Allspring Global Investments Holdings LLC Sells 4,157 Shares of International Seaways Inc. (NYSE:INSW)

Allspring Global Investments Holdings LLC reduced its stake in shares of International Seaways Inc. (NYSE:INSW) by 12.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 28,049 shares of the transportation company’s stock after selling 4,157 shares during the period. Allspring Global Investments Holdings LLC owned about 0.06% of International Seaways worth $931,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of INSW. Bank of New York Mellon Corp grew its position in shares of International Seaways by 111.5% during the 4th quarter. Bank of New York Mellon Corp now owns 325,267 shares of the transportation company’s stock valued at $11,690,000 after acquiring an additional 171,498 shares during the period. Mutual of America Capital Management LLC bought a new position in shares of International Seaways during the 4th quarter valued at approximately $219,000. Charles Schwab Investment Management Inc. grew its position in shares of International Seaways by 7.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 463,611 shares of the transportation company’s stock valued at $16,662,000 after acquiring an additional 32,953 shares during the period. Victory Capital Management Inc. grew its position in shares of International Seaways by 25.2% during the 4th quarter. Victory Capital Management Inc. now owns 194,426 shares of the transportation company’s stock valued at $6,988,000 after acquiring an additional 39,131 shares during the period. Finally, Raymond James Financial Inc. bought a new position in shares of International Seaways during the 4th quarter valued at approximately $1,837,000. 67.29% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other International Seaways news, SVP William F. Nugent sold 1,000 shares of the stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $37.00, for a total value of $37,000.00. Following the sale, the senior vice president directly owned 59,752 shares in the company, valued at $2,210,824. This represents a 1.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $38.74, for a total transaction of $77,480.00. Following the completion of the sale, the chief executive officer owned 194,771 shares in the company, valued at $7,545,428.54. This represents a 1.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 10,500 shares of company stock worth $382,570 in the last three months. 2.00% of the stock is currently owned by corporate insiders.

International Seaways Stock Down 1.6%

INSW opened at $39.71 on Wednesday. The company has a 50 day moving average of $37.83 and a 200 day moving average of $36.31. The company has a market cap of $1.96 billion, a PE ratio of 6.14 and a beta of 0.05. International Seaways Inc. has a 12 month low of $27.20 and a 12 month high of $58.73. The company has a current ratio of 2.76, a quick ratio of 2.75 and a debt-to-equity ratio of 0.29.

International Seaways (NYSE:INSW) last released its quarterly earnings data on Thursday, May 8th. The transportation company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.59 by $0.21. The company had revenue of $178.34 million during the quarter, compared to the consensus estimate of $176.49 million. International Seaways had a net margin of 37.39% and a return on equity of 14.98%. International Seaways’s revenue for the quarter was down 32.9% on a year-over-year basis. During the same period last year, the firm earned $2.92 EPS. On average, sell-side analysts expect that International Seaways Inc. will post 7.77 EPS for the current year.

International Seaways Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Investors of record on Thursday, June 12th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.21%. The ex-dividend date was Thursday, June 12th. International Seaways’s dividend payout ratio (DPR) is presently 7.42%.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group reaffirmed a “buy” rating and issued a $48.00 price objective on shares of International Seaways in a report on Thursday, May 8th.

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.