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) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 51,118 shares of the transportation company’s stock, valued at approximately $1,837,000. Raymond James Financial Inc. owned approximately 0.10% of International Seaways at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of INSW. Geode Capital Management LLC increased its holdings 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 buying an additional 38,871 shares during the last quarter. FMR LLC raised its stake in shares of International Seaways by 221.0% in 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. Charles Schwab Investment Management Inc. grew its holdings in International Seaways by 7.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 463,611 shares of the transportation company’s stock valued at $16,662,000 after purchasing an additional 32,953 shares during the last quarter. Private Management Group Inc. grew its stake in shares of International Seaways by 29.9% during the fourth quarter. Private Management Group Inc. now owns 382,750 shares of the transportation company’s stock valued at $13,756,000 after buying an additional 88,007 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in International Seaways by 111.5% in the 4th quarter. Bank of New York Mellon Corp now owns 325,267 shares of the transportation company’s stock valued at $11,690,000 after acquiring an additional 171,498 shares during the last quarter. 67.29% of the stock is currently owned by institutional investors.

Insider Activity

In other news, SVP William F. Nugent sold 1,000 shares of the company’s stock in a transaction on Friday, February 28th. The stock was sold at an average price of $33.89, for a total transaction of $33,890.00. Following the transaction, the senior vice president now directly owns 55,852 shares of the company’s stock, valued at approximately $1,892,824.28. This represents a 1.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Derek G. Solon sold 4,400 shares of the firm’s stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $33.39, for a total value 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 $1,684,625.67. The trade was a 8.02 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 8,400 shares of company stock worth $289,226. Corporate insiders own 1.90% of the company’s stock.

International Seaways Trading Up 0.3 %

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

International Seaways Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were given 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 of this dividend was Friday, March 14th. International Seaways’s payout ratio is 5.72%.

Analyst Upgrades and Downgrades

INSW has been the topic of a number of research analyst reports. 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 reissued a “buy” rating and set a $58.00 target price on shares of International Seaways in a research report on Thursday, February 27th. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.50.

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.