International Seaways, Inc. (NYSE:INSW) reported that its Senior Vice President, Chief Financial Officer, and Treasurer, Jeffrey Pribor, has sold a total of 1,000 shares of the company's common stock. According to the filing, the shares were sold on June 3, 2024, for a weighted average price per share of $63.9265, resulting in a total transaction value of $63,926.50.
The transactions were executed within a range of prices from $63.62 to $64.64, as noted in the footnotes of the filing. This indicates that the sales were made through multiple trades, and the average price was used to calculate the total transaction amount disclosed. It is also mentioned that the sales were conducted under a Rule 10b5-1 trading plan, which had been established by Pribor on June 6, 2023.
Following the sale, Jeffrey Pribor still owns 75,849 shares of International Seaways, indicating a continuing stake in the company's performance. The sale represents a small fraction of his total holdings, suggesting that this transaction may be part of a personal financial management strategy rather than a reflection of the company's outlook.
International Seaways, headquartered in New York, operates in the water transportation industry and is known for its energy and transportation services. The company's business address is located on the 39th floor of 600 Third Avenue, New York, NY.
Investors and the market often keep a close eye on insider transactions such as these, as they can provide insights into the executives' perspectives on the company's future. However, it's important to note that there are various reasons why insiders may sell shares, and such transactions do not always convey a clear signal about the company's potential direction or financial health.
The company and Jeffrey Pribor have not provided any further comments on the transaction at this time.
InvestingPro Insights
Amidst the news of Jeffrey Pribor's stock sale, International Seaways, Inc. (NYSE:INSW) continues to display robust financial metrics that may interest investors. With a market capitalization of approximately $3.08 billion, the company boasts a healthy P/E ratio of 5.77, suggesting that its stock could be undervalued when compared to industry peers. Moreover, the adjusted P/E ratio for the last twelve months as of Q1 2024 stands slightly higher at 6.05.
InvestingPro Tips highlight that International Seaways has raised its dividend for four consecutive years, which is a testament to its commitment to returning value to shareholders. Furthermore, the company has been recognized for its high shareholder yield. The dividend yield, as of the latest data, is an impressive 9.01%, which is notably attractive for income-focused investors.
Another key highlight from the InvestingPro Tips is the stock's trend of moving in the opposite direction of the market. This characteristic could be particularly appealing to investors seeking to diversify their portfolio with assets that exhibit low correlation with broader market movements. Additionally, the stock has experienced a strong return over the last year, with a 92.53% price total return, reinforcing its performance credentials.
For those interested in exploring further insights and tips on International Seaways, there are additional InvestingPro Tips available at Investing.com/pro/INSW. To access these valuable resources, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. Counting the tips listed, there are 17 additional InvestingPro Tips that could provide deeper analysis and perspectives on the company's financial health and investment potential.
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