Magnetar Financial LLC Acquires New Position in International Seaways, Inc. (NYSE:INSW)

Magnetar Financial LLC bought a new position in shares of International Seaways, Inc. (NYSE:INSW) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 76,337 shares of the transportation company’s stock, valued at approximately $2,744,000. Magnetar Financial LLC owned 0.16% of International Seaways as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Principal Financial Group Inc. increased its stake in shares of International Seaways by 27.3% in the 3rd quarter. Principal Financial Group Inc. now owns 28,583 shares of the transportation company’s stock valued at $1,474,000 after acquiring an additional 6,121 shares during the last quarter. KBC Group NV grew its holdings in International Seaways by 65.2% during 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 period. Segall Bryant & Hamill LLC increased its stake in International Seaways by 3.4% in the third quarter. Segall Bryant & Hamill LLC now owns 98,597 shares of the transportation company’s stock valued at $5,084,000 after purchasing an additional 3,278 shares in the last quarter. Moors & Cabot Inc. raised its holdings in International Seaways by 17.4% in the third quarter. Moors & Cabot Inc. now owns 11,898 shares of the transportation company’s stock worth $613,000 after purchasing an additional 1,765 shares during the period. Finally, Aurora Investment Counsel bought a new position in shares of International Seaways during the third quarter worth $661,000. Institutional investors own 67.29% of the company’s stock.

International Seaways Price Performance

Shares of NYSE INSW opened at $35.29 on Friday. The company has a current ratio of 3.60, a quick ratio of 3.60 and a debt-to-equity ratio of 0.32. The firm has a market cap of $1.74 billion, a PE ratio of 3.41 and a beta of -0.17. The company has a fifty day moving average price of $37.08 and a 200 day moving average price of $41.45. International Seaways, Inc. has a 1-year low of $31.70 and a 1-year high of $65.94.

International Seaways Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders 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 yield of 1.36%. The ex-dividend date of this dividend is Friday, March 14th. International Seaways’s dividend payout ratio (DPR) is currently 5.72%.

Insider Transactions at International Seaways

In related news, SVP William F. Nugent sold 1,000 shares of International Seaways stock in a transaction dated Tuesday, December 31st. The stock was 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 of the company’s stock, valued at approximately $1,746,591.21. The trade was a 1.97 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Lois K. Zabrocky sold 2,000 shares of the company’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $34.66, for a total value of $69,320.00. Following the sale, the chief executive officer now owns 179,557 shares in the company, valued at $6,223,445.62. The trade was a 1.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,400 shares of company stock valued at $324,296 in the last ninety days. 1.90% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently commented on INSW. SEB Equity Research set a $50.00 price objective on International Seaways in a research note on Friday, January 24th. Jefferies Financial Group reaffirmed a “buy” rating and set a $58.00 price target on shares of International Seaways in a research report on Thursday, February 27th. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average 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.