In a recent transaction, Joseph Isaac Kronsberg, a director at International Seaways, Inc. (NYSE:INSW), sold 5,035 shares of the company's common stock. The sale was executed in multiple trades, with prices ranging from $62.17 to $62.41 per share. The weighted average sale price reported was $62.3029, amounting to a total transaction value of approximately $313,695.
This sale has adjusted Kronsberg's direct ownership in the company to a total of 6,725 shares following the transaction. International Seaways, Inc., known for its operations in water transportation, is watched closely by investors for any insider transactions which may indicate the executive's confidence in the company's future prospects.
The details provided in the report indicate that the sale was not part of a 10b5-1 trading plan, which is a pre-arranged trading plan for the sale of company stock. The transactions were carried out on May 15, 2024, and were filed with the SEC on May 17, 2024.
Investors often monitor insider sales and purchases as they may provide insights into the company's financial health and future performance. However, it is also common for executives to sell stock for personal financial management reasons that are not necessarily indicative of the company's performance.
International Seaways, Inc. continues its operations in the energy and transportation sector, and the recent transactions are part of the regular updates on insider activities that are publicly disclosed for investor consideration.
InvestingPro Insights
Following the recent insider sale by director Joseph Isaac Kronsberg at International Seaways, Inc. (NYSE:INSW), the company's financial health and performance metrics provide additional context for investors. According to InvestingPro data, International Seaways boasts a strong market capitalization of approximately $3.13 billion USD, reflecting its significant presence in the water transportation industry. The company's P/E ratio stands at an attractive 5.86, with an adjusted P/E ratio for the last twelve months as of Q1 2024 at 6.17, suggesting a potentially undervalued stock relative to earnings.
Moreover, International Seaways has demonstrated a robust gross profit margin of 70.04% over the last twelve months as of Q1 2024, highlighting its efficiency in managing costs relative to revenue. The company's dividend yield as of the latest data point is an impressive 9.07%, which, coupled with a substantial dividend growth of 70.83% over the last twelve months, may appeal to income-focused investors.
InvestingPro Tips highlight that International Seaways has raised its dividend for 4 consecutive years and pays a significant dividend to shareholders, reinforcing the company's commitment to returning value to its investors. Additionally, the stock's price is trading near its 52-week high, with a price percentage of the high at 99.23%, indicating strong market confidence in the stock. For investors interested in further insights and tips, there are an additional 17 InvestingPro Tips available for International Seaways at https://www.investing.com/pro/INSW. To access 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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