Principal Financial Group Inc. Boosts Stake in International Seaways Inc. (NYSE:INSW)

Principal Financial Group Inc. lifted its stake in shares of International Seaways Inc. (NYSE:INSW) by 3.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 232,362 shares of the transportation company’s stock after acquiring an additional 7,818 shares during the quarter. Principal Financial Group Inc. owned approximately 0.47% of International Seaways worth $7,714,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of INSW. Vanguard Group Inc. raised its holdings in shares of International Seaways by 8.4% during the fourth quarter. Vanguard Group Inc. now owns 4,759,119 shares of the transportation company’s stock worth $171,043,000 after purchasing an additional 369,145 shares during the last quarter. American Century Companies Inc. raised its stake in shares of International Seaways by 9.8% in the 4th quarter. American Century Companies Inc. now owns 1,632,753 shares of the transportation company’s stock valued at $58,681,000 after acquiring an additional 146,145 shares during the period. Geode Capital Management LLC increased its stake in International Seaways by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 948,144 shares of the transportation company’s stock worth $34,084,000 after buying an additional 4,769 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in 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 worth $16,662,000 after acquiring an additional 32,953 shares in the last quarter. Finally, Loomis Sayles & Co. L P grew its holdings in International Seaways by 1.7% during the 4th quarter. Loomis Sayles & Co. L P now owns 429,889 shares of the transportation company’s stock worth $15,450,000 after acquiring an additional 7,325 shares in the last quarter. 67.29% of the stock is currently owned by institutional investors.

Insider Buying and Selling at International Seaways

In other International Seaways news, 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 transaction, the chief executive officer owned 194,771 shares in the company, valued at $7,545,428.54. This trade represents a 1.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, 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 completion of the sale, the senior vice president directly owned 59,752 shares of the company’s stock, valued at $2,210,824. This represents a 1.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 8,500 shares of company stock valued at $319,250. 2.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

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

International Seaways Trading Down 2.4%

Shares of INSW stock opened at $38.29 on Wednesday. The stock has a market cap of $1.89 billion, a price-to-earnings ratio of 5.92 and a beta of 0.05. The company has a quick ratio of 2.75, a current ratio of 2.76 and a debt-to-equity ratio of 0.29. International Seaways Inc. has a fifty-two week low of $27.20 and a fifty-two week high of $58.73. The firm’s 50 day moving average price is $38.23 and its two-hundred day moving average price is $36.42.

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

International Seaways Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 26th. Investors of record on Thursday, June 12th were given a $0.12 dividend. The ex-dividend date of this dividend was Thursday, June 12th. This represents a $0.48 dividend on an annualized basis and a yield of 1.25%. International Seaways’s dividend payout ratio is presently 7.42%.

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.