Genco Shipping & Trading Limited (NYSE:GNK) Sees Large Decline in Short Interest

Genco Shipping & Trading Limited (NYSE:GNK) saw a significant drop in short interest during the month of December. As of December 15th, there was short interest totaling 1,831,745 shares, a drop of 31.9% from the November 30th total of 2,689,716 shares. Currently, 4.3% of the company’s shares are sold short. Based on an average trading volume of 544,624 shares, the days-to-cover ratio is presently 3.4 days. Based on an average trading volume of 544,624 shares, the days-to-cover ratio is presently 3.4 days. Currently, 4.3% of the company’s shares are sold short.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on GNK. SEB Equity Research set a $23.00 price target on Genco Shipping & Trading in a report on Friday, September 26th. Weiss Ratings reissued a “hold (c-)” rating on shares of Genco Shipping & Trading in a research note on Monday, December 22nd. Finally, Wall Street Zen cut shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research report on Sunday, December 14th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $21.00.

Institutional Investors Weigh In On Genco Shipping & Trading

Large investors have recently modified their holdings of the company. Invesco Ltd. grew its stake in Genco Shipping & Trading by 1.5% during the 1st quarter. Invesco Ltd. now owns 129,232 shares of the shipping company’s stock worth $1,727,000 after buying an additional 1,906 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Genco Shipping & Trading in the first quarter valued at approximately $1,282,000. Ieq Capital LLC grew its position in shares of Genco Shipping & Trading by 88.5% during the first quarter. Ieq Capital LLC now owns 33,185 shares of the shipping company’s stock worth $443,000 after acquiring an additional 15,583 shares during the last quarter. State of Wyoming increased its holdings in shares of Genco Shipping & Trading by 34.7% in the 1st quarter. State of Wyoming now owns 8,088 shares of the shipping company’s stock valued at $108,000 after acquiring an additional 2,083 shares during the period. Finally, Calton & Associates Inc. acquired a new position in shares of Genco Shipping & Trading in the 1st quarter valued at $152,000. 58.62% of the stock is owned by hedge funds and other institutional investors.

Genco Shipping & Trading Stock Up 0.1%

GNK stock traded up $0.03 during midday trading on Monday, hitting $18.82. The company’s stock had a trading volume of 352,313 shares, compared to its average volume of 433,973. The company has a quick ratio of 1.98, a current ratio of 2.36 and a debt-to-equity ratio of 0.18. Genco Shipping & Trading has a 52-week low of $11.20 and a 52-week high of $19.60. The firm has a market capitalization of $813.56 million, a P/E ratio of -110.68 and a beta of 1.17. The firm has a 50-day simple moving average of $17.84 and a 200-day simple moving average of $16.73.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings data on Wednesday, November 5th. The shipping company reported ($0.01) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.01). The business had revenue of $79.92 million for the quarter, compared to analyst estimates of $65.06 million. Genco Shipping & Trading had a negative return on equity of 0.62% and a negative net margin of 2.14%.The company’s revenue was down 19.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.41 earnings per share. As a group, equities analysts forecast that Genco Shipping & Trading will post 0.48 EPS for the current year.

Genco Shipping & Trading Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, November 24th. Investors of record on Monday, November 17th were issued a $0.15 dividend. The ex-dividend date of this dividend was Monday, November 17th. This represents a $0.60 annualized dividend and a yield of 3.2%. Genco Shipping & Trading’s dividend payout ratio (DPR) is -352.94%.

About Genco Shipping & Trading

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.