Genco Shipping & Trading (NYSE:GNK) Trading Up 2.1% – What’s Next?

Genco Shipping & Trading Limited (NYSE:GNK) shares were up 2.1% during mid-day trading on Monday . The stock traded as high as $11.95 and last traded at $11.95. Approximately 99,598 shares were traded during trading, a decline of 81% from the average daily volume of 537,221 shares. The stock had previously closed at $11.70.

Analyst Upgrades and Downgrades

Several research firms have commented on GNK. Jefferies Financial Group lowered their target price on shares of Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, February 20th. StockNews.com lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Finally, Pareto Securities raised Genco Shipping & Trading to a “strong-buy” rating in a research note on Monday, March 31st. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $23.00.

Genco Shipping & Trading Stock Up 3.8 %

The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08. The firm has a 50-day moving average of $14.05 and a two-hundred day moving average of $15.35. The firm has a market capitalization of $519.42 million, a PE ratio of 6.94, a price-to-earnings-growth ratio of 5.64 and a beta of 0.96.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings results on Wednesday, February 19th. The shipping company reported $0.29 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.27). The company had revenue of $67.95 million for the quarter, compared to analyst estimates of $67.36 million. Genco Shipping & Trading had a return on equity of 7.82% and a net margin of 18.06%. On average, equities research analysts forecast that Genco Shipping & Trading Limited will post 0.48 EPS for the current year.

Genco Shipping & Trading Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 11th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 9.88%. The ex-dividend date of this dividend was Tuesday, March 11th. Genco Shipping & Trading’s payout ratio is 68.57%.

Insider Transactions at Genco Shipping & Trading

In other news, CFO Peter George Allen sold 8,984 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $13.96, for a total transaction of $125,416.64. Following the transaction, the chief financial officer now owns 45,251 shares of the company’s stock, valued at approximately $631,703.96. This trade represents a 16.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jesper Christensen sold 13,602 shares of Genco Shipping & Trading stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $13.96, for a total value of $189,883.92. Following the completion of the transaction, the insider now owns 57,322 shares of the company’s stock, valued at $800,215.12. This trade represents a 19.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 28,812 shares of company stock valued at $402,216. 2.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Genco Shipping & Trading

Large investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its stake in Genco Shipping & Trading by 0.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,838,759 shares of the shipping company’s stock valued at $39,572,000 after purchasing an additional 10,193 shares during the last quarter. American Century Companies Inc. raised its stake in Genco Shipping & Trading by 8.9% during the fourth quarter. American Century Companies Inc. now owns 1,361,597 shares of the shipping company’s stock worth $18,981,000 after acquiring an additional 111,564 shares during the period. State Street Corp lifted its holdings in Genco Shipping & Trading by 1.0% in the third quarter. State Street Corp now owns 1,190,467 shares of the shipping company’s stock worth $23,214,000 after acquiring an additional 12,001 shares during the last quarter. Townsend & Associates Inc raised its position in shares of Genco Shipping & Trading by 2.2% during the 4th quarter. Townsend & Associates Inc now owns 1,071,959 shares of the shipping company’s stock worth $15,318,000 after purchasing an additional 23,101 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of Genco Shipping & Trading by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 990,357 shares of the shipping company’s stock worth $13,809,000 after purchasing an additional 10,260 shares during the period. 58.62% of the stock is currently owned by institutional investors.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, steel products, and other drybulk cargoes. The company was founded on September 27, 2004 and is headquartered in New York, NY.