Clearbridge Investments LLC Acquires New Stake in International Seaways, Inc. (NYSE:INSW)

Clearbridge Investments LLC bought a new stake in International Seaways, Inc. (NYSE:INSW) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 316,473 shares of the transportation company’s stock, valued at approximately $11,374,000. Clearbridge Investments LLC owned about 0.64% of International Seaways at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. FMR LLC raised its position in shares of International Seaways by 221.0% in the third quarter. FMR LLC now owns 602,213 shares of the transportation company’s stock valued at $31,050,000 after buying an additional 414,610 shares during the last quarter. Vanguard Group Inc. raised its holdings in International Seaways by 8.4% in the 4th 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 last quarter. Empowered Funds LLC lifted its stake in shares of International Seaways by 470.8% during the 4th quarter. Empowered Funds LLC now owns 273,032 shares of the transportation company’s stock worth $9,813,000 after purchasing an additional 225,196 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of International Seaways by 685.6% during the fourth quarter. Principal Financial Group Inc. now owns 224,544 shares of the transportation company’s stock worth $8,070,000 after purchasing an additional 195,961 shares during the last quarter. Finally, Barclays PLC grew its position in shares of International Seaways by 206.3% in the third quarter. Barclays PLC now owns 259,393 shares of the transportation company’s stock valued at $13,374,000 after purchasing an additional 174,695 shares during the period. 67.29% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, SVP Derek G. Solon sold 4,400 shares of the stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $33.39, for a total value of $146,916.00. Following the completion of the sale, the senior vice president now owns 50,453 shares in the company, valued at approximately $1,684,625.67. This trade represents a 8.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP William F. Nugent sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $39.10, for a total value of $39,100.00. Following the transaction, the senior vice president now directly owns 48,803 shares in the company, valued at $1,908,197.30. This trade represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,400 shares of company stock worth $321,856 over the last ninety days. 1.90% of the stock is owned by company insiders.

International Seaways Stock Performance

International Seaways stock opened at $33.09 on Thursday. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.60 and a quick ratio of 3.60. International Seaways, Inc. has a 12 month low of $31.70 and a 12 month high of $65.94. The company has a market cap of $1.63 billion, a price-to-earnings ratio of 3.20 and a beta of -0.01. The stock’s 50-day moving average is $36.04 and its 200-day moving average is $40.39.

International Seaways Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.48 dividend on an annualized basis and a yield of 1.45%. International Seaways’s dividend payout ratio (DPR) is 5.72%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on INSW shares. Jefferies Financial Group reissued a “buy” rating and issued 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 assigned a strong buy rating to the company. According to MarketBeat, International Seaways currently has a consensus rating of “Moderate Buy” and a consensus price target 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.