In a recent move at International Seaways, Inc. (NYSE:), the company’s Senior Vice President and Chief Financial Officer, Jeffrey Pribor, sold shares of the company’s common stock. The transaction, which took place on May 1, 2024, involved the sale of 1,000 shares at a weighted average price of $54.8722, totaling approximately $54,872.
The sale was executed through multiple trades with prices ranging from $54.54 to $55.42. Following the transaction, Pribor’s holdings in the company decreased to 76,849 shares of common stock. It is also noted that the sale was conducted in accordance with a Rule 10b5-1 trading plan, which Pribor had established on June 6, 2023.
Rule 10b5-1 allows corporate insiders to set up a predetermined plan to sell company stocks in a way that avoids accusations of insider trading. This plan provides the flexibility to sell shares at predetermined times and prices, offering a defense against potential legal claims that the transactions were made on the basis of non-public, material information.
The company, International Seaways, Inc., is known for its operations in the water transportation sector, providing energy transportation services for and petroleum products.
Investors and market watchers often pay close attention to insider transactions as they can provide insights into an insider’s view of the company’s future prospects. However, it’s also common for executives to sell shares for personal financial management reasons, including diversification, liquidity, or meeting personal expenses, which may not necessarily reflect their outlook on the company’s future performance.
International Seaways has not provided any official comment on the transaction, and it remains an individual financial decision by the CFO of the company.
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InvestingPro Insights
Amidst the insider trading news at International Seaways, Inc. (NYSE:INSW), investors are evaluating the company’s financial health and future prospects. According to real-time data from InvestingPro, International Seaways boasts a market capitalization of $2.74 billion and an attractive P/E ratio of 4.94, which is relatively low when considering near-term earnings growth. This could indicate that the stock is undervalued.
InvestingPro Tips suggest that the company has a strong history of rewarding its shareholders. Notably, International Seaways has raised its dividend for four consecutive years, showcasing its commitment to returning value to investors. Moreover, the company is trading near its 52-week high, with a price that is 99.25% of the peak, reflecting strong investor confidence and market performance over the past year.
From a financial standpoint, International Seaways has demonstrated robust revenue growth of 23.95% in the last twelve months as of Q4 2023. The company’s gross profit margin stands at an impressive 70.59%, indicating efficient operations and strong profitability. Additionally, the dividend yield as of the specified date is an eye-catching 10.06%, far exceeding the average yield found in the market, which could be a compelling factor for income-focused investors.
For those considering deeper analysis, InvestingPro offers additional tips and metrics for International Seaways, including insights on earnings revisions, stock volatility, and debt levels. With these tools, users can make more informed investment decisions. To explore these further, visit https://www.investing.com/pro/INSW and remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. There are 14 more InvestingPro Tips available for International Seaways, providing a comprehensive view of the company’s financial landscape.
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