Overseas Shipholding Group Inc. (NYSE:OSG) shot up 2.4% during trading on Wednesday following insider buying activity. The stock traded as high as $2.08 and last traded at $2.13, 12,885 shares changed hands during mid-day trading. A decline of 98% from the average session volume of 610,270 shares. The stock had previously closed at $2.08.
Specifically, CEO Samuel H. Norton bought 77,252 shares of the firm’s stock in a transaction on Monday, March 23rd. The stock was bought at an average cost of $2.08 per share, for a total transaction of $160,684.16. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Julie Silcock bought 96,874 shares of the firm’s stock in a transaction on Thursday, March 19th. The stock was bought at an average price of $1.99 per share, with a total value of $192,779.26. Over the last 90 days, insiders acquired 244,416 shares of company stock valued at $493,341. 3.60% of the stock is currently owned by insiders.
Separately, ValuEngine downgraded Overseas Shipholding Group from a “sell” rating to a “strong sell” rating in a research note on Tuesday.
Hedge funds have recently modified their holdings of the business. Jane Street Group LLC bought a new stake in shares of Overseas Shipholding Group during the fourth quarter valued at approximately $32,000. Virtu Financial LLC bought a new stake in Overseas Shipholding Group during the 4th quarter valued at $42,000. Cubist Systematic Strategies LLC bought a new stake in Overseas Shipholding Group during the 4th quarter valued at $44,000. SG Americas Securities LLC acquired a new position in Overseas Shipholding Group during the 4th quarter worth $47,000. Finally, Russell Investments Group Ltd. boosted its position in Overseas Shipholding Group by 212.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 49,351 shares of the transportation company’s stock worth $86,000 after acquiring an additional 33,571 shares during the period. Institutional investors own 55.13% of the company’s stock.
About Overseas Shipholding Group (NYSE:OSG)
Overseas Shipholding Group, Inc owns and operates a fleet of oceangoing vessels engaged in the transportation of crude oil and petroleum products in the United States. At December 31, 2018, the company owned or operated a fleet of 21 vessels totaling an aggregate of approximately 900,000 deadweight tons.
Further Reading: What is the float in trading stocks?
Receive News & Ratings for Overseas Shipholding Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Overseas Shipholding Group and related companies with MarketBeat.com's FREE daily email newsletter.