Franklin Resources Inc. Purchases 23,500 Shares of International Seaways, Inc. (NYSE:INSW)

Franklin Resources Inc. lifted its stake in International Seaways, Inc. (NYSE:INSW - Free Report) by 49.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 71,391 shares of the transportation company's stock after purchasing an additional 23,500 shares during the period. Franklin Resources Inc. owned 0.15% of International Seaways worth $2,566,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the stock. Larson Financial Group LLC bought a new position in International Seaways in the 4th quarter valued at $37,000. Sunbelt Securities Inc. bought a new position in International Seaways in the third quarter valued at about $52,000. R Squared Ltd bought a new position in International Seaways in the fourth quarter valued at about $59,000. KBC Group NV increased its position in International Seaways by 60.2% in the fourth quarter. KBC Group NV now owns 1,737 shares of the transportation company's stock worth $62,000 after purchasing an additional 653 shares during the period. Finally, Venturi Wealth Management LLC bought a new stake in International Seaways during the 4th quarter worth about $69,000. Institutional investors own 67.29% of the company's stock.

Insider Buying and Selling

In related news, SVP William F. Nugent sold 1,000 shares of the stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $33.89, for a total transaction of $33,890.00. Following the completion of the sale, the senior vice president now directly owns 55,852 shares of the company's stock, valued at approximately $1,892,824.28. This represents a 1.76 % decrease in their position. The transaction 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 transaction of $63,320.00. Following the completion of the transaction, the chief executive officer now directly owns 198,771 shares in the company, valued at approximately $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 11,400 shares of company stock valued at $385,176. 1.90% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on INSW. Jefferies Financial Group reiterated a "buy" rating and set a $58.00 price target on shares of International Seaways in a research report on Thursday, February 27th. SEB Equity Research set a $50.00 price target on International Seaways in a research note on Friday, January 24th. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, International Seaways presently has a consensus rating of "Moderate Buy" and an average target price of $57.50.

International Seaways Trading Up 4.3 %

International Seaways stock traded up $1.37 during midday trading on Friday, hitting $33.31. 581,436 shares of the stock were exchanged, compared to its average volume of 740,983. The stock has a market capitalization of $1.64 billion, a PE ratio of 3.22 and a beta of -0.01. The company has a fifty day simple moving average of $34.30 and a two-hundred day simple moving average of $38.88. The company has a quick ratio of 3.60, a current ratio of 3.60 and a debt-to-equity ratio of 0.32. International Seaways, Inc. has a 52 week low of $27.20 and a 52 week high of $65.94.

International Seaways Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.44%. The ex-dividend date of this dividend was Friday, March 14th. International Seaways's dividend payout ratio is currently 5.72%.

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.