Director Robert Robotti has recently sold a significant amount of stock in Tidewater Inc. (NYSE:TDW), a leading provider of offshore service vessels to the global energy industry. The transactions, which took place on May 8 and 9, 2024, involved the sale of a total of 155,494 shares, resulting in proceeds of over $16 million.
On the first day, Robotti sold 1,494 shares at a price of $107.5259 per share. The following day, he sold an additional 94,152 shares at $107.2071 each and then disposed of 60,848 shares at the same price. The sales ranged in price from $107.2071 to $107.5259 per share, reflecting a narrow price range for the transactions.
Following these sales, Robotti still holds a substantial number of shares in the company. According to footnotes in the filing, his ownership includes shares directly beneficially owned by Robotti himself, as well as shares held by various entities and family members, which he may be deemed to beneficially own.
The transactions were disclosed in a Form 4 filing with the Securities and Exchange Commission, which is a requirement for directors, officers, and beneficial owners of registered companies to report any changes in ownership of their company's stock. The reported sales provide current and potential investors with insight into the trading activities of the company's insiders.
Investors often monitor such filings to get a sense of how insiders are reacting to company performance and market conditions, as their transactions can provide valuable signals about the company's prospects.
Tidewater Inc. has not released any statements regarding these transactions, and it is not uncommon for executives and directors to sell shares for personal financial management reasons. As of the last transaction, Robotti's remaining holdings in Tidewater Inc. indicate a continued vested interest in the company's success.
InvestingPro Insights
As investors digest the recent insider trading activity at Tidewater Inc. (NYSE:TDW), it's pertinent to consider the company's financial health and market performance. According to InvestingPro data, Tidewater Inc. boasts a market capitalization of $5.53 billion, reflecting its substantial presence in the offshore service vessel sector. The company's stock is trading at a Price/Earnings (P/E) ratio of 41.03, which suggests investors are anticipating future growth, despite the stock being at a high earnings multiple as noted in one of the InvestingPro Tips. This is a sentiment echoed by the company's Price/Book ratio, which stands at a high 5.34, indicating that the market values the company's assets quite favorably.
InvestingPro Tips highlight that Tidewater Inc. has experienced a high return over the last year, with a 123.7% one-year price total return. This strong performance is also reflected in the short-term, with a 55.18% price total return over the last three months. These metrics suggest that the company's stock has been resonating well with investors, potentially due to its robust revenue growth, which was 54.82% for the last twelve months as of Q1 2024.
For investors looking for more comprehensive insights, InvestingPro offers additional tips that could guide investment decisions. There are 15 more InvestingPro Tips available for Tidewater Inc., covering aspects such as analysts' earnings revisions, profitability predictions, and debt levels. Interested readers can unlock these valuable tips and more by visiting https://www.investing.com/pro/TDW and using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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