33,275 Shares in International Seaways Inc. (NYSE:INSW) Bought by Harvey Capital Management Inc.

Harvey Capital Management Inc. acquired a new position in shares of International Seaways Inc. (NYSE:INSW - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 33,275 shares of the transportation company's stock, valued at approximately $1,105,000. Harvey Capital Management Inc. owned approximately 0.07% of International Seaways at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Pekin Hardy Strauss Inc. acquired a new position in International Seaways during the first quarter worth about $232,000. Envestnet Asset Management Inc. raised its position in shares of International Seaways by 1,452.6% in the first quarter. Envestnet Asset Management Inc. now owns 145,444 shares of the transportation company's stock valued at $4,829,000 after buying an additional 136,076 shares during the last quarter. Chilton Capital Management LLC acquired a new position in shares of International Seaways in the first quarter valued at approximately $166,000. Principal Financial Group Inc. increased its position in International Seaways by 3.5% during the first quarter. Principal Financial Group Inc. now owns 232,362 shares of the transportation company's stock worth $7,714,000 after purchasing an additional 7,818 shares during the last quarter. Finally, New York State Teachers Retirement System increased its position in International Seaways by 139.9% during the first quarter. New York State Teachers Retirement System now owns 20,794 shares of the transportation company's stock worth $690,000 after purchasing an additional 12,128 shares during the last quarter. Hedge funds and other institutional investors own 67.29% of the company's stock.

International Seaways Trading Down 3.6%

Shares of International Seaways stock traded down $1.44 during trading hours on Wednesday, hitting $38.26. The company's stock had a trading volume of 691,283 shares, compared to its average volume of 763,376. International Seaways Inc. has a 1-year low of $27.20 and a 1-year high of $58.73. The business has a fifty day moving average of $37.83 and a 200 day moving average of $36.31. The company has a market capitalization of $1.89 billion, a PE ratio of 5.91 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 (NYSE:INSW - Get Free Report) last released its quarterly earnings data 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. International Seaways had a net margin of 37.39% and a return on equity of 14.98%. The company had revenue of $178.34 million during the quarter, compared to analyst estimates of $176.49 million. During the same quarter in the prior year, the business earned $2.92 earnings per share. The business's quarterly revenue was down 32.9% compared to the same quarter last year. As a group, equities analysts forecast that International Seaways Inc. will post 7.77 EPS for the current year.

International Seaways Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 26th. Stockholders of record on Thursday, June 12th were paid a $0.12 dividend. The ex-dividend date was Thursday, June 12th. This represents a $0.48 annualized dividend and a dividend yield of 1.25%. International Seaways's dividend payout ratio (DPR) is presently 7.42%.

Insider Activity

In other news, SVP William F. Nugent sold 1,000 shares of the company's stock in a transaction 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 transaction, the senior vice president directly owned 59,752 shares in the company, valued at approximately $2,210,824. This represents a 1.65% 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, SVP Derek G. Solon sold 1,500 shares of the company's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $38.22, for a total transaction of $57,330.00. Following the completion of the transaction, the senior vice president owned 55,893 shares of the company's stock, valued at $2,136,230.46. This trade represents a 2.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 10,500 shares of company stock worth $382,570. 2.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

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

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.