Kingsview Wealth Management LLC Buys Shares of 41,911 International Seaways, Inc. (NYSE:INSW)

Kingsview Wealth Management LLC purchased a new position in shares of International Seaways, Inc. (NYSE:INSW) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 41,911 shares of the transportation company’s stock, valued at approximately $2,161,000. Kingsview Wealth Management LLC owned about 0.08% of International Seaways at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC purchased a new stake in International Seaways in the first quarter valued at $27,000. EdgeRock Capital LLC acquired a new position in International Seaways in the second quarter valued at about $28,000. Blue Trust Inc. purchased a new position in International Seaways during the third quarter worth about $41,000. KBC Group NV increased its position in shares of International Seaways by 65.2% during the third quarter. KBC Group NV now owns 1,084 shares of the transportation company’s stock valued at $56,000 after acquiring an additional 428 shares during the last quarter. Finally, Quarry LP raised its stake in shares of International Seaways by 408.0% in the 2nd quarter. Quarry LP now owns 1,453 shares of the transportation company’s stock valued at $86,000 after acquiring an additional 1,167 shares during the period. Hedge funds and other institutional investors own 67.29% of the company’s stock.

International Seaways Stock Down 1.4 %

Shares of NYSE INSW opened at $40.81 on Tuesday. The stock has a market cap of $2.01 billion, a P/E ratio of 3.94 and a beta of -0.06. The business’s fifty day simple moving average is $47.50 and its 200-day simple moving average is $53.30. International Seaways, Inc. has a 12-month low of $40.49 and a 12-month high of $65.94. 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 announced its quarterly earnings data on Thursday, November 7th. The transportation company reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.42 by $0.15. The business had revenue of $225.20 million during the quarter, compared to analysts’ expectations of $208.75 million. International Seaways had a return on equity of 24.65% and a net margin of 50.91%. The business’s quarterly revenue was down 6.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.99 EPS. As a group, equities analysts predict that International Seaways, Inc. will post 7.92 EPS for the current fiscal year.

International Seaways Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be issued a $1.32 dividend. This represents a $5.28 dividend on an annualized basis and a dividend yield of 12.94%. This is a positive change from International Seaways’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Friday, December 13th. International Seaways’s dividend payout ratio (DPR) is presently 4.64%.

Insider Transactions at International Seaways

In related news, Director Alexandra Kate Blankenship sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was 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 owns 16,109 shares in the company, valued at $792,079.53. The trade was a 23.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Derek G. Solon sold 1,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $49.75, for a total transaction of $49,750.00. Following the completion of the transaction, the senior vice president now owns 46,887 shares in the company, valued at $2,332,628.25. This represents a 2.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 15,000 shares of company stock valued at $723,780. Insiders own 1.90% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Jefferies Financial Group lowered their price objective 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. Stifel Nicolaus downgraded International Seaways from a “buy” rating to a “hold” rating and cut their price objective for the company from $69.00 to $56.00 in a report on Wednesday, October 23rd. StockNews.com lowered International Seaways from a “buy” rating to a “hold” rating in a research note on Thursday, August 8th. Finally, Fearnley Fonds raised International Seaways to a “strong-buy” rating in a research report on Friday, September 27th. Two 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 stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price 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.