Cynosure Group LLC Takes Position in International Seaways, Inc. (NYSE:INSW)

Cynosure Group LLC bought a new stake in International Seaways, Inc. (NYSE:INSW) in the first quarter, HoldingsChannel reports. The fund bought 5,823 shares of the transportation company’s stock, valued at approximately $310,000.

A number of other hedge funds have also recently added to or reduced their stakes in INSW. Headlands Technologies LLC boosted its holdings in shares of International Seaways by 173.4% in the first quarter. Headlands Technologies LLC now owns 905 shares of the transportation company’s stock valued at $48,000 after acquiring an additional 574 shares during the period. Bfsg LLC acquired a new stake in International Seaways during the 4th quarter worth $167,000. Los Angeles Capital Management LLC purchased a new position in International Seaways during the 1st quarter worth $203,000. Sciencast Management LP acquired a new position in International Seaways in the first quarter valued at $208,000. Finally, Baker Ellis Asset Management LLC purchased a new stake in shares of International Seaways in the first quarter valued at about $213,000. Hedge funds and other institutional investors own 67.29% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on INSW. Stifel Nicolaus boosted their price target on International Seaways from $66.00 to $68.00 and gave the company a “buy” rating in a research report on Thursday, June 20th. StockNews.com raised International Seaways from a “hold” rating to a “buy” rating in a report on Thursday, May 9th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on International Seaways from $62.00 to $66.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $63.75.

International Seaways Price Performance

International Seaways stock traded down $0.90 during midday trading on Tuesday, reaching $57.77. The company’s stock had a trading volume of 152,289 shares, compared to its average volume of 557,046. The firm has a market capitalization of $2.85 billion, a PE ratio of 5.48 and a beta of -0.06. International Seaways, Inc. has a fifty-two week low of $36.81 and a fifty-two week high of $65.94. The stock’s 50 day simple moving average is $60.22 and its 200 day simple moving average is $55.55. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.72 and a current ratio of 2.73.

International Seaways (NYSE:INSW) last issued its quarterly earnings data on Wednesday, May 8th. The transportation company reported $2.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.38 by $0.54. The firm had revenue of $274.40 million during the quarter, compared to analysts’ expectations of $249.12 million. International Seaways had a return on equity of 29.74% and a net margin of 49.88%. International Seaways’s revenue was down 4.4% on a year-over-year basis. During the same period in the previous year, the firm posted $3.30 earnings per share. On average, equities research analysts forecast that International Seaways, Inc. will post 10.32 earnings per share for the current year.

International Seaways Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 26th. Shareholders of record on Wednesday, June 12th were issued a dividend of $1.75 per share. This is an increase from International Seaways’s previous quarterly dividend of $1.20. This represents a $7.00 annualized dividend and a yield of 12.12%. The ex-dividend date was Wednesday, June 12th. International Seaways’s dividend payout ratio (DPR) is 4.49%.

Insiders Place Their Bets

In related news, CFO Jeffrey Pribor sold 1,000 shares of International Seaways stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $54.87, for a total transaction of $54,870.00. Following the completion of the transaction, the chief financial officer now directly owns 76,849 shares in the company, valued at approximately $4,216,704.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Jeffrey Pribor sold 1,000 shares of the business’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $54.87, for a total value of $54,870.00. Following the completion of the transaction, the chief financial officer now directly owns 76,849 shares of the company’s stock, valued at $4,216,704.63. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO James D. Small III sold 7,500 shares of the company’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $55.20, for a total value of $414,000.00. Following the completion of the sale, the chief accounting officer now owns 55,138 shares in the company, valued at $3,043,617.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 70,879 shares of company stock worth $4,342,023. Insiders own 1.90% 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.