International Seaways Inc. $INSW Shares Purchased by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. grew its stake in shares of International Seaways Inc. (NYSE:INSW) by 550.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,822 shares of the transportation company’s stock after buying an additional 1,542 shares during the quarter. PNC Financial Services Group Inc.’s holdings in International Seaways were worth $60,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Banque Transatlantique SA bought a new stake in shares of International Seaways in the 4th quarter worth approximately $29,000. GAMMA Investing LLC grew its position in International Seaways by 105.1% during the first quarter. GAMMA Investing LLC now owns 1,163 shares of the transportation company’s stock valued at $39,000 after purchasing an additional 596 shares in the last quarter. Quarry LP grew its position in International Seaways by 169.0% during the fourth quarter. Quarry LP now owns 1,356 shares of the transportation company’s stock valued at $49,000 after purchasing an additional 852 shares in the last quarter. Blue Trust Inc. grew its position in International Seaways by 87.3% during the first quarter. Blue Trust Inc. now owns 1,583 shares of the transportation company’s stock valued at $53,000 after purchasing an additional 738 shares in the last quarter. Finally, Picton Mahoney Asset Management purchased a new position in International Seaways during the first quarter valued at approximately $55,000. 67.29% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have commented on the stock. Jefferies Financial Group reissued a “buy” rating and issued a $48.00 target price on shares of International Seaways in a research report on Thursday, May 8th. BTIG Research decreased their price objective on shares of International Seaways from $70.00 to $60.00 and set a “buy” rating for the company in a report on Wednesday, August 6th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $53.50.

International Seaways Trading Up 5.0%

Shares of INSW stock opened at $44.3710 on Friday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $2.19 billion, a P/E ratio of 9.22 and a beta of 0.05. International Seaways Inc. has a 12-month low of $27.20 and a 12-month high of $54.84. The firm has a 50-day moving average price of $40.22 and a 200 day moving average price of $37.07.

International Seaways (NYSE:INSW) last posted its quarterly earnings data on Wednesday, August 6th. The transportation company reported $1.02 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.11. The firm had revenue of $188.82 million during the quarter, compared to analysts’ expectations of $199.06 million. International Seaways had a net margin of 29.88% and a return on equity of 11.35%. The company’s quarterly revenue was down 24.0% compared to the same quarter last year. During the same quarter last year, the company posted $2.37 EPS. Research analysts forecast that International Seaways Inc. will post 7.77 earnings per share for the current fiscal year.

International Seaways Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 24th. Stockholders of record on Wednesday, September 10th will be given a dividend of $0.12 per share. The ex-dividend date is Wednesday, September 10th. This represents a $0.48 annualized dividend and a dividend yield of 1.1%. International Seaways’s payout ratio is currently 9.98%.

Insider Buying and Selling at International Seaways

In related news, SVP Derek G. Solon sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $41.35, for a total transaction of $124,050.00. Following the completion of the transaction, the senior vice president owned 52,893 shares in the company, valued at approximately $2,187,125.55. The trade was a 5.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Lois K. Zabrocky sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $41.58, for a total transaction of $83,160.00. Following the transaction, the chief executive officer owned 190,771 shares of the company’s stock, valued at approximately $7,932,258.18. This represents a 1.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 19,000 shares of company stock worth $760,260 in the last 90 days. Corporate insiders own 2.00% of the company’s stock.

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.