Genco Shipping & Trading (NYSE:GNK) Trading Down 6.5% – Here’s What Happened

Genco Shipping & Trading Limited (NYSE:GNK)’s share price fell 6.5% during mid-day trading on Wednesday . The stock traded as low as $20.82 and last traded at $20.7310. 59,412 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 450,145 shares. The stock had previously closed at $22.17.

Wall Street Analyst Weigh In

GNK has been the subject of a number of research analyst reports. Alliance Global Partners downgraded Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a research report on Thursday, February 19th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Genco Shipping & Trading in a research note on Monday, December 29th. 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. Finally, Zacks Research raised shares of Genco Shipping & Trading from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, February 17th. Three equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $21.00.

Genco Shipping & Trading Stock Performance

The firm’s 50-day moving average price is $21.11 and its two-hundred day moving average price is $18.88. 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 firm has a market capitalization of $890.10 million, a PE ratio of -186.26, a P/E/G ratio of 4.94 and a beta of 1.14.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings data on Tuesday, February 17th. The shipping company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.04. Genco Shipping & Trading had a negative net margin of 1.28% and a negative return on equity of 0.12%. The firm had revenue of $109.92 million during the quarter, compared to analyst estimates of $78.52 million. During the same quarter last year, the business posted $0.29 EPS. The company’s revenue was up 10.8% on a year-over-year basis. As a group, 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 firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Wednesday, March 11th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, March 11th. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.15. This represents a $2.00 annualized dividend and a yield of 9.7%. Genco Shipping & Trading’s payout ratio is presently -1,818.18%.

Insider Buying and Selling

In other Genco Shipping & Trading news, CAO Joseph Adamo sold 6,340 shares of Genco Shipping & Trading stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $23.67, for a total transaction of $150,067.80. Following the transaction, the chief accounting officer owned 38,519 shares of the company’s stock, valued at $911,744.73. The trade was a 14.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Jesper Christensen sold 18,450 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 value of $436,527.00. Following the completion of the transaction, the insider owned 98,299 shares in the company, valued at $2,325,754.34. This represents a 15.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 55,824 shares of company stock valued at $1,313,949. Corporate insiders own 2.37% of the company’s stock.

Hedge Funds Weigh In On Genco Shipping & Trading

Several hedge funds have recently bought and sold shares of GNK. Royal Bank of Canada lifted its position in shares of Genco Shipping & Trading by 68.2% in the first quarter. Royal Bank of Canada now owns 54,287 shares of the shipping company’s stock worth $725,000 after buying an additional 22,007 shares during the last quarter. Amundi lifted its holdings in Genco Shipping & Trading by 29.0% in the 1st quarter. Amundi now owns 8,000 shares of the shipping company’s stock worth $101,000 after purchasing an additional 1,800 shares during the last quarter. AQR Capital Management LLC boosted its position in Genco Shipping & Trading by 49.3% during the first quarter. AQR Capital Management LLC now owns 296,188 shares of the shipping company’s stock worth $3,957,000 after purchasing an additional 97,766 shares during the period. Dynamic Technology Lab Private Ltd raised its position in shares of Genco Shipping & Trading by 59.5% in the first quarter. Dynamic Technology Lab Private Ltd now owns 17,848 shares of the shipping company’s stock valued at $238,000 after purchasing an additional 6,660 shares during the period. Finally, Envestnet Asset Management Inc. acquired a new stake in shares of Genco Shipping & Trading in the second quarter worth $255,000. 58.62% of the stock is owned by institutional investors and hedge funds.

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.