QRG Capital Management Inc. Sells 5,349 Shares of International Seaways, Inc. (NYSE:INSW)

QRG Capital Management Inc. cut its stake in shares of International Seaways, Inc. (NYSE:INSW) by 18.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 22,906 shares of the transportation company’s stock after selling 5,349 shares during the quarter. QRG Capital Management Inc.’s holdings in International Seaways were worth $823,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bfsg LLC lifted its holdings in International Seaways by 14.9% during the fourth quarter. Bfsg LLC now owns 2,748 shares of the transportation company’s stock valued at $99,000 after purchasing an additional 357 shares in the last quarter. Franklin Resources Inc. increased its stake in shares of International Seaways by 0.8% in the third quarter. Franklin Resources Inc. now owns 47,891 shares of the transportation company’s stock worth $2,428,000 after purchasing an additional 379 shares in the last quarter. KBC Group NV raised its position 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 valued at $56,000 after purchasing an additional 428 shares during the period. Cynosure Group LLC lifted its stake in shares of International Seaways by 6.6% during the 3rd quarter. Cynosure Group LLC now owns 7,171 shares of the transportation company’s stock valued at $370,000 after buying an additional 447 shares in the last quarter. Finally, DMC Group LLC boosted its holdings in International Seaways by 9.9% in the 4th quarter. DMC Group LLC now owns 5,974 shares of the transportation company’s stock worth $215,000 after buying an additional 540 shares during the period. 67.29% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, SVP William F. Nugent sold 1,000 shares of the firm’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $33.89, for a total value of $33,890.00. Following the completion of the transaction, the senior vice president now directly owns 55,852 shares of the company’s stock, valued at approximately $1,892,824.28. This trade represents a 1.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders have sold 3,000 shares of company stock worth $108,060. Corporate insiders own 1.90% of the company’s stock.

International Seaways Stock Performance

Shares of NYSE INSW opened at $32.93 on Tuesday. The company has a market cap of $1.62 billion, a P/E ratio of 3.18 and a beta of -0.11. International Seaways, Inc. has a 52-week low of $31.86 and a 52-week 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. The firm’s fifty day moving average is $37.72 and its two-hundred day moving average is $42.96.

International Seaways Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.48 annualized dividend and a dividend yield of 1.46%. International Seaways’s dividend payout ratio (DPR) is 5.72%.

Wall Street Analyst Weigh In

A number of research firms have commented on INSW. SEB Equity Research set a $50.00 price target on International Seaways in a report on Friday, January 24th. Jefferies Financial Group reissued a “buy” rating and set a $58.00 target price on shares of International Seaways in a research note on Thursday, February 27th. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.