JPMorgan Chase & Co. Trims Position in International Seaways, Inc. (NYSE:INSW)

JPMorgan Chase & Co. lowered its stake in shares of International Seaways, Inc. (NYSE:INSW) by 2.8% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 396,055 shares of the transportation company’s stock after selling 11,425 shares during the period. JPMorgan Chase & Co.’s holdings in International Seaways were worth $20,421,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Blue Trust Inc. purchased a new stake in shares of International Seaways in the third quarter valued at about $41,000. EverSource Wealth Advisors LLC boosted its holdings in International Seaways by 62.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 791 shares of the transportation company’s stock valued at $44,000 after purchasing an additional 305 shares in the last quarter. Sunbelt Securities Inc. acquired a new position in International Seaways during the 3rd quarter worth approximately $52,000. KBC Group NV raised its stake in shares of International Seaways by 65.2% during the 3rd quarter. KBC Group NV now owns 1,084 shares of the transportation company’s stock worth $56,000 after buying an additional 428 shares in the last quarter. Finally, Quarry LP lifted its holdings 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 buying an additional 1,167 shares during the period. Institutional investors and hedge funds own 67.29% of the company’s stock.

International Seaways Stock Performance

Shares of INSW stock opened at $38.16 on Friday. The firm has a market capitalization of $1.88 billion, a price-to-earnings ratio of 3.69 and a beta of -0.10. The company has a 50 day moving average price of $38.63 and a 200 day moving average price of $47.56. International Seaways, Inc. has a one year low of $32.11 and a one year high of $65.94. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.60 and a current ratio of 3.60.

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

International Seaways Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 13th were paid a dividend of $1.32 per share. The ex-dividend date was Friday, December 13th. This represents a $5.28 dividend on an annualized basis and a dividend yield of 13.84%. This is a positive change from International Seaways’s previous quarterly dividend of $0.12. International Seaways’s dividend payout ratio (DPR) is currently 4.64%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on INSW shares. Fearnley Fonds raised International Seaways to a “strong-buy” rating in a report on Friday, September 27th. Stifel Nicolaus downgraded shares of International Seaways from a “buy” rating to a “hold” rating and cut their price target for the company from $69.00 to $56.00 in a report on Wednesday, October 23rd. Finally, Jefferies Financial Group decreased their price objective on shares of International Seaways from $66.00 to $60.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. 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’s stock. According to MarketBeat, International Seaways currently has a consensus rating of “Moderate Buy” and an average price target of $60.67.

Insider Transactions at International Seaways

In other news, CEO Lois K. Zabrocky sold 2,000 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $49.22, for a total value of $98,440.00. Following the completion of the sale, the chief executive officer now owns 153,475 shares of the company’s stock, valued at approximately $7,554,039.50. The trade was a 1.29 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP William F. Nugent sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $35.07, for a total value of $35,070.00. Following the sale, the senior vice president now owns 49,803 shares in the company, valued at $1,746,591.21. The trade was a 1.97 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 8,200 shares of company stock valued at $346,452. Corporate insiders own 1.90% of the company’s stock.

International Seaways Company 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.