In a recent transaction, William F. Nugent, the Senior Vice President of International Seaways, Inc. (NYSE:INSW), sold 3,000 shares of the company's common stock. The sale, which took place on May 21, 2024, amounted to a total of $194,113. The shares were sold at a weighted average price of $64.7044, with individual transactions occurring at prices ranging from $64.70 to $64.72.
This sale has adjusted Nugent's direct ownership in International Seaways to a total of 54,803 shares following the transaction. The details surrounding the sale indicate that it was executed in multiple trades within the specified price range. The reported average price reflects the weighted average of these sales.
Investors and the market often monitor insider transactions as they can provide insights into an executive's perspective on the company's current valuation and future prospects. However, such transactions can occur for various personal financial reasons and do not always indicate a change in company fundamentals.
International Seaways, headquartered in New York, operates in the water transportation sector and is known for its energy transportation services. The company, formerly known as OSG International, INC, has been incorporated under the name International Seaways, Inc. since a name change in July 2016.
The executed trades and resulting ownership details have been officially filed, and further information regarding the specific shares and prices at which the transactions were effected can be provided upon request to the SEC staff, the issuer, or a security holder of the issuer.
InvestingPro Insights
The recent insider sale by William F. Nugent, Senior Vice President of International Seaways, Inc. (NYSE:INSW), comes at a time when the company exhibits a strong financial performance and investor-friendly attributes. According to InvestingPro data, International Seaways has a market capitalization of $3.17 billion and maintains an attractive P/E ratio of 5.92, which further adjusted to 6.31 for the last twelve months as of Q1 2024. This suggests that the stock is potentially undervalued relative to its earnings.
Moreover, the company's dividend yield as of the latest data stands at an impressive 8.97%, underlining its commitment to returning value to shareholders. This is consistent with one of the InvestingPro Tips that highlights International Seaways' track record of raising its dividend for four consecutive years. Additionally, the company's price is nearing its 52-week high, trading at 98.3% of this peak, which aligns with the strong price performance noted over various periods, including a 90.33% return over the last year.
For investors looking for stability, another InvestingPro Tip points out that International Seaways typically trades with low price volatility, which could be an appealing factor for those seeking less turbulent investments. With 6 analysts having revised their earnings upwards for the upcoming period, the company's financial outlook appears positive. For readers interested in further insights, there are additional InvestingPro Tips available, which can be accessed through the InvestingPro platform. To enhance your investing strategy with these insights, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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