Fri Sep 20 08:08:47 UTC 2024: ## Moors & Cabot Cuts Stake in International Seaways, While Other Investors Make Moves

**New York, NY – September 20, 2024** – Moors & Cabot Inc., a prominent investment firm, reduced its holdings in International Seaways, Inc. (NYSE: INSW) by 69.3% during the second quarter, according to HoldingsChannel. The fund now owns 10,133 shares of the transportation company, worth $599,000.

This move comes as several other large investors have also adjusted their positions in INSW. EverSource Wealth Advisors LLC, EdgeRock Capital LLC, and EntryPoint Capital LLC all acquired new stakes in the company during the first quarter, while Headlands Technologies LLC and CWM LLC increased their holdings in the second quarter.

Meanwhile, insiders at International Seaways have been selling shares. SVP William F. Nugent sold 1,000 shares on August 30th, while CEO Lois K. Zabrocky sold 2,000 shares on August 12th. Over the past three months, company insiders have sold a total of 13,000 shares, representing 1.90% of the company’s stock.

International Seaways reported earnings for the second quarter on August 7th, missing analyst expectations. The company earned $2.37 per share, below the consensus estimate of $2.50. Revenue for the quarter was $257.40 million, slightly higher than the expected $256.13 million. Despite missing earnings estimates, the company announced a quarterly dividend of $0.12 per share, payable on September 25th.

Analysts remain optimistic about International Seaways’ future. Stifel Nicolaus upgraded their price objective to $72.00 and maintained a “buy” rating, while Jefferies Financial Group reaffirmed their “buy” rating and issued a $66.00 price target. However, StockNews.com downgraded the company from “buy” to “hold” in August. Overall, the average rating for INSW is “Moderate Buy,” with a consensus price target of $64.75.

International Seaways operates a fleet of vessels for transporting crude oil and petroleum products worldwide. As of December 31, 2023, the company owned 73 vessels. Its clients include independent and state-owned oil companies, oil traders, refinery operators, and international government entities.

**Disclaimer:** This news article is for informational purposes only and should not be construed as investment advice.

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