Harvey Capital Management Inc. Acquires New Holdings in International Seaways Inc. (NYSE:INSW)

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

Other hedge funds and other institutional investors have also made changes to their positions in the company. Banque Transatlantique SA purchased a new position in shares of International Seaways during the 4th quarter worth approximately $29,000. Larson Financial Group LLC acquired a new position in International Seaways during the fourth quarter worth $37,000. GAMMA Investing LLC boosted 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 buying an additional 596 shares during the period. Quarry LP grew its stake in shares of International Seaways by 169.0% in the fourth quarter. Quarry LP now owns 1,356 shares of the transportation company's stock valued at $49,000 after buying an additional 852 shares in the last quarter. Finally, Blue Trust Inc. raised its holdings in shares of International Seaways by 87.3% in the 1st quarter. Blue Trust Inc. now owns 1,583 shares of the transportation company's stock valued at $53,000 after buying an additional 738 shares during the period. Institutional investors and hedge funds own 67.29% of the company's stock.

International Seaways Stock Up 0.6%

NYSE:INSW traded up $0.22 during mid-day trading on Friday, hitting $40.03. The stock had a trading volume of 596,295 shares, compared to its average volume of 761,563. International Seaways Inc. has a twelve month low of $27.20 and a twelve month high of $58.73. The stock has a 50-day simple moving average of $38.04 and a two-hundred day simple moving average of $36.36. The company has a current ratio of 2.76, a quick ratio of 2.75 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $1.98 billion, a PE ratio of 6.19 and a beta of 0.05.

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

International Seaways Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Shareholders of record on Thursday, June 12th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.20%. The ex-dividend date was Thursday, June 12th. International Seaways's dividend payout ratio is currently 7.42%.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other news, CEO Lois K. Zabrocky sold 2,000 shares of the business's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $38.74, for a total value of $77,480.00. Following the transaction, the chief executive officer owned 194,771 shares of the company's stock, valued at approximately $7,545,428.54. The trade was a 1.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Derek G. Solon sold 1,500 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $38.22, for a total value of $57,330.00. Following the sale, 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 position. The disclosure for this sale can be found here. Insiders sold a total of 10,500 shares of company stock worth $382,570 in the last 90 days. Company insiders own 2.00% of the company's stock.

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.