13,584 Shares in International Seaways, Inc. (NYSE:INSW) Acquired by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System purchased a new stake in shares of International Seaways, Inc. (NYSE:INSW) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 13,584 shares of the transportation company’s stock, valued at approximately $488,000.

A number of other institutional investors also recently modified their holdings of the company. Intech Investment Management LLC bought a new stake in shares of International Seaways during the 3rd quarter worth $620,000. Charles Schwab Investment Management Inc. boosted its holdings in International Seaways by 8.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 430,658 shares of the transportation company’s stock valued at $22,205,000 after acquiring an additional 32,825 shares during the period. Kingsview Wealth Management LLC acquired a new stake in shares of International Seaways in the third quarter valued at about $2,161,000. FMR LLC grew its position in shares of International Seaways by 221.0% in the third quarter. FMR LLC now owns 602,213 shares of the transportation company’s stock valued at $31,050,000 after purchasing an additional 414,610 shares during the last quarter. Finally, Cynosure Group LLC increased its stake in shares of International Seaways by 6.6% in the third quarter. Cynosure Group LLC now owns 7,171 shares of the transportation company’s stock worth $370,000 after purchasing an additional 447 shares during the period. Institutional investors own 67.29% of the company’s stock.

Insider Activity at International Seaways

In other news, CEO Lois K. Zabrocky sold 2,000 shares of International Seaways stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $34.66, for a total transaction of $69,320.00. Following the sale, the chief executive officer now directly owns 179,557 shares in the company, valued at approximately $6,223,445.62. The trade was a 1.10 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Derek G. Solon sold 4,400 shares of the stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $33.39, for a total transaction of $146,916.00. Following the completion of the transaction, the senior vice president now directly owns 50,453 shares of the company’s stock, valued at $1,684,625.67. This trade represents a 8.02 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,400 shares of company stock worth $324,296. 1.90% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. SEB Equity Research set a $50.00 target price on International Seaways in a report on Friday, January 24th. Jefferies Financial Group restated a “buy” rating and issued a $58.00 price objective 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 issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $57.50.

International Seaways Trading Up 1.6 %

Shares of INSW opened at $34.35 on Tuesday. The stock’s 50-day moving average price is $36.81 and its 200 day moving average price is $41.10. The company has a quick ratio of 3.60, a current ratio of 3.60 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $1.69 billion, a price-to-earnings ratio of 3.32 and a beta of -0.17. International Seaways, Inc. has a 12-month low of $31.70 and a 12-month high of $65.94.

International Seaways Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.40%. The ex-dividend date of this dividend is Friday, March 14th. International Seaways’s dividend payout ratio is presently 5.72%.

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.