Royce & Associates LP Takes $640,000 Position in International Seaways Inc. (NYSE:INSW)

Royce & Associates LP bought a new stake in International Seaways Inc. (NYSE:INSW) during the first quarter, HoldingsChannel.com reports. The fund bought 19,287 shares of the transportation company’s stock, valued at approximately $640,000.

A number of other hedge funds have also made changes to their positions in the business. Banque Transatlantique SA purchased a new stake in International Seaways during the 4th quarter worth $29,000. GAMMA Investing LLC increased its stake in International Seaways by 105.1% during the 1st quarter. GAMMA Investing LLC now owns 1,163 shares of the transportation company’s stock worth $39,000 after buying an additional 596 shares during the period. Quarry LP increased its stake in International Seaways by 169.0% during the 4th quarter. Quarry LP now owns 1,356 shares of the transportation company’s stock worth $49,000 after buying an additional 852 shares during the period. Blue Trust Inc. increased its stake in International Seaways by 87.3% during the 1st quarter. Blue Trust Inc. now owns 1,583 shares of the transportation company’s stock worth $53,000 after buying an additional 738 shares during the period. Finally, Tower Research Capital LLC TRC increased its stake in International Seaways by 30.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 2,447 shares of the transportation company’s stock worth $88,000 after buying an additional 564 shares during the period. Hedge funds and other institutional investors own 67.29% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group reaffirmed a “buy” rating and set a $48.00 price target on shares of International Seaways in a research note on Thursday, May 8th.

International Seaways Stock Performance

International Seaways stock opened at $41.13 on Wednesday. International Seaways Inc. has a 12-month low of $27.20 and a 12-month high of $56.66. The company has a market capitalization of $2.03 billion, a price-to-earnings ratio of 6.36 and a beta of 0.05. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.76 and a quick ratio of 2.75. The firm’s fifty day moving average price is $38.57 and its 200 day moving average price is $36.62.

International Seaways (NYSE:INSW) last released its quarterly earnings results on Thursday, May 8th. The transportation company reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.21. The firm had revenue of $178.34 million for the quarter, compared to the consensus estimate of $176.49 million. International Seaways had a net margin of 37.39% and a return on equity of 14.98%. The firm’s quarterly revenue was down 32.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.92 EPS. On average, research analysts forecast that International Seaways Inc. will post 7.77 EPS for the current fiscal year.

International Seaways Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Shareholders of record on Thursday, June 12th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.17%. The ex-dividend date was Thursday, June 12th. International Seaways’s dividend payout ratio is currently 7.42%.

Insiders Place Their Bets

In other International Seaways news, SVP Derek G. Solon sold 1,500 shares of the firm’s stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $38.22, for a total transaction of $57,330.00. Following the completion of the transaction, the senior vice president directly owned 55,893 shares of the company’s stock, valued at $2,136,230.46. This trade represents a 2.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Lois K. Zabrocky sold 2,000 shares of the firm’s stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $38.62, for a total transaction of $77,240.00. Following the transaction, the chief executive officer directly owned 192,771 shares of the company’s stock, valued at approximately $7,444,816.02. This represents a 1.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,500 shares of company stock valued at $439,720 in the last ninety days. Corporate insiders own 2.00% of the company’s stock.

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.