Federated Hermes Inc. Sells 3,527 Shares of International Seaways, Inc. (NYSE:INSW)

Federated Hermes Inc. lowered its stake in shares of International Seaways, Inc. (NYSE:INSW) by 3.4% in the fourth quarter, Holdings Channel.com reports. The firm owned 99,677 shares of the transportation company’s stock after selling 3,527 shares during the period. Federated Hermes Inc.’s holdings in International Seaways were worth $3,582,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of INSW. Sunbelt Securities Inc. bought a new position in shares of International Seaways during the 3rd quarter worth approximately $52,000. Larson Financial Group LLC bought a new stake in International Seaways during the 4th quarter worth approximately $37,000. R Squared Ltd bought a new stake in shares of International Seaways during the 4th quarter valued at about $59,000. KBC Group NV increased its stake in International Seaways by 60.2% in the fourth quarter. KBC Group NV now owns 1,737 shares of the transportation company’s stock valued at $62,000 after acquiring an additional 653 shares during the last quarter. Finally, Venturi Wealth Management LLC purchased a new position in shares of International Seaways during the fourth quarter worth approximately $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 International Seaways stock in a transaction on Friday, February 28th. The shares were sold at an average price of $33.89, for a total transaction of $33,890.00. Following the transaction, the senior vice president now owns 55,852 shares in the company, valued at approximately $1,892,824.28. The trade was a 1.76 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Lois K. Zabrocky sold 2,000 shares of the 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 sale, the chief executive officer now owns 179,557 shares of the company’s stock, valued at $6,223,445.62. This represents a 1.10 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 9,400 shares of company stock valued at $321,856. 1.90% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages have weighed in on INSW. SEB Equity Research set a $50.00 price target on shares of International Seaways in a research report on Friday, January 24th. 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. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $57.50.

International Seaways Price Performance

INSW opened at $33.31 on Friday. 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, Inc. has a 52-week low of $27.20 and a 52-week high of $65.94. The stock has a market capitalization of $1.64 billion, a P/E ratio of 3.22 and a beta of -0.01. The company’s 50-day simple moving average is $34.78 and its two-hundred day simple moving average is $39.21.

International Seaways Cuts Dividend

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

International Seaways 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.