Principal Financial Group Inc. Increases Stock Holdings in International Seaways, Inc. (NYSE:INSW)

Principal Financial Group Inc. grew its holdings in shares of International Seaways, Inc. (NYSE:INSW) by 27.3% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 28,583 shares of the transportation company’s stock after purchasing an additional 6,121 shares during the quarter. Principal Financial Group Inc. owned approximately 0.06% of International Seaways worth $1,474,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the business. EdgeRock Capital LLC purchased a new stake in International Seaways during the second quarter valued at approximately $28,000. EverSource Wealth Advisors LLC bought a new position in International Seaways in the 1st quarter worth $27,000. Blue Trust Inc. purchased a new position in International Seaways during the third quarter valued at $41,000. Quarry LP grew its holdings in International Seaways by 408.0% during the second quarter. Quarry LP now owns 1,453 shares of the transportation company’s stock valued at $86,000 after purchasing an additional 1,167 shares during the period. Finally, CWM LLC increased its position in International Seaways by 47.9% in the second quarter. CWM LLC now owns 1,470 shares of the transportation company’s stock worth $87,000 after buying an additional 476 shares in the last quarter. Institutional investors own 67.29% of the company’s stock.

Wall Street Analyst Weigh In

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

International Seaways Trading Up 0.1 %

International Seaways stock opened at $41.40 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.60 and a quick ratio of 3.60. The firm’s 50 day moving average price is $47.50 and its 200-day moving average price is $53.38. International Seaways, Inc. has a 1 year low of $40.86 and a 1 year high of $65.94. The stock has a market cap of $2.04 billion, a P/E ratio of 4.00 and a beta of -0.06.

International Seaways (NYSE:INSW) last announced its quarterly earnings results on Thursday, November 7th. The transportation company reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.42 by $0.15. International Seaways had a net margin of 50.91% and a return on equity of 24.65%. The company had revenue of $225.20 million for the quarter, compared to the consensus estimate of $208.75 million. During the same period in the previous year, the firm posted $1.99 EPS. International Seaways’s revenue for the quarter was down 6.8% compared to the same quarter last year. On average, equities analysts predict that International Seaways, Inc. will post 7.92 earnings per share for the current fiscal year.

International Seaways Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be given a $1.32 dividend. This is an increase from International Seaways’s previous quarterly dividend of $0.12. This represents a $5.28 dividend on an annualized basis and a dividend yield of 12.75%. The ex-dividend date is Friday, December 13th. International Seaways’s payout ratio is currently 4.64%.

Insider Activity at International Seaways

In other news, SVP William F. Nugent sold 1,000 shares of the business’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $51.19, for a total value of $51,190.00. Following the sale, the senior vice president now directly owns 53,803 shares in the company, valued at $2,754,175.57. The trade was a 1.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Lois K. Zabrocky sold 2,000 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $50.30, for a total transaction of $100,600.00. Following the sale, the chief executive officer now owns 155,475 shares in the company, valued at $7,820,392.50. This represents a 1.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 15,000 shares of company stock valued at $723,780. 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.