Raymond James Financial Inc. Purchases Shares of 51,118 International Seaways, Inc. (NYSE:INSW)

Raymond James Financial Inc. acquired a new position in shares of International Seaways, Inc. (NYSE:INSW) in the 4th quarter, Holdings Channel reports. The fund acquired 51,118 shares of the transportation company’s stock, valued at approximately $1,837,000.

Other large investors have also recently made changes to their positions in the company. Sunbelt Securities Inc. acquired a new position in International Seaways in the 3rd quarter worth approximately $52,000. R Squared Ltd purchased a new stake in shares of International Seaways in the 4th quarter valued at $59,000. KBC Group NV boosted its holdings in shares of International Seaways by 60.2% in the 4th quarter. KBC Group NV now owns 1,737 shares of the transportation company’s stock valued at $62,000 after acquiring an additional 653 shares during the last quarter. Venturi Wealth Management LLC acquired a new stake in shares of International Seaways in the fourth quarter worth $69,000. Finally, SBI Securities Co. Ltd. purchased a new position in shares of International Seaways during the fourth quarter worth $82,000. 67.29% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $34.66, for a total transaction of $69,320.00. Following the transaction, the chief executive officer now owns 179,557 shares in the company, valued at $6,223,445.62. This trade represents a 1.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Derek G. Solon sold 4,400 shares of the business’s stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $33.39, for a total transaction of $146,916.00. Following the completion of the sale, the senior vice president now directly owns 50,453 shares of the company’s stock, valued at approximately $1,684,625.67. The trade was a 8.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 8,400 shares of company stock worth $289,226 in the last ninety days. Company insiders own 1.90% of the company’s stock.

International Seaways Stock Performance

Shares of NYSE INSW opened at $33.25 on Tuesday. The company has a market capitalization of $1.64 billion, a PE ratio of 3.21 and a beta of -0.17. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.60 and a current ratio of 3.60. The company’s fifty day moving average price is $36.17 and its 200 day moving average price is $40.56. International Seaways, Inc. has a 1 year low of $31.70 and a 1 year high of $65.94.

International Seaways Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.44%. The ex-dividend date was Friday, March 14th. International Seaways’s payout ratio is currently 5.72%.

Wall Street Analyst Weigh In

Several research firms have commented on INSW. Jefferies Financial Group reaffirmed a “buy” rating and issued a $58.00 price target on shares of International Seaways in a report on Thursday, February 27th. SEB Equity Research set a $50.00 target price on International Seaways in a research note on Friday, January 24th. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $57.50.

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.