Loomis Sayles & Co. L P Reduces Position in International Seaways, Inc. (NYSE:INSW)

Loomis Sayles & Co. L P trimmed its holdings in International Seaways, Inc. (NYSE:INSW) by 1.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 422,564 shares of the transportation company’s stock after selling 5,969 shares during the quarter. Loomis Sayles & Co. L P owned about 0.86% of International Seaways worth $21,787,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in International Seaways by 7.7% in the 1st quarter. Vanguard Group Inc. now owns 3,986,353 shares of the transportation company’s stock valued at $212,074,000 after purchasing an additional 286,295 shares during the last quarter. American Century Companies Inc. raised its position in shares of International Seaways by 25.7% during the 2nd quarter. American Century Companies Inc. now owns 1,235,135 shares of the transportation company’s stock valued at $73,034,000 after buying an additional 252,492 shares during the period. Renaissance Technologies LLC lifted its holdings in International Seaways by 5.3% in the second quarter. Renaissance Technologies LLC now owns 882,531 shares of the transportation company’s stock valued at $52,184,000 after acquiring an additional 44,200 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in International Seaways by 4.1% in the second quarter. Victory Capital Management Inc. now owns 853,745 shares of the transportation company’s stock valued at $50,482,000 after acquiring an additional 33,712 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in International Seaways by 8.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 430,658 shares of the transportation company’s stock worth $22,205,000 after acquiring an additional 32,825 shares during the period. 67.29% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at International Seaways

In related news, CEO Lois K. Zabrocky sold 2,000 shares of International Seaways stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $50.30, for a total value of $100,600.00. Following the completion of the transaction, the chief executive officer now owns 155,475 shares in the company, valued at $7,820,392.50. The trade was a 1.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Alexandra Kate Blankenship sold 5,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $49.17, for a total transaction of $245,850.00. Following the completion of the sale, the director now directly owns 16,109 shares in the company, valued at approximately $792,079.53. This represents a 23.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 15,000 shares of company stock valued at $723,780. 1.90% of the stock is currently owned by company insiders.

International Seaways Price Performance

INSW opened at $39.54 on Wednesday. The stock’s 50-day moving average price is $47.30 and its 200 day moving average price is $53.15. International Seaways, Inc. has a 12-month low of $39.46 and a 12-month high of $65.94. The firm has a market cap of $1.95 billion, a price-to-earnings ratio of 3.82 and a beta of -0.06. The company has a current ratio of 3.60, a quick ratio of 3.60 and a debt-to-equity ratio of 0.32.

International Seaways (NYSE:INSW) last issued its quarterly earnings results on Thursday, November 7th. The transportation company reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.42 by $0.15. The business had revenue of $225.20 million for the quarter, compared to analysts’ expectations of $208.75 million. International Seaways had a net margin of 50.91% and a return on equity of 24.65%. The business’s quarterly revenue was down 6.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.99 earnings per share. As a group, sell-side analysts expect that International Seaways, Inc. will post 7.92 earnings per share for the current year.

International Seaways Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be paid a $1.32 dividend. This is an increase from International Seaways’s previous quarterly dividend of $0.12. The ex-dividend date is Friday, December 13th. This represents a $5.28 annualized dividend and a dividend yield of 13.35%. International Seaways’s payout ratio is 4.64%.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Fearnley Fonds upgraded International Seaways to a “strong-buy” rating in a research report on Friday, September 27th. StockNews.com lowered shares of International Seaways from a “buy” rating to a “hold” rating in a report on Thursday, August 8th. Stifel Nicolaus lowered shares of International Seaways from a “buy” rating to a “hold” rating and lowered their target price for the stock from $69.00 to $56.00 in a research note on Wednesday, October 23rd. Finally, Jefferies Financial Group dropped their price target on shares of International Seaways from $66.00 to $60.00 and set a “buy” rating for the company in a research report on Thursday, November 14th. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $60.67.

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.