Joseph Adamo Sells 6,226 Shares of Genco Shipping & Trading Limited (NYSE:GNK) Stock

Genco Shipping & Trading Limited (NYSE:GNK) CAO Joseph Adamo sold 6,226 shares of the company’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $13.96, for a total value of $86,914.96. Following the sale, the chief accounting officer now owns 26,829 shares of the company’s stock, valued at approximately $374,532.84. The trade was a 18.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Genco Shipping & Trading Stock Up 2.1 %

Shares of Genco Shipping & Trading stock opened at $14.18 on Wednesday. The company has a fifty day moving average price of $14.29 and a 200 day moving average price of $16.05. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08. Genco Shipping & Trading Limited has a twelve month low of $13.51 and a twelve month high of $23.43. The stock has a market cap of $606.09 million, a price-to-earnings ratio of 8.10, a price-to-earnings-growth ratio of 5.64 and a beta of 0.97.

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

Genco Shipping & Trading Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 11th will be given a $0.30 dividend. The ex-dividend date is Tuesday, March 11th. This represents a $1.20 dividend on an annualized basis and a yield of 8.47%. Genco Shipping & Trading’s payout ratio is currently 68.57%.

Hedge Funds Weigh In On Genco Shipping & Trading

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. LPL Financial LLC boosted its position in Genco Shipping & Trading by 3.1% in the 4th quarter. LPL Financial LLC now owns 24,566 shares of the shipping company’s stock valued at $342,000 after buying an additional 736 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Genco Shipping & Trading by 4.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,001 shares of the shipping company’s stock valued at $335,000 after buying an additional 924 shares during the last quarter. Wells Fargo & Company MN boosted its position in Genco Shipping & Trading by 1.8% in the 4th quarter. Wells Fargo & Company MN now owns 57,506 shares of the shipping company’s stock valued at $802,000 after buying an additional 1,040 shares during the last quarter. Legal & General Group Plc boosted its position in Genco Shipping & Trading by 3.9% in the 4th quarter. Legal & General Group Plc now owns 42,402 shares of the shipping company’s stock valued at $591,000 after buying an additional 1,607 shares during the last quarter. Finally, Rhumbline Advisers boosted its position in Genco Shipping & Trading by 2.7% in the 4th quarter. Rhumbline Advisers now owns 68,136 shares of the shipping company’s stock valued at $950,000 after buying an additional 1,800 shares during the last quarter. 58.62% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

GNK has been the subject of a number of research analyst reports. StockNews.com downgraded Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. Jefferies Financial Group decreased their price target on shares of Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating for the company in a research report on Thursday, February 20th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.00.

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.