76,337 Shares in International Seaways, Inc. (NYSE:INSW) Purchased by Magnetar Financial LLC

Magnetar Financial LLC acquired a new stake in International Seaways, Inc. (NYSE:INSW) during the 4th quarter, Holdings Channel reports. The institutional investor acquired 76,337 shares of the transportation company’s stock, valued at approximately $2,744,000.

Other hedge funds also recently made changes to their positions in the company. Larson Financial Group LLC acquired a new position in shares of International Seaways during the 4th quarter worth approximately $37,000. Sunbelt Securities Inc. bought a new position in International Seaways during the third quarter worth $52,000. KBC Group NV increased its holdings in shares of International Seaways by 65.2% in the third 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 last quarter. R Squared Ltd bought a new position in shares of International Seaways in the fourth quarter valued at about $59,000. Finally, Venturi Wealth Management LLC acquired a new stake in shares of International Seaways during the 4th quarter worth about $69,000. 67.29% of the stock is owned by institutional investors and hedge funds.

International Seaways Price Performance

NYSE:INSW opened at $35.29 on Friday. International Seaways, Inc. has a 52 week low of $31.70 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 50-day simple moving average is $37.08 and its 200 day simple moving average is $41.45. The firm has a market cap of $1.74 billion, a price-to-earnings ratio of 3.41 and a beta of -0.17.

International Seaways Cuts Dividend

The firm 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 dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.48 annualized dividend and a dividend yield of 1.36%. International Seaways’s dividend payout ratio is presently 5.72%.

Insider Activity

In other news, SVP Derek G. Solon sold 4,400 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $33.39, for a total transaction of $146,916.00. Following the completion of the sale, the senior vice president now owns 50,453 shares of the company’s stock, valued at approximately $1,684,625.67. This represents a 8.02 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP William F. Nugent sold 1,000 shares of the stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $39.10, for a total transaction of $39,100.00. Following the sale, the senior vice president now owns 48,803 shares in the company, valued at $1,908,197.30. This represents a 2.01 % 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. Corporate insiders own 1.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Jefferies Financial Group reissued a “buy” rating and issued a $58.00 price target on shares of International Seaways in a report on Thursday, February 27th. SEB Equity Research set a $50.00 target price on International Seaways in a research note on Friday, January 24th. Two investment 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 stock has a consensus rating of “Moderate Buy” and a consensus price target of $57.50.

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.