Franklin Resources Inc. Buys 379 Shares of International Seaways, Inc. (NYSE:INSW)

Franklin Resources Inc. grew its stake in shares of International Seaways, Inc. (NYSE:INSW) by 0.8% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 47,891 shares of the transportation company’s stock after buying an additional 379 shares during the period. Franklin Resources Inc. owned 0.10% of International Seaways worth $2,428,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. American Century Companies Inc. lifted its holdings in 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 valued at $73,034,000 after purchasing an additional 252,492 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of International Seaways by 4.3% during the 3rd quarter. Geode Capital Management LLC now owns 943,375 shares of the transportation company’s stock valued at $48,650,000 after buying an additional 38,871 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in International Seaways by 5.3% in the 2nd quarter. Renaissance Technologies LLC now owns 882,531 shares of the transportation company’s stock worth $52,184,000 after buying an additional 44,200 shares during the period. Victory Capital Management Inc. increased its stake in International Seaways by 4.1% in the 2nd quarter. Victory Capital Management Inc. now owns 853,745 shares of the transportation company’s stock worth $50,482,000 after buying an additional 33,712 shares in the last quarter. Finally, FMR LLC raised its holdings in International Seaways by 221.0% during the third quarter. FMR LLC now owns 602,213 shares of the transportation company’s stock valued at $31,050,000 after acquiring an additional 414,610 shares during the period. 67.29% of the stock is currently owned by institutional investors.

Insider Buying and Selling at International Seaways

In other International Seaways news, SVP Derek G. Solon sold 1,200 shares of the business’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $38.91, for a total transaction of $46,692.00. Following the sale, the senior vice president now directly owns 45,687 shares of the company’s stock, valued at $1,777,681.17. The trade was a 2.56 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP William F. Nugent sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $51.24, for a total value of $51,240.00. Following the completion of the sale, the senior vice president now directly owns 52,803 shares of the company’s stock, valued at $2,705,625.72. The trade was a 1.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 8,200 shares of company stock worth $362,622 over the last 90 days. 1.90% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on INSW. Jefferies Financial Group cut their target price 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. Stifel Nicolaus lowered shares of International Seaways from a “buy” rating to a “hold” rating and cut their price objective for the company from $69.00 to $56.00 in a report on Wednesday, October 23rd. Finally, Fearnley Fonds raised shares of International Seaways to a “strong-buy” rating in a report on Friday, September 27th. Two investment 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 presently has a consensus rating of “Moderate Buy” and an average price target of $60.67.

International Seaways Trading Down 1.8 %

Shares of INSW stock opened at $36.24 on Friday. The company has a current ratio of 3.60, a quick ratio of 3.60 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $1.78 billion, a price-to-earnings ratio of 3.50 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 stock’s 50-day moving average price is $40.66 and its 200-day moving average price is $49.08.

International Seaways (NYSE:INSW) last released its quarterly earnings data on Thursday, November 7th. The transportation company reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.42 by $0.15. The business had revenue of $225.20 million for the quarter, compared to the consensus estimate of $208.75 million. International Seaways had a return on equity of 24.65% and a net margin of 50.91%. The company’s revenue was down 6.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.99 EPS. Equities research analysts predict 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. Investors of record on Friday, December 13th will be paid a dividend of $1.32 per share. This is an increase from International Seaways’s previous quarterly dividend of $0.12. The ex-dividend date is Friday, December 13th. This represents a $5.28 dividend on an annualized basis and a yield of 14.57%. International Seaways’s dividend payout ratio is presently 4.64%.

International Seaways Company 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.