In a recent transaction, Derek G. Solon, Senior Vice President at International Seaways, Inc. (NYSE:INSW), sold 1,200 shares of the company's common stock. The shares were sold at a price of $38.91 each, amounting to a total transaction value of $46,691. Following this sale, Solon holds 45,687 shares directly. The transaction was reported in a Form 4 filing with the Securities and Exchange Commission.This sale comes as International Seaways trades near its 52-week low of $38.67, while offering a substantial 14.56% dividend yield. InvestingPro analysis indicates the stock is currently undervalued, with strong financial health metrics including a healthy 3.6x current ratio and moderate debt levels. For investors seeking deeper insights, InvestingPro offers 13 additional investment tips and a comprehensive Pro Research Report, part of their analysis covering 1,400+ US stocks.
In other recent news, International Seaways, Inc. has seen significant changes to its board leadership, with Douglas Wheat resigning as Chairman of the Board and Captain Ian Blackley stepping in as the new Chairman. This change comes alongside the company's robust performance in the third quarter of 2024, reporting a net income of $92 million and an adjusted net income of $78 million. The company's EBITDA exceeded $143 million, with total liquidity nearing the $700 million mark.
In addition to these financial achievements, International Seaways returned approximately $100 million to shareholders through dividends and share repurchases. The company's forward-looking cash breakeven rate is projected to remain under $13,500 per day, with significant free cash flow generation anticipated in the fourth quarter.
Amid these developments, International Seaways remains open to mergers and acquisitions opportunities in the fragmented market, supported by a low tanker order book at 12% distributed over four years. These recent developments highlight International Seaways' strategic approach to fleet management and shareholder returns, positioning the company well for future growth.
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