

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

Wall Street Analysts Forecast Growth

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

International Seaways 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.