International Seaways, Inc. (NYSE:INSW) director Douglas D. Wheat has sold a portion of his holdings in the company, according to the latest regulatory filings. Wheat sold 3,846 shares of the company's common stock, with the transaction totaling approximately $197,009. This sale was executed on March 14, 2024, with prices ranging from $51.00 to $51.79 per share, reflecting a weighted average sale price of $51.2246.
The transaction has adjusted Wheat's ownership in International Seaways to 26,056 shares following the sale. It's important to note that the sale was carried out in multiple trades within the specified price range. The reporting party has committed to providing full details regarding the number of shares sold and the exact prices if requested by the SEC staff, the issuer, or a security holder of the issuer.
Douglas D. Wheat, who serves as a director of International Seaways, has made this sale as part of his personal investment decisions. The company, which is categorized under the water transportation industry, is known for its global operations in the maritime transportation of crude oil and petroleum products.
Investors and market watchers often keep a close eye on insider transactions as they can provide insights into the company's financial health and future prospects. However, it's also common for insiders to sell shares for personal financial planning, diversification, or other non-business-related reasons.
International Seaways, Inc. has not released any official statement regarding this transaction, and it remains a routine disclosure as required by SEC regulations. The company continues to focus on its operations and strategic initiatives in the competitive shipping industry.
InvestingPro Insights
International Seaways, Inc. (NYSE:INSW) has recently seen notable insider trading activity, but what does the broader financial data say? According to real-time metrics from InvestingPro, International Seaways boasts a market capitalization of $2.54 billion and is trading at a low P/E ratio of 4.61, suggesting that the stock may be undervalued relative to its near-term earnings growth potential. The company's revenue for the last twelve months as of Q4 2023 stood at an impressive $1.07 billion, with a significant gross profit margin of 70.59%, highlighting strong operational efficiency.
InvestingPro Tips for International Seaways underscore the company's financial stability and potential for investor returns. The firm has raised its dividend for four consecutive years, a sign of confidence in its financial position and a commitment to returning value to shareholders. Moreover, four analysts have revised their earnings upwards for the upcoming period, indicating potential optimism regarding the company's future performance. For investors seeking a steady income stream, it is worth noting that International Seaways pays a substantial dividend, with a yield of 10.77% as of the latest data.
For those interested in further insights and detailed analysis, InvestingPro offers additional tips on International Seaways. There are currently 15 more InvestingPro Tips available, providing a comprehensive look at the company's financial health and market performance. As an added incentive, readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. This offer could be particularly valuable for investors looking to make informed decisions backed by expert analysis and real-time data.
With a strong return over the last three months and trading near its 52-week high, International Seaways appears poised for continued success in the maritime transportation industry. The next earnings date is set for May 2, 2024, which will provide further insight into the company's financial trajectory.
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