Franklin Resources Inc. Purchases 23,500 Shares of International Seaways, Inc. (NYSE:INSW)

Franklin Resources Inc. increased its position in shares of International Seaways, Inc. (NYSE:INSW - Free Report) by 49.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 71,391 shares of the transportation company's stock after acquiring an additional 23,500 shares during the period. Franklin Resources Inc. owned about 0.15% of International Seaways worth $2,566,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the company. Bfsg LLC boosted its position in International Seaways by 14.9% in the fourth quarter. Bfsg LLC now owns 2,748 shares of the transportation company's stock valued at $99,000 after buying an additional 357 shares in the last quarter. Farther Finance Advisors LLC grew its position in International Seaways by 3.6% during the 4th quarter. Farther Finance Advisors LLC now owns 10,444 shares of the transportation company's stock worth $375,000 after acquiring an additional 360 shares during the last quarter. DMC Group LLC increased its holdings in International Seaways by 9.9% in the 4th quarter. DMC Group LLC now owns 5,974 shares of the transportation company's stock worth $215,000 after purchasing an additional 540 shares in the last quarter. KBC Group NV raised its position in International Seaways by 60.2% in the fourth quarter. KBC Group NV now owns 1,737 shares of the transportation company's stock valued at $62,000 after purchasing an additional 653 shares during the last quarter. Finally, Swiss National Bank boosted its stake in shares of International Seaways by 0.9% during the fourth quarter. Swiss National Bank now owns 78,100 shares of the transportation company's stock valued at $2,807,000 after purchasing an additional 700 shares in the last quarter. 67.29% of the stock is owned by institutional investors.

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International Seaways Stock Down 3.1 %

NYSE INSW traded down $1.02 on Tuesday, hitting $31.41. 699,824 shares of the company were exchanged, compared to its average volume of 738,889. International Seaways, Inc. has a 12 month low of $27.20 and a 12 month high of $65.94. 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 company has a market cap of $1.55 billion, a PE ratio of 3.03 and a beta of -0.01. The stock has a fifty day moving average of $34.45 and a 200-day moving average of $38.93.

International Seaways Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date of this dividend was Friday, March 14th. International Seaways's payout ratio is 5.72%.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In related news, SVP William F. Nugent sold 1,000 shares of the company's stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $32.63, for a total value of $32,630.00. Following the sale, the senior vice president now owns 56,846 shares in the company, valued at $1,854,884.98. This represents a 1.73 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Derek G. Solon sold 4,400 shares of International Seaways stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $33.39, for a total value of $146,916.00. Following the transaction, the senior vice president now owns 50,453 shares of the company's stock, valued at $1,684,625.67. This trade represents a 8.02 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,400 shares of company stock valued at $321,856. 1.90% of the stock is owned by company insiders.

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.