Procore signs multi-year strategic collaboration agreement with AWS
In recent trading activity, William F. Nugent, Senior Vice President of International Seaways, Inc. (NYSE:INSW), sold 1,000 shares of the company’s common stock. The shares were sold at a price of $32.63 each, amounting to a total transaction value of $32,630. Following this sale, Nugent retains ownership of 56,846 shares in the company. The transaction occurs as International Seaways trades near its 52-week low of $31.70, with analysts setting price targets ranging from $38 to $75. According to InvestingPro data, the company maintains strong fundamentals with a P/E ratio of 4x and offers a substantial 15.5% dividend yield.
This transaction was conducted under a Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined plan to sell stocks. This plan was executed on May 10, 2024. For comprehensive analysis of INSW’s valuation and performance metrics, including 8 additional key ProTips, investors can access the detailed Pro Research Report available on InvestingPro.
In other recent news, International Seaways has expanded its collateral base by pledging two medium-range tankers as part of a $500 million revolving credit facility. This adjustment, involving the company’s subsidiaries, aims to replace a previously sold collateral vessel, reinforcing the company’s financial strategy. Additionally, International Seaways announced compensation adjustments for several top executives, effective retroactively from January 1, 2025. The changes include increased base salaries and elevated annual equity target opportunities for key officers, as detailed in a recent SEC filing.
Stifel analysts have adjusted their price target for International Seaways to $38, down from $42, while maintaining a Hold rating on the stock. The analysts noted that despite satisfactory quarterly results and ongoing fleet optimization, the company is expected to maintain mid-cycle levels without significant upward momentum. Meanwhile, shares of International Seaways saw a 6.4% increase following the US government’s decision to blacklist China’s Cosco Shipping Holdings Co. and two shipbuilders due to alleged military ties. This development has led to increased scrutiny of the marine transport sector, boosting investor optimism in American shipping firms.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.