Genco Shipping & Trading (NYSE:GNK) Shares Up 2.9% – Here’s Why

Genco Shipping & Trading Limited (NYSE:GNK)’s share price rose 2.9% during mid-day trading on Friday . The stock traded as high as $13.63 and last traded at $13.54. Approximately 82,336 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 508,848 shares. The stock had previously closed at $13.16.

Analyst Upgrades and Downgrades

GNK has been the topic of several recent research reports. Jefferies Financial Group decreased their target price on shares of Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, February 20th. StockNews.com downgraded Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $23.00.

Genco Shipping & Trading Stock Up 1.6 %

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 stock has a market capitalization of $571.85 million, a P/E ratio of 7.64, a P/E/G ratio of 5.64 and a beta of 0.99. The firm’s fifty day moving average is $14.20 and its 200-day moving average is $15.55.

Genco Shipping & Trading (NYSE:GNK) last announced its 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). Genco Shipping & Trading had a return on equity of 7.82% and a net margin of 18.06%. The business had revenue of $67.95 million during the quarter, compared to analyst estimates of $67.36 million. As a group, equities research analysts predict that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current year.

Genco Shipping & Trading Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 18th. Investors of record on Tuesday, March 11th were issued a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, March 11th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 8.97%. Genco Shipping & Trading’s dividend payout ratio is 68.57%.

Insiders Place Their Bets

In other news, CAO Joseph Adamo sold 6,226 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $13.96, for a total transaction of $86,914.96. Following the transaction, the chief accounting officer now directly owns 26,829 shares in the company, valued at approximately $374,532.84. This represents a 18.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Peter George Allen sold 8,984 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $13.96, for a total transaction of $125,416.64. Following the completion of the sale, the chief financial officer now directly owns 45,251 shares of the company’s stock, valued at approximately $631,703.96. This represents a 16.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,812 shares of company stock valued at $402,216 in the last 90 days. 2.50% of the stock is currently owned by insiders.

Institutional Trading of Genco Shipping & Trading

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GNK. Teacher Retirement System of Texas acquired a new position in Genco Shipping & Trading in the fourth quarter valued at approximately $3,692,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Genco Shipping & Trading by 70.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 530,523 shares of the shipping company’s stock valued at $10,345,000 after purchasing an additional 219,907 shares during the period. Barclays PLC boosted its position in shares of Genco Shipping & Trading by 173.3% in the 4th quarter. Barclays PLC now owns 282,603 shares of the shipping company’s stock worth $3,940,000 after purchasing an additional 179,216 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Genco Shipping & Trading by 155.0% during the third quarter. JPMorgan Chase & Co. now owns 285,091 shares of the shipping company’s stock worth $5,559,000 after purchasing an additional 173,270 shares during the period. Finally, Royce & Associates LP increased its holdings in Genco Shipping & Trading by 23.9% in the fourth quarter. Royce & Associates LP now owns 597,860 shares of the shipping company’s stock valued at $8,334,000 after purchasing an additional 115,173 shares during the last quarter. 58.62% of the stock is currently owned by institutional investors and hedge funds.

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.