Principal Financial Group Inc. Acquires 59,640 Shares of International Seaways Inc. $INSW

Principal Financial Group Inc. boosted its holdings in shares of International Seaways Inc. (NYSE:INSW) by 30.9% in the first quarter, HoldingsChannel reports. The firm owned 252,670 shares of the transportation company’s stock after acquiring an additional 59,640 shares during the period. Principal Financial Group Inc.’s holdings in International Seaways were worth $18,415,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. First Horizon Corp raised its position in International Seaways by 121.6% in the 4th quarter. First Horizon Corp now owns 687 shares of the transportation company’s stock valued at $33,000 after purchasing an additional 377 shares during the last quarter. Leonteq Securities AG bought a new stake in shares of International Seaways during the fourth quarter worth $44,000. Garton & Associates Financial Advisors LLC bought a new stake in shares of International Seaways during the fourth quarter worth $46,000. Rockefeller Capital Management L.P. increased its stake in shares of International Seaways by 583.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 963 shares of the transportation company’s stock valued at $47,000 after buying an additional 822 shares in the last quarter. Finally, Founders Capital Management raised its holdings in shares of International Seaways by 37.5% in the fourth quarter. Founders Capital Management now owns 1,100 shares of the transportation company’s stock valued at $53,000 after buying an additional 300 shares during the last quarter. 67.29% of the stock is owned by institutional investors and hedge funds.

International Seaways Trading Down 1.8%

INSW stock opened at $88.88 on Thursday. The company has a quick ratio of 7.28, a current ratio of 7.34 and a debt-to-equity ratio of 0.26. International Seaways Inc. has a twelve month low of $39.06 and a twelve month high of $92.66. The company has a market cap of $4.40 billion, a P/E ratio of 8.09 and a beta of -0.12. The business has a fifty day moving average of $83.48 and a 200-day moving average of $73.94.

International Seaways (NYSE:INSW) last posted its quarterly earnings results on Thursday, May 7th. The transportation company reported $3.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.87 by $1.03. The business had revenue of $325.48 million for the quarter, compared to analysts’ expectations of $279.34 million. International Seaways had a return on equity of 21.04% and a net margin of 55.39%.The firm’s quarterly revenue was up 77.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.80 earnings per share. As a group, equities research analysts expect that International Seaways Inc. will post 15.62 EPS for the current year.

International Seaways Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were given a dividend of $0.12 per share. The ex-dividend date was Friday, June 12th. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. International Seaways’s dividend payout ratio is presently 4.37%.

Insider Buying and Selling at International Seaways

In other news, SVP William F. Nugent sold 6,830 shares of the firm’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $85.23, for a total value of $582,120.90. Following the transaction, the senior vice president owned 49,169 shares of the company’s stock, valued at approximately $4,190,673.87. This trade represents a 12.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Lois K. Zabrocky sold 25,000 shares of International Seaways stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $88.08, for a total transaction of $2,202,000.00. Following the sale, the chief executive officer owned 181,745 shares of the company’s stock, valued at approximately $16,008,099.60. This represents a 12.09% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 42,530 shares of company stock valued at $3,699,995. 1.70% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on INSW. BTIG Research upped their price target on shares of International Seaways from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Zacks Research downgraded shares of International Seaways from a “strong-buy” rating to a “hold” rating in a research note on Thursday, June 25th. Weiss Ratings upgraded shares of International Seaways from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, May 11th. Jefferies Financial Group reiterated a “buy” rating and set a $100.00 target price on shares of International Seaways in a research report on Friday, May 8th. Finally, Wall Street Zen raised shares of International Seaways from a “buy” rating to a “strong-buy” rating in a research note on Monday, April 13th. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $86.00.

International Seaways Profile

International Seaways, Inc (NYSE: INSW) is an independent tanker company that provides seaborne transportation services to oil companies, commodity traders and national oil companies. The firm’s operations focus on the carriage of crude oil and refined petroleum products, offering both time­ charter and voyage­ charter arrangements. With a modern fleet of very large crude carriers (VLCCs), Suezmax and Aframax tankers, as well as medium range (MR) and Handy product tankers, International Seaways supports global energy supply chains across major trade routes.

Founded in 1997 as Diamond S Shipping, the company completed its initial public offering in the late 1990s and rebranded to International Seaways in September 2018.