Genco Shipping & Trading Limited (NYSE:GNK) Sees Significant Drop in Short Interest

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

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Weiss Ratings restated a “hold (c-)” rating on shares of Genco Shipping & Trading in a research report on Monday. Wall Street Zen downgraded Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research report on Sunday, December 14th. Finally, SEB Equity Research set a $23.00 price objective on shares of Genco Shipping & Trading in a report on Friday, September 26th. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Genco Shipping & Trading has an average rating of “Buy” and an average target price of $21.00.

Institutional Investors Weigh In On Genco Shipping & Trading

A number of institutional investors have recently added to or reduced their stakes in GNK. Cantor Fitzgerald L. P. purchased a new stake in shares of Genco Shipping & Trading during the 3rd quarter worth approximately $205,000. Sunbelt Securities Inc. purchased a new stake in shares of Genco Shipping & Trading in the third quarter valued at $35,000. Danske Bank A S acquired a new position in shares of Genco Shipping & Trading during the 3rd quarter valued at about $64,000. Advisory Services Network LLC purchased a new position in Genco Shipping & Trading during the third quarter worth approximately $30,000. Finally, Wexford Capital LP purchased a new stake in Genco Shipping & Trading during the third quarter valued at about $606,000. Hedge funds and other institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Stock Up 0.1%

Shares of NYSE:GNK traded up $0.02 on Wednesday, hitting $18.46. 194,393 shares of the company’s stock were exchanged, compared to its average volume of 636,640. Genco Shipping & Trading has a 1-year low of $11.20 and a 1-year high of $19.60. The company has a market capitalization of $798.21 million, a PE ratio of -108.59 and a beta of 1.17. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.98 and a current ratio of 2.36. The firm’s 50-day moving average is $17.90 and its 200 day moving average is $16.76.

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

Genco Shipping & Trading Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 24th. Stockholders 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 dividend yield of 3.3%. Genco Shipping & Trading’s payout ratio is presently -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.