Principal Financial Group Inc. Purchases 6,121 Shares of International Seaways, Inc. (NYSE:INSW)

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

Several other hedge funds also recently added to or reduced their stakes in INSW. Vanguard Group Inc. boosted its position in shares of International Seaways by 7.7% during the first quarter. Vanguard Group Inc. now owns 3,986,353 shares of the transportation company’s stock valued at $212,074,000 after buying an additional 286,295 shares during the period. American Century Companies Inc. lifted its position in shares of International Seaways by 25.7% during the second quarter. American Century Companies Inc. now owns 1,235,135 shares of the transportation company’s stock worth $73,034,000 after purchasing an additional 252,492 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of International Seaways by 5.3% during the second quarter. Renaissance Technologies LLC now owns 882,531 shares of the transportation company’s stock valued at $52,184,000 after purchasing an additional 44,200 shares during the period. Victory Capital Management Inc. boosted its stake in shares of International Seaways by 4.1% during the second quarter. Victory Capital Management Inc. now owns 853,745 shares of the transportation company’s stock valued at $50,482,000 after purchasing an additional 33,712 shares during the period. Finally, Millennium Management LLC bought a new position in shares of International Seaways in the second quarter worth about $21,875,000. 67.29% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director Alexandra Kate Blankenship sold 5,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $49.17, for a total transaction of $245,850.00. Following the completion of the transaction, the director now owns 16,109 shares of the company’s stock, valued at $792,079.53. This trade represents a 23.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $41.83, for a total value of $83,660.00. Following the sale, the chief executive officer now directly owns 151,475 shares in the company, valued at $6,336,199.25. This represents a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,000 shares of company stock valued at $723,780. Insiders own 1.90% of the company’s stock.

International Seaways Trading Up 0.1 %

NYSE INSW opened at $41.40 on Friday. International Seaways, Inc. has a 52 week low of $40.86 and a 52 week high of $65.94. The company has a 50 day moving average price of $47.50 and a 200 day moving average price of $53.38. The company has a quick ratio of 3.60, a current ratio of 3.60 and a debt-to-equity ratio of 0.32. The firm has a market cap of $2.04 billion, a PE ratio of 4.00 and a beta of -0.06.

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

International Seaways Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be issued a $1.32 dividend. This represents a $5.28 annualized dividend and a yield of 12.75%. The ex-dividend date is Friday, December 13th. This is an increase from International Seaways’s previous quarterly dividend of $0.12. International Seaways’s dividend payout ratio (DPR) is currently 4.64%.

Wall Street Analyst Weigh In

INSW has been the subject of a number of research analyst reports. StockNews.com lowered shares of International Seaways from a “buy” rating to a “hold” rating in a report on Thursday, August 8th. Jefferies Financial Group lowered their price objective on shares of International Seaways from $66.00 to $60.00 and set a “buy” rating for the company in a research note on Thursday, November 14th. Stifel Nicolaus cut International Seaways from a “buy” rating to a “hold” rating and dropped their target price for the company from $69.00 to $56.00 in a research report on Wednesday, October 23rd. Finally, Fearnley Fonds upgraded International Seaways to a “strong-buy” rating in a report on Friday, September 27th. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, International Seaways currently has a consensus rating of “Moderate Buy” and an average price target of $60.67.

About International Seaways

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.