Senior Vice President of International Seaways, Inc. (NYSE:INSW), Derek G. Solon, has sold 1,000 shares of the company's common stock at a price of $64.9 per share, according to a recent filing with the Securities and Exchange Commission. The transaction, which took place on May 24, 2024, resulted in a total sale value of $64,900.
The sale has adjusted Solon's holdings in the water transportation company to 47,887 shares of common stock, maintaining a significant stake in the business. The transaction was executed directly, as noted in the filing, and was publicly disclosed on May 28, 2024.
International Seaways, headquartered in New York, operates a fleet for energy and transportation services. The company, formerly known as OSG International, INC, is incorporated under the laws of the state of 1T and has its fiscal year-end on December 31.
Investors often monitor insider sales as they may provide insights into an executive's view of the company's current valuation or future prospects. However, such transactions can occur for various reasons and may not necessarily be indicative of a change in company outlook.
The reported transaction is part of the routine disclosures required by corporate insiders, providing transparency into their trading activities involving company securities. The filing by Solon was signed by James D. Small III, Attorney-in-Fact, under a previously filed power of attorney.
InvestingPro Insights
International Seaways, Inc. (NYSE:INSW) has shown notable performance metrics in recent times. With a market capitalization of $3.18 billion, the company has demonstrated a solid financial stance. One of the key InvestingPro Data points is the company's Price/Earnings (P/E) Ratio, which stands at an attractive 5.97, indicating that the shares might be undervalued compared to earnings. The P/E Ratio has slightly adjusted to 6.24 in the last twelve months as of Q1 2024, maintaining its appeal to value investors.
The company's dividend yield is particularly impressive, standing at 8.94% as of the latest data, which is a significant point of interest for income-focused investors. This aligns with one of the InvestingPro Tips highlighting that International Seaways has raised its dividend for 4 consecutive years, suggesting a commitment to returning value to shareholders. Additionally, the company's dividend growth over the last twelve months has been substantial at 70.83%.
Another InvestingPro Tip worth noting is that International Seaways' stock price has seen a strong return over the last year, with a one-year price total return of 94.13%. This robust performance is further underscored by the stock trading near its 52-week high, at 97.32% of the peak price. Such data points may be of interest to both short-term traders and long-term investors looking for stocks with strong momentum.
For those seeking more insights, there are 17 additional InvestingPro Tips available, which could further inform investment decisions regarding International Seaways. Interested readers can access these tips and benefit from an exclusive offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
While insider sales such as the one conducted by Senior Vice President Derek G. Solon can signal various things, the robust financial data and positive shareholder returns present a broader picture of the company's health and outlook.
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