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

Harvey Capital Management Inc. purchased 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. The institutional investor purchased 33,275 shares of the transportation company's stock, valued at approximately $1,105,000. Harvey Capital Management Inc. owned 0.07% of International Seaways as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently modified their holdings of the business. Glenorchy Capital Ltd lifted its position in International Seaways by 0.6% during the fourth quarter. Glenorchy Capital Ltd now owns 50,328 shares of the transportation company's stock valued at $1,809,000 after acquiring an additional 322 shares during the last quarter. Farther Finance Advisors LLC lifted its position in International Seaways by 3.6% during the fourth quarter. Farther Finance Advisors LLC now owns 10,444 shares of the transportation company's stock valued at $375,000 after acquiring an additional 360 shares during the last quarter. SummerHaven Investment Management LLC lifted its position in International Seaways by 2.8% during the first quarter. SummerHaven Investment Management LLC now owns 13,759 shares of the transportation company's stock valued at $457,000 after acquiring an additional 370 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in International Seaways by 30.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,447 shares of the transportation company's stock valued at $88,000 after acquiring an additional 564 shares during the last quarter. Finally, GAMMA Investing LLC lifted 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 acquiring an additional 596 shares during the last quarter. Hedge funds and other institutional investors own 67.29% of the company's stock.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at International Seaways

In other International Seaways news, SVP Derek G. Solon sold 1,500 shares of the company's stock in a transaction that occurred 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 transaction, the senior vice president owned 55,893 shares in the company, valued at approximately $2,136,230.46. This represents a 2.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $31.66, for a total transaction of $63,320.00. Following the completion of the sale, the chief executive officer owned 198,771 shares in the company, valued at $6,293,089.86. The trade was a 1.00% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,500 shares of company stock worth $382,570. 2.00% of the stock is owned by corporate insiders.

International Seaways Stock Performance

International Seaways stock traded up $0.22 during mid-day trading on Friday, reaching $40.03. 596,295 shares of the company traded hands, compared to its average volume of 760,042. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.76 and a quick ratio of 2.75. International Seaways Inc. has a fifty-two week low of $27.20 and a fifty-two week high of $58.73. The company has a market capitalization of $1.98 billion, a price-to-earnings ratio of 6.19 and a beta of 0.05. The firm's fifty day moving average is $38.14 and its two-hundred day moving average is $36.38.

International Seaways (NYSE:INSW - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The transportation company reported $0.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.59 by $0.21. International Seaways had a net margin of 37.39% and a return on equity of 14.98%. The business had revenue of $178.34 million for the quarter, compared to analyst estimates of $176.49 million. During the same quarter in the prior year, the business posted $2.92 EPS. International Seaways's revenue for the quarter was down 32.9% compared to the same quarter last year. On average, equities research analysts expect that International Seaways Inc. will post 7.77 earnings per share for the current fiscal year.

International Seaways Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 26th. Shareholders of record on Thursday, June 12th were paid 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 yield of 1.20%. International Seaways's payout ratio is 7.42%.

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.