Allspring Global Investments Holdings LLC Sells 14,257 Shares of International Seaways Inc. $INSW

Allspring Global Investments Holdings LLC lessened its stake in shares of International Seaways Inc. (NYSE:INSW) by 50.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 13,792 shares of the transportation company’s stock after selling 14,257 shares during the period. Allspring Global Investments Holdings LLC’s holdings in International Seaways were worth $511,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Blue Trust Inc. raised its stake in International Seaways by 18.3% in the second quarter. Blue Trust Inc. now owns 1,872 shares of the transportation company’s stock worth $68,000 after buying an additional 289 shares in the last quarter. SummerHaven Investment Management LLC raised its stake in International Seaways by 3.1% in the second quarter. SummerHaven Investment Management LLC now owns 14,185 shares of the transportation company’s stock worth $517,000 after buying an additional 426 shares in the last quarter. Arizona State Retirement System raised its stake in International Seaways by 3.9% in the first quarter. Arizona State Retirement System now owns 11,993 shares of the transportation company’s stock worth $398,000 after buying an additional 455 shares in the last quarter. GAMMA Investing LLC increased its position in shares of International Seaways by 105.1% during the first quarter. GAMMA Investing LLC now owns 1,163 shares of the transportation company’s stock worth $39,000 after purchasing an additional 596 shares in the last quarter. Finally, Foundry Partners LLC increased its position in shares of International Seaways by 10.3% during the first quarter. Foundry Partners LLC now owns 7,056 shares of the transportation company’s stock worth $234,000 after purchasing an additional 658 shares in the last quarter. Institutional investors own 67.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of International Seaways in a research report on Wednesday, October 8th. BTIG Research reduced their price target on International Seaways from $70.00 to $60.00 and set a “buy” rating on the stock in a research report on Wednesday, August 6th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.67.

International Seaways Stock Performance

Shares of INSW stock opened at $48.37 on Friday. The business’s fifty day simple moving average is $45.96 and its 200-day simple moving average is $40.55. The company has a market cap of $2.39 billion, a PE ratio of 10.06 and a beta of 0.01. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. International Seaways Inc. has a 12-month low of $27.20 and a 12-month high of $49.83.

International Seaways (NYSE:INSW) last announced its quarterly earnings data on Wednesday, November 23rd. The transportation company reported ($0.63) earnings per share for the quarter. The company had revenue of $84.82 million for the quarter. International Seaways had a net margin of 29.88% and a return on equity of 11.35%. Analysts expect that International Seaways Inc. will post 7.77 earnings per share for the current fiscal year.

International Seaways Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 24th. Stockholders of record on Wednesday, September 10th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, September 10th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.0%. International Seaways’s payout ratio is 9.98%.

Insider Activity

In other news, SVP William F. Nugent sold 1,000 shares of the business’s stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $40.21, for a total transaction of $40,210.00. Following the sale, the senior vice president directly owned 58,752 shares of the company’s stock, valued at $2,362,417.92. The trade was a 1.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Jeffrey Pribor sold 1,000 shares of the business’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $44.00, for a total transaction of $44,000.00. Following the sale, the chief financial officer directly owned 67,695 shares in the company, valued at $2,978,580. This trade represents a 1.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,000 shares of company stock valued at $777,530. 2.00% of the stock is owned by corporate insiders.

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.