International Seaways (NYSE:INSW) Reaches New 52-Week Low on Insider Selling

International Seaways, Inc. (NYSE:INSW) shares reached a new 52-week low on Thursday following insider selling activity. The stock traded as low as $31.38 and last traded at $31.59, with a volume of 715327 shares traded. The stock had previously closed at $33.12.

Specifically, SVP William F. Nugent sold 1,000 shares of the business’s stock in a transaction on Monday, March 31st. The stock was sold at an average price of $32.63, for a total value of $32,630.00. Following the sale, the senior vice president now directly owns 56,846 shares in the company, valued at $1,854,884.98. The trade was a 1.73 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Jefferies Financial Group reiterated a “buy” rating and set a $58.00 price target on shares of International Seaways in a research note on Thursday, February 27th. SEB Equity Research set a $50.00 target price on shares of International Seaways in a research report on Friday, January 24th. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $57.50.

International Seaways Stock Performance

The company has a quick ratio of 3.60, a current ratio of 3.60 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $1.56 billion, a PE ratio of 3.05 and a beta of -0.01. The company has a 50-day moving average price of $36.04 and a two-hundred day moving average price of $40.39.

International Seaways Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders 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 yield of 1.52%. The ex-dividend date of this dividend was Friday, March 14th. International Seaways’s payout ratio is presently 5.72%.

Institutional Investors Weigh In On International Seaways

Institutional investors and hedge funds have recently modified their holdings of the company. Banque Transatlantique SA bought a new stake in International Seaways during the 4th quarter worth approximately $29,000. Larson Financial Group LLC purchased a new position in shares of International Seaways during the 4th quarter valued at $37,000. Quarry LP increased its holdings in shares of International Seaways by 169.0% in the fourth quarter. Quarry LP now owns 1,356 shares of the transportation company’s stock worth $49,000 after purchasing an additional 852 shares during the period. Sunbelt Securities Inc. purchased a new stake in shares of International Seaways in the third quarter worth $52,000. Finally, R Squared Ltd bought a new stake in International Seaways during the fourth quarter valued at $59,000. 67.29% of the stock is owned by hedge funds and other institutional investors.

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.