Allspring Global Investments Holdings LLC Acquires 33,392 Shares of International Seaways, Inc. (NYSE:INSW)

Allspring Global Investments Holdings LLC increased its position in International Seaways, Inc. (NYSE:INSW - Free Report) by 88.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 71,206 shares of the transportation company's stock after purchasing an additional 33,392 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.14% of International Seaways worth $3,671,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in INSW. EverSource Wealth Advisors LLC bought a new position in International Seaways during the first quarter worth about $27,000. EdgeRock Capital LLC bought a new position in International Seaways during the second quarter worth about $28,000. Blue Trust Inc. bought a new position in International Seaways during the third quarter worth about $41,000. Headlands Technologies LLC boosted its holdings in International Seaways by 173.4% during the first quarter. Headlands Technologies LLC now owns 905 shares of the transportation company's stock worth $48,000 after buying an additional 574 shares during the last quarter. Finally, Quarry LP boosted 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 worth $86,000 after buying an additional 1,167 shares during the last quarter. 67.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on INSW. Stifel Nicolaus cut International Seaways from a "buy" rating to a "hold" rating and reduced their target price for the stock from $69.00 to $56.00 in a report on Wednesday, October 23rd. Jefferies Financial Group restated a "buy" rating and issued a $66.00 target price on shares of International Seaways in a research note on Wednesday, August 7th. StockNews.com cut International Seaways from a "buy" rating to a "hold" rating in a research note on Thursday, August 8th. Finally, Fearnley Fonds upgraded International Seaways to a "strong-buy" rating in a research note on Friday, September 27th. Two 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 company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $62.67.

International Seaways Stock Performance

Shares of INSW stock traded down $0.74 during trading on Tuesday, reaching $44.00. 419,235 shares of the company's stock were exchanged, compared to its average volume of 574,778. The company has a quick ratio of 3.87, a current ratio of 3.89 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $2.17 billion, a PE ratio of 4.11 and a beta of -0.08. International Seaways, Inc. has a twelve month low of $42.08 and a twelve month high of $65.94. The firm's fifty day moving average price is $50.28 and its 200-day moving average price is $54.89.

International Seaways (NYSE:INSW - Get Free Report) last posted its earnings results on Wednesday, August 7th. The transportation company reported $2.37 earnings per share for the quarter, missing analysts' consensus estimates of $2.50 by ($0.13). The business had revenue of $257.40 million for the quarter, compared to analyst estimates of $256.13 million. International Seaways had a return on equity of 26.55% and a net margin of 50.70%. The firm's revenue was down 11.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.12 earnings per share. As a group, sell-side analysts anticipate that International Seaways, Inc. will post 9.31 EPS for the current year.

International Seaways Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 25th. Investors of record on Wednesday, September 11th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date was Wednesday, September 11th. International Seaways's payout ratio is presently 4.49%.

Insider Buying and Selling

In related news, CFO Jeffrey Pribor sold 1,000 shares of the business's stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $55.97, for a total transaction of $55,970.00. Following the transaction, the chief financial officer now directly owns 38,849 shares of the company's stock, valued at approximately $2,174,378.53. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Jeffrey Pribor sold 1,000 shares of the business's stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $55.97, for a total value of $55,970.00. Following the completion of the sale, the chief financial officer now directly owns 38,849 shares in the company, valued at $2,174,378.53. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Alexandra Kate Blankenship sold 5,000 shares of the business's stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $49.17, for a total value of $245,850.00. Following the completion of the sale, the director now owns 16,109 shares of the company's stock, valued at $792,079.53. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 15,000 shares of company stock valued at $751,840. 1.90% of the stock is owned by insiders.

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.