International Seaways, Inc. (NYSE:INSW) Stock Position Cut by Bank of America Corp DE

Bank of America Corp DE reduced its holdings in shares of International Seaways, Inc. (NYSE:INSW - Free Report) by 66.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 91,632 shares of the transportation company's stock after selling 178,182 shares during the period. Bank of America Corp DE owned about 0.19% of International Seaways worth $3,293,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Barclays PLC raised its stake in International Seaways by 206.3% during the 3rd quarter. Barclays PLC now owns 259,393 shares of the transportation company's stock worth $13,374,000 after acquiring an additional 174,695 shares in the last quarter. State of Alaska Department of Revenue purchased a new position in International Seaways in the fourth quarter worth $804,000. Thrivent Financial for Lutherans acquired a new stake in shares of International Seaways in the fourth quarter valued at about $1,121,000. Raymond James Financial Inc. purchased a new stake in shares of International Seaways during the 4th quarter worth approximately $1,837,000. Finally, Principal Financial Group Inc. grew its holdings in International Seaways by 685.6% in the fourth quarter. Principal Financial Group Inc. now owns 224,544 shares of the transportation company's stock valued at $8,070,000 after purchasing an additional 195,961 shares during the last quarter. Hedge funds and other institutional investors own 67.29% of the company's stock.

Insider Buying and Selling at International Seaways

In other news, SVP Derek G. Solon sold 4,400 shares of the stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $33.39, for a total transaction of $146,916.00. Following the sale, the senior vice president now directly owns 50,453 shares in the company, valued at approximately $1,684,625.67. This represents a 8.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP William F. Nugent sold 1,000 shares of the firm's stock in a transaction on Monday, March 31st. The shares were sold at an average price of $32.63, for a total value of $32,630.00. Following the completion of the sale, the senior vice president now owns 56,846 shares in the company, valued at $1,854,884.98. The trade was a 1.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 14,900 shares of company stock worth $516,956 in the last 90 days. 2.00% of the stock is owned by corporate insiders.

International Seaways Trading Up 2.1%

NYSE INSW traded up $0.78 during trading hours on Wednesday, hitting $37.96. 509,907 shares of the company's stock were exchanged, compared to its average volume of 749,166. The business's 50 day moving average is $34.74 and its 200-day moving average is $36.19. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.60 and a current ratio of 3.60. International Seaways, Inc. has a 12-month low of $27.20 and a 12-month high of $63.50. The firm has a market capitalization of $1.87 billion, a P/E ratio of 3.67 and a beta of -0.01.

International Seaways (NYSE:INSW - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The transportation company reported $0.80 EPS for the quarter, topping analysts' consensus estimates of $0.59 by $0.21. International Seaways had a return on equity of 24.65% and a net margin of 50.91%. The company had revenue of $178.34 million for the quarter, compared to the consensus estimate of $176.49 million. During the same period last year, the business posted $2.92 EPS. The company's quarterly revenue was down 32.9% compared to the same quarter last year. As a group, analysts anticipate that International Seaways, Inc. will post 7.77 EPS for the current fiscal year.

International Seaways Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Investors of record on Thursday, June 12th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.26%. The ex-dividend date is Thursday, June 12th. International Seaways's dividend payout ratio (DPR) is 7.42%.

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 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.