Mirae Asset Global Investments Co. Ltd. Decreases Position in International Seaways, Inc. (NYSE:INSW)

Mirae Asset Global Investments Co. Ltd. trimmed its position in shares of International Seaways, Inc. (NYSE:INSW) by 27.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 19,016 shares of the transportation company’s stock after selling 7,086 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in International Seaways were worth $865,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Swiss National Bank boosted its position in International Seaways by 0.4% during the third quarter. Swiss National Bank now owns 75,200 shares of the transportation company’s stock worth $3,384,000 after purchasing an additional 300 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of International Seaways by 19.0% in the third quarter. Nisa Investment Advisors LLC now owns 9,554 shares of the transportation company’s stock worth $430,000 after acquiring an additional 1,524 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of International Seaways by 34.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,535 shares of the transportation company’s stock worth $294,000 after acquiring an additional 1,683 shares during the last quarter. U S Global Investors Inc. acquired a new position in International Seaways in the third quarter valued at $78,000. Finally, Counterpoint Mutual Funds LLC acquired a new position in International Seaways in the third quarter valued at $113,000. 67.29% of the stock is currently owned by hedge funds and other institutional investors.

International Seaways Stock Up 0.7 %

Shares of International Seaways stock opened at $53.97 on Wednesday. The company has a current ratio of 2.38, a quick ratio of 2.37 and a debt-to-equity ratio of 0.35. The business’s 50 day simple moving average is $52.66 and its 200-day simple moving average is $49.54. The stock has a market capitalization of $2.64 billion, a price-to-earnings ratio of 4.80 and a beta of -0.05. International Seaways, Inc. has a twelve month low of $34.77 and a twelve month high of $55.59.

International Seaways (NYSE:INSW) last posted its earnings results on Thursday, February 29th. The transportation company reported $2.18 EPS for the quarter, beating the consensus estimate of $2.08 by $0.10. International Seaways had a return on equity of 32.03% and a net margin of 51.92%. The firm had revenue of $250.73 million for the quarter, compared to analysts’ expectations of $239.36 million. Equities research analysts forecast that International Seaways, Inc. will post 9.42 earnings per share for the current year.

International Seaways Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were paid a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a yield of 8.89%. The ex-dividend date of this dividend was Wednesday, March 13th. International Seaways’s payout ratio is currently 4.27%.

Insider Buying and Selling at International Seaways

In other news, CFO Jeffrey Pribor sold 1,000 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $54.23, for a total transaction of $54,230.00. Following the completion of the sale, the chief financial officer now directly owns 75,927 shares of the company’s stock, valued at approximately $4,117,521.21. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CFO Jeffrey Pribor sold 1,000 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $54.23, for a total transaction of $54,230.00. Following the completion of the sale, the chief financial officer now directly owns 75,927 shares of the company’s stock, valued at approximately $4,117,521.21. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Douglas D. Wheat sold 3,846 shares of the firm’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $51.22, for a total value of $196,992.12. Following the completion of the sale, the director now directly owns 26,056 shares of the company’s stock, valued at approximately $1,334,588.32. The disclosure for this sale can be found here. In the last ninety days, insiders sold 58,846 shares of company stock valued at $3,073,978. 2.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts recently commented on INSW shares. StockNews.com lowered International Seaways from a “buy” rating to a “hold” rating in a research note on Wednesday, April 17th. Stifel Nicolaus increased their price target on International Seaways from $63.00 to $64.00 and gave the company a “buy” rating in a report on Friday, April 19th. Finally, Jefferies Financial Group restated a “buy” rating and set a $66.00 price objective on shares of International Seaways in a research note on Thursday, February 29th.

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.