Vanguard Group Inc. Buys 369,145 Shares of International Seaways, Inc. (NYSE:INSW)

Vanguard Group Inc. boosted its position in International Seaways, Inc. (NYSE:INSW) by 8.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 4,759,119 shares of the transportation company’s stock after acquiring an additional 369,145 shares during the period. Vanguard Group Inc. owned 0.10% of International Seaways worth $171,043,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of INSW. FMR LLC grew its position in shares of International Seaways by 221.0% in the 3rd quarter. FMR LLC now owns 602,213 shares of the transportation company’s stock worth $31,050,000 after buying an additional 414,610 shares during the last quarter. Empowered Funds LLC increased its position in shares of International Seaways by 470.8% during the fourth quarter. Empowered Funds LLC now owns 273,032 shares of the transportation company’s stock worth $9,813,000 after purchasing an additional 225,196 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of International Seaways by 685.6% during the 4th quarter. Principal Financial Group Inc. now owns 224,544 shares of the transportation company’s stock valued at $8,070,000 after purchasing an additional 195,961 shares during the last quarter. Barclays PLC boosted its position in shares of International Seaways by 206.3% in the 3rd quarter. Barclays PLC now owns 259,393 shares of the transportation company’s stock worth $13,374,000 after purchasing an additional 174,695 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in International Seaways by 111.5% during the 4th quarter. Bank of New York Mellon Corp now owns 325,267 shares of the transportation company’s stock worth $11,690,000 after buying an additional 171,498 shares during the last quarter. 67.29% of the stock is owned by hedge funds and other institutional investors.

International Seaways Stock Performance

Shares of INSW opened at $28.74 on Monday. 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 stock has a 50-day moving average of $35.78 and a two-hundred day moving average of $40.03. The stock has a market cap of $1.41 billion, a P/E ratio of 2.78 and a beta of -0.01. International Seaways, Inc. has a one year low of $27.20 and a one year high of $65.94.

International Seaways Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date of this dividend was Friday, March 14th. International Seaways’s dividend payout ratio (DPR) is 5.72%.

Analysts Set New Price Targets

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

Insider Activity at International Seaways

In related news, CEO Lois K. Zabrocky sold 2,000 shares of the firm’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $34.66, for a total transaction of $69,320.00. Following the sale, the chief executive officer now directly owns 179,557 shares of the company’s stock, valued at $6,223,445.62. This trade represents a 1.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP William F. Nugent sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $39.10, for a total value of $39,100.00. Following the completion of the transaction, the senior vice president now directly owns 48,803 shares of the company’s stock, valued at $1,908,197.30. The trade was a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,400 shares of company stock worth $321,856 over the last quarter. Insiders own 1.90% of the company’s stock.

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.