New York State Teachers Retirement System Cuts Holdings in International Seaways Inc. $INSW

New York State Teachers Retirement System lessened its stake in International Seaways Inc. (NYSE:INSW) by 8.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,997 shares of the transportation company’s stock after selling 1,797 shares during the period. New York State Teachers Retirement System’s holdings in International Seaways were worth $693,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of INSW. GAMMA Investing LLC grew its stake in International Seaways by 105.1% in the 1st quarter. GAMMA Investing LLC now owns 1,163 shares of the transportation company’s stock worth $39,000 after buying an additional 596 shares in the last quarter. Blue Trust Inc. grew its stake in International Seaways by 87.3% in the 1st quarter. Blue Trust Inc. now owns 1,583 shares of the transportation company’s stock worth $53,000 after buying an additional 738 shares in the last quarter. Picton Mahoney Asset Management purchased a new position in International Seaways in the 1st quarter worth approximately $55,000. PNC Financial Services Group Inc. grew its stake in International Seaways by 550.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,822 shares of the transportation company’s stock worth $60,000 after buying an additional 1,542 shares in the last quarter. Finally, KBC Group NV grew its stake in International Seaways by 61.2% in the 1st quarter. KBC Group NV now owns 2,800 shares of the transportation company’s stock worth $93,000 after buying an additional 1,063 shares in the last quarter. Hedge funds and other institutional investors own 67.29% of the company’s stock.

International Seaways Trading Up 2.7%

Shares of INSW opened at $46.44 on Thursday. The firm has a market cap of $2.29 billion, a price-to-earnings ratio of 9.65 and a beta of 0.01. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.95. International Seaways Inc. has a fifty-two week low of $27.20 and a fifty-two week high of $49.83. The firm has a 50 day moving average price of $45.67 and a 200-day moving average price of $40.29.

International Seaways (NYSE:INSW) last announced its quarterly earnings data on Wednesday, November 23rd. The transportation company reported ($0.63) earnings per share for the quarter. The business had revenue of $84.82 million during the quarter. International Seaways had a return on equity of 11.35% and a net margin of 29.88%. As a group, equities research analysts forecast that International Seaways Inc. will post 7.77 earnings per share for the current year.

International Seaways Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 24th. Shareholders of record on Wednesday, September 10th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, September 10th. This represents a $0.48 annualized dividend and a yield of 1.0%. International Seaways’s dividend payout ratio is presently 9.98%.

Insider Buying and Selling at International Seaways

In other International Seaways news, CFO Jeffrey Pribor sold 1,000 shares of the company’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $44.00, for a total value of $44,000.00. Following the completion of the transaction, the chief financial officer directly owned 67,695 shares in the company, valued at approximately $2,978,580. This represents a 1.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Derek G. Solon sold 3,000 shares of the company’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $41.35, for a total transaction of $124,050.00. Following the completion of the transaction, the senior vice president owned 52,893 shares of the company’s stock, valued at $2,187,125.55. This trade represents a 5.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,000 shares of company stock worth $777,530 over the last ninety days. 2.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have commented on INSW. BTIG Research cut their price target on shares of International Seaways from $70.00 to $60.00 and set a “buy” rating for the company in a research note on Wednesday, August 6th. Weiss Ratings restated a “hold (c+)” rating on shares of International Seaways in a report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $52.67.

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.