Allspring Global Investments Holdings LLC Trims Stake in International Seaways, Inc. (NYSE:INSW)

Allspring Global Investments Holdings LLC reduced its position in shares of International Seaways, Inc. (NYSE:INSW) by 85.7% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 20,847 shares of the transportation company’s stock after selling 124,791 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in International Seaways were worth $948,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Swiss National Bank increased its holdings in International Seaways by 0.4% during the 3rd quarter. Swiss National Bank now owns 75,200 shares of the transportation company’s stock worth $3,384,000 after purchasing an additional 300 shares during the period. Nisa Investment Advisors LLC increased its holdings in shares of International Seaways by 19.0% in the 3rd quarter. Nisa Investment Advisors LLC now owns 9,554 shares of the transportation company’s stock valued at $430,000 after acquiring an additional 1,524 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of International Seaways by 34.7% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,535 shares of the transportation company’s stock valued at $294,000 after acquiring an additional 1,683 shares during the period. U S Global Investors Inc. purchased a new position in shares of International Seaways in the 3rd quarter valued at $78,000. Finally, Counterpoint Mutual Funds LLC purchased a new position in shares of International Seaways in the 3rd quarter valued at $113,000. 67.29% of the stock is currently owned by hedge funds and other institutional investors.

International Seaways Stock Performance

Shares of INSW opened at $53.97 on Wednesday. The stock has a 50-day moving average of $52.66 and a two-hundred day moving average of $49.54. International Seaways, Inc. has a one year low of $34.77 and a one year high of $55.59. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.37 and a current ratio of 2.38. The stock has a market cap of $2.64 billion, a P/E ratio of 4.80 and a beta of -0.05.

International Seaways (NYSE:INSW) last issued its quarterly earnings results on Thursday, February 29th. The transportation company reported $2.18 EPS for the quarter, topping analysts’ consensus estimates of $2.08 by $0.10. International Seaways had a return on equity of 32.03% and a net margin of 51.92%. The company had revenue of $250.73 million during the quarter, compared to analysts’ expectations of $239.36 million. As a group, research analysts predict that International Seaways, Inc. will post 9.42 EPS for the current year.

International Seaways Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were issued a $1.20 dividend. The ex-dividend date was Wednesday, March 13th. This represents a $4.80 annualized dividend and a dividend yield of 8.89%. International Seaways’s dividend payout ratio (DPR) is presently 4.27%.

Insider Activity

In other news, CEO Lois K. Zabrocky sold 13,760 shares of the business’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $52.87, for a total value of $727,491.20. Following the completion of the transaction, the chief executive officer now owns 148,942 shares of the company’s stock, valued at approximately $7,874,563.54. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Lois K. Zabrocky sold 13,760 shares of the business’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $52.87, for a total value of $727,491.20. Following the completion of the transaction, the chief executive officer now owns 148,942 shares of the company’s stock, valued at approximately $7,874,563.54. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Alexandra Kate Blankenship sold 6,000 shares of the business’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $53.09, for a total value of $318,540.00. Following the completion of the transaction, the director now directly owns 19,098 shares of the company’s stock, valued at approximately $1,013,912.82. The disclosure for this sale can be found here. Insiders sold a total of 58,846 shares of company stock valued at $3,073,978 in the last quarter. 2.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Stifel Nicolaus boosted their target price on International Seaways from $63.00 to $64.00 and gave the stock a “buy” rating in a research note on Friday, April 19th. Jefferies Financial Group restated a “buy” rating and set a $66.00 target price on shares of International Seaways in a research note on Thursday, February 29th. Finally, StockNews.com downgraded International Seaways from a “buy” rating to a “hold” rating in a research note on Wednesday, April 17th.

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.