International Shipholding Corporation (NYSE:ISH) shares are up big in afternoon trading after the company provided an update on the implementation of its Strategic Plan. The plan concentrates on focusing on 3 of their core segments, including: Pure Car Truck Carriers, their Rail Ferry segment which carry rail cars between Mexico and the U.S. Gulf Coast, and the Jones Act (Section 27 of the Merchant Marine Act of 1920).
International Shipholding Corporation (NYSE:ISH) has been around since 1947, but recently their stock has been trading on the downside. Today’s update tells us that International Shipholding Corporation (NYSE:ISH) has executed a Memorandum of Agreement for the sale of its supramax vessel, bringing in about $11 million which will be used to pay off debt.
The stock is up 22.75% or $0.38 following the news, hitting $2.05 per share. About 115,087 shares traded hands or up 70.16% from the average. ISH has declined 81.61% since May 13, 2015 and is currently downtrending. It has underperformed the S&P500 by 78.98%.
The institutional sentiment decreased to 0.52 in Q2 2015. It’s down 0.38, from 0.9 in 2015Q2. The ratio dropped, as 13 funds sold all their International Shipholding Corporation shares they owned while 14 reduced their positions. 3 funds bought stakes while 11 increased their total positions. Institutions now own 3.18 million shares which is 5.76% more than the previous share count of 3.01 million in 2015Q2.
Aegis Financial Corp holds 1.19% of its total portfolio in International Shipholding Corporation, equating to 471,801 shares. Eqis Capital Management Inc. owns 131,702 shares representing 0.14% of their total US portfolio. Moreover, Wealthtrust Axiom Llc has 0.09% of their total portfolio invested in the company, equating to 58,708 shares. The New Jersey-based Mercer Capital Advisers Inc. has a total of 0.08% of their portfolio invested in the stock. Frontier Investment Mgmt Co, a Texas-based fund reported 90,000 shares owned.
International Shipholding Corporation is a holding company. The company has a market cap of $12.37 million. Through its subsidiaries, the Company operates a diversified fleet of the United States and International Flag vessels. It currently has negative earnings. The Firm provides international and domestic maritime transportation services to commercial and Governmental clients primarily under medium to long-term time charters or contracts of affreightment.