The Manufacturers Life Insurance Company Reduces Position in International Seaways, Inc. (NYSE:INSW)

The Manufacturers Life Insurance Company decreased its stake in shares of International Seaways, Inc. (NYSE:INSW) by 1.6% in the third quarter, HoldingsChannel reports. The institutional investor owned 21,060 shares of the transportation company’s stock after selling 338 shares during the period. The Manufacturers Life Insurance Company’s holdings in International Seaways were worth $1,086,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Millennium Management LLC acquired a new stake in shares of International Seaways in the second quarter worth $21,875,000. American Century Companies Inc. lifted its holdings in International Seaways by 25.7% during the second quarter. American Century Companies Inc. now owns 1,235,135 shares of the transportation company’s stock valued at $73,034,000 after purchasing an additional 252,492 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in International Seaways during the second quarter valued at $8,781,000. TrueMark Investments LLC purchased a new position in International Seaways during the second quarter valued at $4,217,000. Finally, Cubist Systematic Strategies LLC lifted its holdings in International Seaways by 54.1% during the second quarter. Cubist Systematic Strategies LLC now owns 195,062 shares of the transportation company’s stock valued at $11,534,000 after purchasing an additional 68,502 shares in the last quarter. Institutional investors own 67.29% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Jefferies Financial Group decreased their price target on shares of International Seaways from $66.00 to $60.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th. Stifel Nicolaus downgraded shares of International Seaways from a “buy” rating to a “hold” rating and decreased their price target for the stock from $69.00 to $56.00 in a research note on Wednesday, October 23rd. Finally, Fearnley Fonds raised shares of International Seaways to a “strong-buy” rating in a research note on Friday, September 27th. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $60.67.

International Seaways Price Performance

Shares of INSW opened at $36.13 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. The stock has a market cap of $1.78 billion, a PE ratio of 3.49 and a beta of -0.10. The firm has a 50-day simple moving average of $44.16 and a two-hundred day simple moving average of $51.12. International Seaways, Inc. has a 1-year low of $36.10 and a 1-year high of $65.94.

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

International Seaways Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be given a $1.32 dividend. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from International Seaways’s previous quarterly dividend of $0.12. This represents a $5.28 annualized dividend and a dividend yield of 14.61%. International Seaways’s payout ratio is currently 4.64%.

Insider Buying and Selling

In other International Seaways news, SVP William F. Nugent sold 1,000 shares of the firm’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $39.54, for a total transaction of $39,540.00. Following the completion of the sale, the senior vice president now directly owns 50,803 shares in the company, valued at approximately $2,008,750.62. This trade represents a 1.93 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Derek G. Solon sold 1,200 shares of International Seaways stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $38.91, for a total value of $46,692.00. Following the sale, the senior vice president now owns 45,687 shares of the company’s stock, valued at approximately $1,777,681.17. This represents a 2.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,200 shares of company stock valued at $463,222. 1.90% of the stock is currently owned by corporate insiders.

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.