Genco Shipping & Trading (NYSE:GNK) Reaches New 12-Month High at $22.42

Genco Shipping & Trading Limited (NYSE:GNK) hit a new 52-week high on Tuesday . The company traded as high as $22.42 and last traded at $22.42, with a volume of 394669 shares traded. The stock had previously closed at $21.85.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. StockNews.com downgraded Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research report on Thursday, April 18th. Stifel Nicolaus upped their target price on Genco Shipping & Trading from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Friday, April 19th. Finally, TheStreet raised Genco Shipping & Trading from a “c” rating to a “b-” rating in a research report on Thursday, February 22nd. One analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $21.00.

Genco Shipping & Trading Stock Up 2.7 %

The firm has a 50-day moving average price of $20.63 and a 200 day moving average price of $17.53. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.46 and a quick ratio of 3.70. The company has a market cap of $959.10 million, a price-to-earnings ratio of -70.50 and a beta of 1.11.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings results on Wednesday, February 21st. The shipping company reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.06. The business had revenue of $115.50 million for the quarter, compared to the consensus estimate of $72.54 million. Genco Shipping & Trading had a positive return on equity of 3.10% and a negative net margin of 3.35%. The firm’s quarterly revenue was down 9.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.67 earnings per share. Sell-side analysts predict that Genco Shipping & Trading Limited will post 1.93 EPS for the current year.

Genco Shipping & Trading Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 13th. Investors of record on Wednesday, March 6th were given a dividend of $0.41 per share. The ex-dividend date was Tuesday, March 5th. This represents a $1.64 dividend on an annualized basis and a yield of 7.31%. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.15. Genco Shipping & Trading’s dividend payout ratio is currently -529.03%.

Insider Buying and Selling

In related news, insider Jesper Christensen sold 12,404 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $19.80, for a total transaction of $245,599.20. Following the sale, the insider now owns 42,587 shares of the company’s stock, valued at $843,222.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Genco Shipping & Trading news, insider Jesper Christensen sold 12,404 shares of the company’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $19.80, for a total transaction of $245,599.20. Following the completion of the sale, the insider now directly owns 42,587 shares in the company, valued at $843,222.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Joseph Adamo sold 1,396 shares of the company’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $20.40, for a total value of $28,478.40. Following the sale, the chief accounting officer now owns 17,994 shares of the company’s stock, valued at $367,077.60. The disclosure for this sale can be found here. Insiders have sold 62,496 shares of company stock valued at $1,238,678 over the last 90 days. 2.08% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Genco Shipping & Trading

Several institutional investors and hedge funds have recently added to or reduced their stakes in GNK. PNC Financial Services Group Inc. increased its stake in shares of Genco Shipping & Trading by 1,632.8% in the third quarter. PNC Financial Services Group Inc. now owns 2,270 shares of the shipping company’s stock valued at $32,000 after buying an additional 2,139 shares during the period. Gladius Capital Management LP bought a new position in shares of Genco Shipping & Trading during the fourth quarter valued at $37,000. CWM LLC grew its stake in shares of Genco Shipping & Trading by 550.0% in the fourth quarter. CWM LLC now owns 3,796 shares of the shipping company’s stock worth $63,000 after purchasing an additional 3,212 shares during the last quarter. Mark Sheptoff Financial Planning LLC acquired a new position in Genco Shipping & Trading during the 4th quarter worth about $126,000. Finally, SG Americas Securities LLC bought a new stake in shares of Genco Shipping & Trading in the 3rd quarter valued at about $137,000. 58.62% of the stock is currently owned by institutional investors.

About Genco Shipping & Trading

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of drybulk cargoes worldwide. The company owns and operates dry bulk vessels to transports iron ore, grains, coal, steel products, and other drybulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.