International Seaways, Inc. (NYSE:INSW) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. increased its stake in shares of International Seaways, Inc. (NYSE:INSW) by 27.3% during the third quarter, Holdings Channel reports. The institutional investor owned 28,583 shares of the transportation company’s stock after acquiring an additional 6,121 shares during the period. Principal Financial Group Inc.’s holdings in International Seaways were worth $1,474,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in INSW. Blue Trust Inc. acquired a new position in shares of International Seaways during the 3rd quarter worth $41,000. EverSource Wealth Advisors LLC increased its holdings in International Seaways by 62.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 791 shares of the transportation company’s stock valued at $44,000 after acquiring an additional 305 shares in the last quarter. Sunbelt Securities Inc. acquired a new position in International Seaways during the third quarter worth about $52,000. KBC Group NV lifted its holdings in shares of International Seaways by 65.2% in the third quarter. KBC Group NV now owns 1,084 shares of the transportation company’s stock valued at $56,000 after purchasing an additional 428 shares in the last quarter. Finally, Quarry LP grew its position in shares of International Seaways by 408.0% in the second quarter. Quarry LP now owns 1,453 shares of the transportation company’s stock valued at $86,000 after purchasing an additional 1,167 shares during the last quarter. 67.29% of the stock is currently owned by institutional investors and hedge funds.

International Seaways Trading Down 2.3 %

NYSE INSW opened at $35.40 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.60 and a quick ratio of 3.60. The company has a market cap of $1.74 billion, a P/E ratio of 3.42 and a beta of -0.10. International Seaways, Inc. has a 12 month low of $32.11 and a 12 month high of $65.94. The company has a 50-day moving average of $39.04 and a 200-day moving average of $48.06.

International Seaways (NYSE:INSW) last released its quarterly earnings data on Thursday, November 7th. The transportation company reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.42 by $0.15. International Seaways had a return on equity of 24.65% and a net margin of 50.91%. The business had revenue of $225.20 million during the quarter, compared to the consensus estimate of $208.75 million. During the same period in the prior year, the firm posted $1.99 EPS. The business’s revenue for the quarter was down 6.8% on a year-over-year basis. As a group, equities analysts predict that International Seaways, Inc. will post 7.92 earnings per share for the current year.

International Seaways Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 13th were given a dividend of $1.32 per share. This represents a $5.28 dividend on an annualized basis and a yield of 14.92%. This is a boost from International Seaways’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Friday, December 13th. International Seaways’s payout ratio is 4.64%.

Insiders Place Their Bets

In related news, CEO Lois K. Zabrocky sold 2,000 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $49.22, for a total transaction of $98,440.00. Following the completion of the sale, the chief executive officer now directly owns 153,475 shares of the company’s stock, valued at approximately $7,554,039.50. This represents a 1.29 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP William F. Nugent sold 1,000 shares of the stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $43.05, for a total value of $43,050.00. Following the completion of the sale, the senior vice president now owns 51,803 shares of the company’s stock, valued at approximately $2,230,119.15. This trade represents a 1.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 8,200 shares of company stock worth $346,452 over the last ninety days. 1.90% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

INSW has been the subject of several research reports. Jefferies Financial Group cut their price objective on International Seaways from $66.00 to $60.00 and set a “buy” rating for the company in a research report on Thursday, November 14th. Fearnley Fonds raised shares of International Seaways to a “strong-buy” rating in a research report on Friday, September 27th. Finally, Stifel Nicolaus lowered shares of International Seaways from a “buy” rating to a “hold” rating and decreased their target price for the stock from $69.00 to $56.00 in a research report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, International Seaways has a consensus rating of “Moderate Buy” and a consensus target price of $60.67.

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.