Allspring Global Investments Holdings LLC Reduces Stock Position in International Seaways, Inc. (NYSE:INSW)

Allspring Global Investments Holdings LLC lessened its holdings in International Seaways, Inc. (NYSE:INSW) by 85.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund 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 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in International Seaways by 5.3% in the third quarter. Vanguard Group Inc. now owns 3,581,058 shares of the transportation company’s stock valued at $161,148,000 after buying an additional 181,287 shares during the last quarter. Hosking Partners LLP increased its holdings in International Seaways by 20.1% in the third quarter. Hosking Partners LLP now owns 964,530 shares of the transportation company’s stock valued at $43,404,000 after buying an additional 161,643 shares during the last quarter. American Century Companies Inc. increased its holdings in International Seaways by 38.1% in the third quarter. American Century Companies Inc. now owns 423,943 shares of the transportation company’s stock valued at $19,077,000 after buying an additional 116,923 shares during the last quarter. Brandywine Global Investment Management LLC increased its holdings in International Seaways by 15.8% in the third quarter. Brandywine Global Investment Management LLC now owns 148,639 shares of the transportation company’s stock valued at $6,689,000 after buying an additional 20,272 shares during the last quarter. Finally, International Assets Investment Management LLC purchased a new position in International Seaways in the fourth quarter valued at $4,137,000. Hedge funds and other institutional investors own 67.29% of the company’s stock.

International Seaways Price Performance

Shares of INSW opened at $53.97 on Wednesday. International Seaways, Inc. has a fifty-two week low of $34.77 and a fifty-two week high of $55.59. The company has a market capitalization of $2.64 billion, a price-to-earnings ratio of 4.80 and a beta of -0.05. The firm has a 50-day simple moving average of $52.66 and a 200-day simple moving average of $49.54. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.37 and a current ratio of 2.38.

International Seaways (NYSE:INSW) last announced its earnings results on Thursday, February 29th. The transportation company reported $2.18 earnings per share for the quarter, topping the consensus estimate of $2.08 by $0.10. International Seaways had a net margin of 51.92% and a return on equity of 32.03%. The business had revenue of $250.73 million during the quarter, compared to the consensus estimate of $239.36 million. On average, equities research analysts anticipate that International Seaways, Inc. will post 9.42 earnings per share for the current year.

International Seaways Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were paid a dividend of $1.20 per share. The ex-dividend date of this dividend 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 4.27%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Jefferies Financial Group reaffirmed a “buy” rating and set a $66.00 price objective on shares of International Seaways in a report on Thursday, February 29th. StockNews.com lowered International Seaways from a “buy” rating to a “hold” rating in a report on Wednesday, April 17th. Finally, Stifel Nicolaus raised their price objective on International Seaways from $63.00 to $64.00 and gave the stock a “buy” rating in a report on Friday, April 19th.

Insider Transactions at International Seaways

In other news, CFO Jeffrey Pribor sold 1,000 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $54.23, for a total transaction of $54,230.00. Following the completion of the sale, the chief financial officer now owns 75,927 shares in the company, valued at $4,117,521.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO Jeffrey Pribor sold 1,000 shares of the firm’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $54.23, for a total value of $54,230.00. Following the completion of the sale, the chief financial officer now owns 75,927 shares in the company, valued at $4,117,521.21. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Douglas D. Wheat sold 3,846 shares of the firm’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $51.22, for a total transaction of $196,992.12. Following the completion of the sale, the director now owns 26,056 shares of the company’s stock, valued at approximately $1,334,588.32. The disclosure for this sale can be found here. Over the last quarter, insiders sold 58,846 shares of company stock worth $3,073,978. Company insiders own 2.00% of the company’s stock.

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.