Corebridge Financial Inc. Sells 621 Shares of International Seaways Inc. $INSW

Corebridge Financial Inc. lessened its position in International Seaways Inc. (NYSE:INSW) by 2.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 21,151 shares of the transportation company’s stock after selling 621 shares during the period. Corebridge Financial Inc.’s holdings in International Seaways were worth $702,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. American Century Companies Inc. grew its holdings in International Seaways by 3.9% in the 1st quarter. American Century Companies Inc. now owns 1,695,985 shares of the transportation company’s stock worth $56,307,000 after acquiring an additional 63,232 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of International Seaways by 17.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 544,202 shares of the transportation company’s stock worth $18,068,000 after purchasing an additional 80,591 shares during the period. Pacer Advisors Inc. purchased a new stake in shares of International Seaways in the 1st quarter worth about $17,331,000. Donald Smith & CO. Inc. lifted its position in shares of International Seaways by 36.0% in the 1st quarter. Donald Smith & CO. Inc. now owns 492,711 shares of the transportation company’s stock worth $16,358,000 after purchasing an additional 130,519 shares during the period. Finally, Northern Trust Corp lifted its position in shares of International Seaways by 15.2% in the 4th quarter. Northern Trust Corp now owns 424,290 shares of the transportation company’s stock worth $15,249,000 after purchasing an additional 55,824 shares during the period. Institutional investors own 67.29% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, BTIG Research dropped their target price on shares of International Seaways from $70.00 to $60.00 and set a “buy” rating for the company in a research report on Wednesday, August 6th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, International Seaways currently has an average rating of “Buy” and a consensus target price of $53.50.

International Seaways Trading Up 1.5%

NYSE:INSW opened at $46.74 on Friday. International Seaways Inc. has a 12 month low of $27.20 and a 12 month high of $54.84. The stock has a market cap of $2.31 billion, a price-to-earnings ratio of 9.72 and a beta of 0.08. The company has a 50-day moving average price of $41.55 and a 200-day moving average price of $37.51. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14.

International Seaways (NYSE:INSW) last issued its quarterly earnings results on Wednesday, August 6th. The transportation company reported $1.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.11. International Seaways had a net margin of 29.88% and a return on equity of 11.35%. The company had revenue of $188.82 million during the quarter, compared to analysts’ expectations of $199.06 million. During the same period last year, the company posted $2.37 EPS. International Seaways’s revenue was down 24.0% on a year-over-year basis. Equities analysts predict that International Seaways Inc. will post 7.77 EPS for the current year.

International Seaways Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 24th. Investors of record on Wednesday, September 10th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Wednesday, September 10th. International Seaways’s dividend payout ratio (DPR) is 9.98%.

Insider Activity at International Seaways

In other International Seaways news, CEO Lois K. Zabrocky sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $38.62, for a total transaction of $77,240.00. Following the completion of the sale, the chief executive officer directly owned 192,771 shares in the company, valued at approximately $7,444,816.02. This trade represents a 1.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO James D. Small III sold 5,000 shares of the firm’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $41.35, for a total transaction of $206,750.00. Following the sale, the chief accounting officer owned 69,292 shares of the company’s stock, valued at approximately $2,865,224.20. This represents a 6.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,000 shares of company stock worth $767,820 over the last 90 days. 2.00% of the stock is currently owned by insiders.

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.