Genco Shipping & Trading (NYSE:GNK) Trading Up 4.6% – Still a Buy?

Genco Shipping & Trading Limited (NYSE:GNK) shares shot up 4.6% during mid-day trading on Wednesday . The stock traded as high as $22.93 and last traded at $23.0250. 118,588 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 473,130 shares. The stock had previously closed at $22.01.

Analysts Set New Price Targets

Several analysts have recently weighed in on GNK shares. Zacks Research raised shares of Genco Shipping & Trading from a “hold” rating to a “strong-buy” rating in a report on Tuesday, February 17th. Alliance Global Partners lowered Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a report on Thursday, February 19th. Weiss Ratings reissued a “hold (c-)” rating on shares of Genco Shipping & Trading in a research note on Monday, December 29th. Finally, Wall Street Zen downgraded Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research note on Sunday, December 14th. Three research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Genco Shipping & Trading presently has an average rating of “Buy” and a consensus target price of $21.00.

Genco Shipping & Trading Stock Performance

The company has a quick ratio of 1.84, a current ratio of 2.39 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $988.78 million, a PE ratio of -208.04, a PEG ratio of 4.86 and a beta of 1.14. The stock’s fifty day simple moving average is $21.33 and its 200-day simple moving average is $19.02.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings results on Tuesday, February 17th. The shipping company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.04. The business had revenue of $109.92 million for the quarter, compared to analysts’ expectations of $78.52 million. Genco Shipping & Trading had a negative return on equity of 0.12% and a negative net margin of 1.28%.The company’s revenue was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.29 EPS. On average, research analysts predict that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 11th will be given a $0.50 dividend. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.15. This represents a $2.00 dividend on an annualized basis and a dividend yield of 8.8%. The ex-dividend date is Wednesday, March 11th. Genco Shipping & Trading’s dividend payout ratio (DPR) is -1,818.18%.

Insider Transactions at Genco Shipping & Trading

In other Genco Shipping & Trading news, insider Jesper Christensen sold 18,450 shares of Genco Shipping & Trading stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $23.66, for a total transaction of $436,527.00. Following the completion of the transaction, the insider owned 98,299 shares in the company, valued at approximately $2,325,754.34. The trade was a 15.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Peter George Allen sold 13,315 shares of the company’s stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $23.66, for a total transaction of $315,032.90. Following the completion of the sale, the chief financial officer directly owned 66,702 shares in the company, valued at $1,578,169.32. This trade represents a 16.64% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 55,824 shares of company stock valued at $1,313,949 in the last 90 days. 2.08% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Genco Shipping & Trading

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. American Century Companies Inc. raised its holdings in shares of Genco Shipping & Trading by 4.0% in the third quarter. American Century Companies Inc. now owns 1,611,227 shares of the shipping company’s stock worth $28,680,000 after acquiring an additional 62,030 shares during the last quarter. Townsend & Associates Inc increased its position in Genco Shipping & Trading by 0.7% during the 4th quarter. Townsend & Associates Inc now owns 1,276,311 shares of the shipping company’s stock worth $25,373,000 after purchasing an additional 8,488 shares in the last quarter. Focus Partners Wealth raised its stake in Genco Shipping & Trading by 3.1% in the 4th quarter. Focus Partners Wealth now owns 863,101 shares of the shipping company’s stock valued at $15,385,000 after purchasing an additional 26,326 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Genco Shipping & Trading by 14.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 748,707 shares of the shipping company’s stock valued at $13,799,000 after purchasing an additional 96,703 shares during the last quarter. Finally, Millennium Management LLC lifted its holdings in Genco Shipping & Trading by 100.3% in the 4th quarter. Millennium Management LLC now owns 543,290 shares of the shipping company’s stock valued at $10,013,000 after purchasing an additional 272,094 shares in the last quarter. Hedge funds and other institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company’s fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco’s focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions.

In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety.