Principal Financial Group Inc. Boosts Stock Position in International Seaways, Inc. (NYSE:INSW)

Principal Financial Group Inc. increased its holdings in International Seaways, Inc. (NYSE:INSW - Free Report) by 685.6% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 224,544 shares of the transportation company's stock after purchasing an additional 195,961 shares during the period. Principal Financial Group Inc. owned approximately 0.46% of International Seaways worth $8,070,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in INSW. FMR LLC lifted its stake in shares of International Seaways by 221.0% in the 3rd 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 last quarter. Empowered Funds LLC lifted its position in International Seaways by 470.8% in the fourth quarter. Empowered Funds LLC now owns 273,032 shares of the transportation company's stock valued at $9,813,000 after purchasing an additional 225,196 shares during the last quarter. Barclays PLC boosted its stake in shares of International Seaways by 206.3% during the third quarter. Barclays PLC now owns 259,393 shares of the transportation company's stock valued at $13,374,000 after purchasing an additional 174,695 shares during the period. Hotchkis & Wiley Capital Management LLC purchased a new stake in shares of International Seaways during the third quarter valued at approximately $6,168,000. Finally, Nisa Investment Advisors LLC grew its holdings in shares of International Seaways by 1,677.7% in the fourth quarter. Nisa Investment Advisors LLC now owns 110,945 shares of the transportation company's stock worth $3,987,000 after purchasing an additional 104,704 shares during the last quarter. Institutional investors own 67.29% of the company's stock.

Remove Ads

Wall Street Analyst Weigh In

INSW has been the topic of a number of recent analyst reports. Jefferies Financial Group reissued a "buy" rating and issued a $58.00 price target on shares of International Seaways in a report on Thursday, February 27th. SEB Equity Research set a $50.00 target price on International Seaways in a research note on Friday, January 24th. Two research 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 company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $57.50.

Insider Buying and Selling at International Seaways

In other International Seaways news, 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 value of $39,100.00. Following the completion of 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders sold 3,000 shares of company stock worth $108,060. 1.90% of the stock is owned by corporate insiders.

International Seaways Stock Down 1.9 %

Shares of NYSE INSW traded down $0.67 during mid-day trading on Wednesday, hitting $33.71. 1,181,107 shares of the stock traded hands, compared to its average volume of 676,896. International Seaways, Inc. has a 52 week low of $31.70 and a 52 week high of $65.94. The company has a market cap of $1.66 billion, a price-to-earnings ratio of 3.26 and a beta of -0.11. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.60 and a current ratio of 3.60. The stock has a fifty day moving average price of $37.65 and a 200-day moving average price of $42.72.

International Seaways Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.48 annualized dividend and a dividend yield of 1.42%. International Seaways's payout ratio is presently 5.72%.

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.