Insider Trading Alert: International Seaways Director Sells $245K Worth of Stock
International Seaways, Inc. (NYSE: INSW) director Alexandra Kate Blankenship recently sold 5,000 shares of the company's stock, totaling approximately $245,826. The sale took place on September 12, 2024, at a weighted average price of $49.1652 per share. Following the sale, Blankenship still holds 16,109 shares of common stock. This transaction was disclosed in a filing with the Securities and Exchange Commission.
International Seaways is a key player in the water transportation industry and has seen fluctuations in its stock price, which can be influenced by various factors, including insider trading. Shareholders and potential investors often monitor insider sales to gain insight into the company's valuation and future prospects.
In other news, International Seaways reported strong financial performance in Q2 2024, with an adjusted net income of $118 million. The company declared a dividend of $1.50 per share and expanded its revolver capacity. Despite softer tanker rates, the company anticipates an increase in the near future.
InvestingPro Insights:
International Seaways has a market capitalization of $2.45 billion and a P/E ratio of 4.67, indicating potential undervaluation. The company also offers a high dividend yield of 11.8% and has shown stability in its stock price. With a solid financial position and a track record of shareholder value, International Seaways presents an attractive opportunity for income-focused investors.
For a more in-depth analysis, visit InvestingPro for additional tips and insights on International Seaways' financial health and investment potential.