Lazard Asset Management LLC Sells 3,718 Shares of International Seaways, Inc. (NYSE:INSW)

Lazard Asset Management LLC reduced its holdings in International Seaways, Inc. (NYSE:INSW) by 4.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 78,498 shares of the transportation company’s stock after selling 3,718 shares during the quarter. Lazard Asset Management LLC owned about 0.16% of International Seaways worth $2,821,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in INSW. Banque Transatlantique SA bought a new stake in shares of International Seaways during the fourth quarter valued at approximately $29,000. Larson Financial Group LLC bought a new stake in shares of International Seaways during the fourth quarter valued at approximately $37,000. Quarry LP increased its holdings in shares of International Seaways by 169.0% during the fourth quarter. Quarry LP now owns 1,356 shares of the transportation company’s stock valued at $49,000 after acquiring an additional 852 shares in the last quarter. R Squared Ltd bought a new stake in shares of International Seaways during the fourth quarter valued at approximately $59,000. Finally, KBC Group NV increased its holdings in shares of International Seaways by 60.2% during the fourth quarter. KBC Group NV now owns 1,737 shares of the transportation company’s stock valued at $62,000 after acquiring an additional 653 shares in the last quarter. 67.29% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Lois K. Zabrocky sold 2,000 shares of the company’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $34.66, for a total transaction of $69,320.00. Following the transaction, the chief executive officer now owns 179,557 shares of the company’s stock, valued at $6,223,445.62. This represents a 1.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Derek G. Solon sold 4,400 shares of the company’s stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $33.39, for a total value of $146,916.00. Following the transaction, the senior vice president now directly owns 50,453 shares in the company, valued at $1,684,625.67. This represents a 8.02% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 14,900 shares of company stock valued at $513,716. Insiders own 1.90% of the company’s stock.

International Seaways Stock Up 2.4%

Shares of NYSE:INSW opened at $39.23 on Friday. The business’s 50 day moving average is $33.85 and its 200 day moving average is $36.69. The company has a quick ratio of 3.60, a current ratio of 3.60 and a debt-to-equity ratio of 0.32. International Seaways, Inc. has a 12-month low of $27.20 and a 12-month high of $65.94. The stock has a market cap of $1.94 billion, a price-to-earnings ratio of 3.79 and a beta of -0.01.

International Seaways (NYSE:INSW) last posted its quarterly earnings data on Thursday, May 8th. The transportation company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.21. International Seaways had a return on equity of 24.65% and a net margin of 50.91%. The business had revenue of $178.34 million for the quarter, compared to analysts’ expectations of $176.49 million. During the same quarter in the previous year, the firm earned $2.92 earnings per share. The business’s revenue was down 32.9% on a year-over-year basis. On average, sell-side analysts forecast that International Seaways, Inc. will post 7.77 earnings per share for the current fiscal year.

International Seaways Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Shareholders of record on Thursday, June 12th will be given a $0.12 dividend. The ex-dividend date of this dividend is Thursday, June 12th. This represents a $0.48 annualized dividend and a yield of 1.22%. International Seaways’s dividend payout ratio is currently 7.42%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on INSW shares. Jefferies Financial Group restated a “buy” rating and set a $48.00 price objective on shares of International Seaways in a report on Thursday, May 8th. SEB Equity Research set a $50.00 target price on International Seaways in a research report on Friday, January 24th.

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.