Bank of New York Mellon Corp Sells 10,889 Shares of International Seaways Inc. (NYSE:INSW)

Bank of New York Mellon Corp cut its holdings in International Seaways Inc. (NYSE:INSW) by 3.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 314,378 shares of the transportation company’s stock after selling 10,889 shares during the period. Bank of New York Mellon Corp owned about 0.64% of International Seaways worth $10,437,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Banque Transatlantique SA bought a new stake in International Seaways in the fourth quarter valued at approximately $29,000. GAMMA Investing LLC grew its holdings in International Seaways by 105.1% during the 1st quarter. GAMMA Investing LLC now owns 1,163 shares of the transportation company’s stock valued at $39,000 after buying an additional 596 shares in the last quarter. Quarry LP grew its holdings in International Seaways by 169.0% during the 4th quarter. Quarry LP now owns 1,356 shares of the transportation company’s stock valued at $49,000 after buying an additional 852 shares in the last quarter. Blue Trust Inc. grew its holdings in shares of International Seaways by 87.3% during the first quarter. Blue Trust Inc. now owns 1,583 shares of the transportation company’s stock worth $53,000 after purchasing an additional 738 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its holdings in shares of International Seaways by 30.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,447 shares of the transportation company’s stock worth $88,000 after purchasing an additional 564 shares in the last quarter. 67.29% of the stock is currently owned by institutional investors and hedge funds.

International Seaways Trading Down 1.2%

INSW opened at $38.41 on Tuesday. The stock has a market cap of $1.90 billion, a PE ratio of 5.94 and a beta of 0.05. International Seaways Inc. has a twelve month low of $27.20 and a twelve month high of $58.73. The company has a fifty day moving average of $38.35 and a 200-day moving average of $36.49. The company has a quick ratio of 2.75, a current ratio of 2.76 and a debt-to-equity ratio of 0.29.

International Seaways (NYSE:INSW) last announced its quarterly earnings data on Thursday, May 8th. The transportation company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.21. The firm had revenue of $178.34 million during the quarter, compared to analyst estimates of $176.49 million. International Seaways had a net margin of 37.39% and a return on equity of 14.98%. The business’s quarterly revenue was down 32.9% on a year-over-year basis. During the same period in the previous year, the business posted $2.92 EPS. On average, sell-side analysts predict that International Seaways Inc. will post 7.77 EPS for the current year.

International Seaways Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Stockholders of record on Thursday, June 12th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.25%. The ex-dividend date was Thursday, June 12th. International Seaways’s dividend payout ratio (DPR) is presently 7.42%.

Insider Transactions at International Seaways

In other news, SVP William F. Nugent sold 1,000 shares of the stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $37.00, for a total transaction of $37,000.00. Following the completion of the transaction, the senior vice president directly owned 59,752 shares in the company, valued at approximately $2,210,824. This represents a 1.65% decrease in their position. 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 International Seaways stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $38.62, for a total value of $77,240.00. Following the sale, the chief executive officer owned 192,771 shares of the company’s stock, valued at approximately $7,444,816.02. This trade represents a 1.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 12,500 shares of company stock worth $473,730 in the last quarter. Company insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

Separately, 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.

International Seaways 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.