Pekin Hardy Strauss Inc. Makes New $232,000 Investment in International Seaways Inc. (NYSE:INSW)

Pekin Hardy Strauss Inc. bought a new position in International Seaways Inc. (NYSE:INSW - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 7,000 shares of the transportation company's stock, valued at approximately $232,000.

Several other hedge funds and other institutional investors have also bought and sold shares of INSW. Bank of New York Mellon Corp lifted its position in International Seaways by 111.5% in the fourth quarter. Bank of New York Mellon Corp now owns 325,267 shares of the transportation company's stock valued at $11,690,000 after purchasing an additional 171,498 shares during the last quarter. Mutual of America Capital Management LLC bought a new position in International Seaways in the fourth quarter worth $219,000. Charles Schwab Investment Management Inc. raised its holdings in International Seaways by 7.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 463,611 shares of the transportation company's stock worth $16,662,000 after purchasing an additional 32,953 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of International Seaways by 25.2% in the fourth quarter. Victory Capital Management Inc. now owns 194,426 shares of the transportation company's stock worth $6,988,000 after acquiring an additional 39,131 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of International Seaways in the fourth quarter worth $1,837,000. Hedge funds and other institutional investors own 67.29% of the company's stock.

Analysts Set New Price Targets

Separately, Jefferies Financial Group reissued a "buy" rating and issued a $48.00 target price on shares of International Seaways in a research note on Thursday, May 8th.

Insider Activity

In related news, SVP Derek G. Solon sold 1,500 shares of International Seaways stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $38.22, for a total transaction of $57,330.00. Following the sale, the senior vice president owned 55,893 shares of the company's stock, valued at approximately $2,136,230.46. This trade represents a 2.61% decrease in their position. 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 International Seaways stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $31.66, for a total value of $63,320.00. Following the sale, the chief executive officer directly owned 198,771 shares in the company, valued at $6,293,089.86. This trade represents a 1.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 10,500 shares of company stock valued at $382,570 in the last ninety days. Corporate insiders own 2.00% of the company's stock.

International Seaways Stock Performance

NYSE:INSW traded up $0.22 on Friday, hitting $40.03. The stock had a trading volume of 596,295 shares, compared to its average volume of 761,563. The stock has a market cap of $1.98 billion, a price-to-earnings ratio of 6.19 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. The business's 50-day simple moving average is $38.04 and its two-hundred day simple moving average is $36.36. International Seaways Inc. has a 52-week low of $27.20 and a 52-week high of $58.73.

International Seaways (NYSE:INSW - Get Free Report) last announced its earnings results on Thursday, May 8th. The transportation company reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.21. The business had revenue of $178.34 million for the quarter, compared to analysts' expectations of $176.49 million. International Seaways had a return on equity of 14.98% and a net margin of 37.39%. The business's revenue for the quarter was down 32.9% on a year-over-year basis. During the same period last year, the firm posted $2.92 earnings per share. As a group, research analysts predict that International Seaways Inc. will post 7.77 earnings per share for the current year.

International Seaways Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Stockholders of record on Thursday, June 12th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Thursday, June 12th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.20%. International Seaways's payout ratio is currently 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.