Bank of New York Mellon Corp Raises Position in International Seaways, Inc. (NYSE:INSW)

Bank of New York Mellon Corp raised its holdings in International Seaways, Inc. (NYSE:INSW - Free Report) by 111.5% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 325,267 shares of the transportation company's stock after acquiring an additional 171,498 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.66% of International Seaways worth $11,690,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. Bfsg LLC raised its holdings in International Seaways by 14.9% during the 4th quarter. Bfsg LLC now owns 2,748 shares of the transportation company's stock worth $99,000 after purchasing an additional 357 shares during the last quarter. Franklin Resources Inc. grew its stake in International Seaways by 0.8% during the third quarter. Franklin Resources Inc. now owns 47,891 shares of the transportation company's stock worth $2,428,000 after purchasing an additional 379 shares during the period. KBC Group NV increased its holdings in International Seaways by 65.2% in the third quarter. KBC Group NV now owns 1,084 shares of the transportation company's stock worth $56,000 after purchasing an additional 428 shares in the last quarter. Cynosure Group LLC lifted its stake in International Seaways by 6.6% in the third quarter. Cynosure Group LLC now owns 7,171 shares of the transportation company's stock valued at $370,000 after buying an additional 447 shares during the period. Finally, DMC Group LLC boosted its holdings in shares of International Seaways by 9.9% during the 4th quarter. DMC Group LLC now owns 5,974 shares of the transportation company's stock worth $215,000 after buying an additional 540 shares in the last quarter. Institutional investors own 67.29% of the company's stock.

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Wall Street Analysts Forecast Growth

INSW has been the topic of a number of research reports. SEB Equity Research set a $50.00 price target on International Seaways in a research note on Friday, January 24th. Jefferies Financial Group reaffirmed a "buy" rating and set a $58.00 target price on shares of International Seaways in a research report on Thursday, February 27th. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $57.50.

Insider Buying and Selling at International Seaways

In related news, SVP Derek G. Solon sold 4,400 shares of the firm's stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $33.39, for a total value of $146,916.00. Following the sale, the senior vice president now directly owns 50,453 shares of the company's stock, valued at $1,684,625.67. This trade represents a 8.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP William F. Nugent sold 1,000 shares of International Seaways stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $39.10, for a total transaction of $39,100.00. Following the sale, the senior vice president now owns 48,803 shares of the company's stock, valued at approximately $1,908,197.30. The trade was a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 7,400 shares of company stock valued at $254,976 in the last quarter. 1.90% of the stock is currently owned by corporate insiders.

International Seaways Stock Performance

Shares of INSW traded up $1.00 during trading hours on Monday, hitting $34.55. The company's stock had a trading volume of 779,142 shares, compared to its average volume of 681,200. The business has a 50 day simple moving average of $37.30 and a two-hundred day simple moving average of $41.77. International Seaways, Inc. has a 52-week low of $31.70 and a 52-week high of $65.94. 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 company has a market cap of $1.70 billion, a price-to-earnings ratio of 3.34 and a beta of -0.17.

International Seaways Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.48 annualized dividend and a yield of 1.39%. International Seaways's dividend payout ratio is currently 5.72%.

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.