Principal Financial Group Inc. Purchases 195,961 Shares of International Seaways, Inc. (NYSE:INSW)

Principal Financial Group Inc. lifted its position in International Seaways, Inc. (NYSE:INSW) by 685.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 224,544 shares of the transportation company’s stock after acquiring an additional 195,961 shares during the quarter. Principal Financial Group Inc. owned approximately 0.46% of International Seaways worth $8,070,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Geode Capital Management LLC grew its stake in shares of International Seaways by 4.3% in the 3rd quarter. Geode Capital Management LLC now owns 943,375 shares of the transportation company’s stock worth $48,650,000 after acquiring an additional 38,871 shares in the last quarter. Kingsview Wealth Management LLC bought a new stake in shares of International Seaways in the 3rd quarter worth $2,161,000. Charles Schwab Investment Management Inc. grew its stake in shares of International Seaways by 8.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 430,658 shares of the transportation company’s stock worth $22,205,000 after acquiring an additional 32,825 shares in the last quarter. Barclays PLC grew its stake 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 acquiring an additional 174,695 shares in the last quarter. Finally, FMR LLC grew its stake 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 acquiring an additional 414,610 shares in the last quarter. Institutional investors own 67.29% of the company’s stock.

International Seaways Price Performance

INSW opened at $33.29 on Friday. The firm has a market cap of $1.64 billion, a P/E ratio of 3.22 and a beta of -0.11. The firm has a 50-day moving average of $37.72 and a 200 day moving average of $43.05. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.60 and a current ratio of 3.60. International Seaways, Inc. has a fifty-two week low of $32.11 and a fifty-two week high of $65.94.

International Seaways Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be given a dividend of $0.12 per share. The ex-dividend date is Friday, March 14th. This represents a $0.48 dividend on an annualized basis and a yield of 1.44%. International Seaways’s dividend payout ratio is presently 4.64%.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other International Seaways news, SVP William F. Nugent sold 1,000 shares of the stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $35.07, for a total transaction of $35,070.00. Following the completion of the transaction, the senior vice president now owns 49,803 shares in the company, valued at $1,746,591.21. This trade represents a 1.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company 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.