Northern Trust Corp Boosts Stake in International Seaways, Inc. (NYSE:INSW)

Northern Trust Corp lifted its position in shares of International Seaways, Inc. (NYSE:INSW - Free Report) by 15.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 424,290 shares of the transportation company's stock after purchasing an additional 55,824 shares during the quarter. Northern Trust Corp owned 0.86% of International Seaways worth $15,249,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Larson Financial Group LLC bought a new stake in International Seaways during the 4th quarter worth about $37,000. Quarry LP grew its stake in International Seaways by 169.0% in the 4th quarter. Quarry LP now owns 1,356 shares of the transportation company's stock valued at $49,000 after buying an additional 852 shares during the last quarter. R Squared Ltd acquired a new position in International Seaways in the 4th quarter valued at about $59,000. KBC Group NV grew its stake in International Seaways by 60.2% in the 4th quarter. KBC Group NV now owns 1,737 shares of the transportation company's stock valued at $62,000 after buying an additional 653 shares during the last quarter. Finally, Venturi Wealth Management LLC acquired a new position in International Seaways in the 4th quarter valued at about $69,000. 67.29% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on INSW shares. Jefferies Financial Group restated a "buy" rating and set a $48.00 target price on shares of International Seaways in a research report on Thursday, May 8th. SEB Equity Research set a $50.00 target price on shares of International Seaways in a research note on Friday, January 24th.

International Seaways Stock Performance

Shares of International Seaways stock traded down $0.37 during trading hours on Tuesday, reaching $38.41. The company had a trading volume of 17,619 shares, compared to its average volume of 741,727. The firm has a market cap of $1.89 billion, a PE ratio of 3.71 and a beta of -0.01. International Seaways, Inc. has a one year low of $27.20 and a one year high of $65.94. The business has a fifty day simple moving average of $33.96 and a 200 day simple moving average of $36.57. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.60 and a quick ratio of 3.60.

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, topping the consensus estimate of $0.59 by $0.21. The firm had revenue of $178.34 million during the quarter, compared to analyst estimates of $176.49 million. International Seaways had a return on equity of 24.65% and a net margin of 50.91%. The company's revenue was down 32.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.92 earnings per share. On average, analysts anticipate that International Seaways, Inc. will post 7.77 earnings per share for the current fiscal year.

International Seaways Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Investors of record on Thursday, June 12th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, June 12th. This represents a $0.48 dividend on an annualized basis and a yield of 1.25%. International Seaways's dividend payout ratio is presently 7.42%.

Insiders Place Their Bets

In related news, SVP Derek G. Solon sold 1,500 shares of the company's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $38.22, for a total transaction of $57,330.00. Following the completion of the sale, the senior vice president now owns 55,893 shares in the company, valued at approximately $2,136,230.46. This represents a 2.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Lois K. Zabrocky sold 2,000 shares of International Seaways stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $34.66, for a total value of $69,320.00. Following the completion of the sale, the chief executive officer now directly owns 179,557 shares in the company, valued at $6,223,445.62. This trade represents a 1.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 14,900 shares of company stock worth $513,716. Company insiders own 2.00% of the company's stock.

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.