Wells Fargo & Company MN Buys 7,431 Shares of International Seaways, Inc. (NYSE:INSW)

Wells Fargo & Company MN grew its position in shares of International Seaways, Inc. (NYSE:INSW - Free Report) by 34.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 29,131 shares of the transportation company's stock after acquiring an additional 7,431 shares during the quarter. Wells Fargo & Company MN owned about 0.06% of International Seaways worth $1,047,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the company. Larson Financial Group LLC acquired a new position in International Seaways during the 4th quarter worth $37,000. R Squared Ltd bought a new position in International Seaways in the 4th quarter valued at about $59,000. KBC Group NV increased its stake in International Seaways by 60.2% during 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 period. Venturi Wealth Management LLC bought a new stake in shares of International Seaways during the 4th quarter worth about $69,000. Finally, SBI Securities Co. Ltd. acquired a new stake in shares of International Seaways in the 4th quarter worth approximately $82,000. Institutional investors own 67.29% of the company's stock.

Wall Street Analyst Weigh In

INSW has been the topic of a number of research analyst reports. Jefferies Financial Group reiterated a "buy" rating and set a $58.00 price objective on shares of International Seaways in a research note on Thursday, February 27th. SEB Equity Research set a $50.00 price objective on International Seaways in a research note on Friday, January 24th. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $57.50.

Insider Transactions at International Seaways

In other news, SVP William F. Nugent sold 1,000 shares of the firm's stock in a transaction dated 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 $1,892,824.28. This trade represents a 1.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 179,557 shares in the company, valued at $6,223,445.62. This represents a 1.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,400 shares of company stock valued at $380,086 over the last three months. 1.90% of the stock is owned by corporate insiders.

International Seaways Trading Up 2.9 %

Shares of NYSE:INSW traded up $0.98 during midday trading on Friday, reaching $34.94. The company had a trading volume of 530,491 shares, compared to its average volume of 744,102. The company has a fifty day simple moving average of $33.15 and a two-hundred day simple moving average of $37.26. The firm has a market cap of $1.72 billion, a price-to-earnings ratio of 3.38 and a beta of -0.01. International Seaways, Inc. has a 1-year low of $27.20 and a 1-year high of $65.94. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.60 and a current ratio of 3.60.

International Seaways Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were issued a $0.12 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.37%. International Seaways's dividend payout ratio is 5.72%.

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.