Genco Shipping & Trading Limited (NYSE:GNK) Shares Shorted: Short Interest Up 46.4% in September

Genco Shipping & Trading Limited (NYSE:GNK) saw a significant increase in short interest during the month of September. As of September 15th, there was short interest totaling 1,496,591 shares, an increase of 46.4% from the August 31st total of 1,022,340 shares. Approximately 3.5% of the company’s shares are short sold. Based on an average trading volume of 795,852 shares, the days-to-cover ratio is currently 1.9 days.

Genco Shipping & Trading Trading Up 4.1%

Shares of NYSE:GNK traded up $1.06 during midday trading on Thursday, hitting $27.22. The company had a trading volume of 463,248 shares, compared to its average volume of 613,463. The company has a current ratio of 2.97, a quick ratio of 2.41 and a debt-to-equity ratio of 0.36. Genco Shipping & Trading has a 12 month low of $15.55 and a 12 month high of $28.42. The firm has a fifty day simple moving average of $26.37 and a 200 day simple moving average of $24.86. The stock has a market cap of $1.19 billion, a price-to-earnings ratio of 20.28, a PEG ratio of 3.06 and a beta of 0.96.

Genco Shipping & Trading (NYSE:GNK) last released its earnings results on Wednesday, August 5th. The shipping company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.05. Genco Shipping & Trading had a return on equity of 6.46% and a net margin of 9.15%.The firm had revenue of $136.41 million for the quarter, compared to analyst estimates of $90.59 million. During the same quarter in the prior year, the firm posted ($0.16) earnings per share. The company’s quarterly revenue was up 68.5% on a year-over-year basis. On average, analysts predict that Genco Shipping & Trading will post 2.22 EPS for the current year.

Genco Shipping & Trading Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 24th. Stockholders of record on Monday, August 17th were paid a $0.80 dividend. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Monday, August 17th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 11.8%. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently 351.65%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Blue Trust Inc. increased its stake in Genco Shipping & Trading by 230.1% in the first quarter. Blue Trust Inc. now owns 1,347 shares of the shipping company’s stock valued at $30,000 after purchasing an additional 939 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of Genco Shipping & Trading in the 2nd quarter valued at $35,000. Global Trust Asset Management LLC acquired a new stake in Genco Shipping & Trading during the 1st quarter worth $45,000. Summit Securities Group LLC acquired a new stake in Genco Shipping & Trading during the 1st quarter worth $63,000. Finally, Y Intercept Hong Kong Ltd bought a new position in Genco Shipping & Trading during the first quarter worth about $234,000. Institutional investors own 58.62% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on the company. Zacks Research lowered Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 19th. B. Riley Financial restated a “buy” rating on shares of Genco Shipping & Trading in a research report on Friday, August 7th. Alliance Global Partners reaffirmed a “neutral” rating on shares of Genco Shipping & Trading in a research note on Wednesday, June 17th. BTIG Research reiterated a “neutral” rating on shares of Genco Shipping & Trading in a research report on Friday, September 18th. Finally, Weiss Ratings downgraded shares of Genco Shipping & Trading from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, September 16th. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Genco Shipping & Trading presently has a consensus rating of “Hold” and an average target price of $29.00.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Limited (NYSE: GNK) is a global drybulk shipping company that owns and operates vessels used to transport essential commodities. Its cargoes include iron ore, coal, grain and other raw materials that support industrial and agricultural supply chains.

The company operates a diversified fleet of large Capesize vessels and smaller Ultramax and Supramax vessels. This range of ship sizes enables Genco to serve different cargo requirements and trade routes across major international markets, including the Atlantic and Pacific basins.

Founded in 1997 and headquartered in New York City, Genco manages its fleet through a combination of in-house commercial and technical capabilities.