Insider Selling: Genco Shipping & Trading (NYSE:GNK) CAO Sells $150,067.80 in Stock

Genco Shipping & Trading Limited (NYSE:GNK) CAO Joseph Adamo sold 6,340 shares of the business’s stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $23.67, for a total value of $150,067.80. Following the sale, the chief accounting officer owned 38,519 shares in the company, valued at approximately $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 at this link.

Joseph Adamo also recently made the following trade(s):

• On Wednesday, February 18th, Joseph Adamo sold 3,227 shares of Genco Shipping & Trading stock. The stock was sold at an average price of $23.27, for a total value of $75,092.29.

Genco Shipping & Trading Trading Down 0.7%

Genco Shipping & Trading stock opened at $23.59 on Thursday. The stock has a 50-day moving average price of $20.27 and a 200 day moving average price of $18.43. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of -214.43, a price-to-earnings-growth ratio of 5.44 and a beta of 1.21. Genco Shipping & Trading Limited has a 52 week low of $11.20 and a 52 week high of $24.10. The company has a quick ratio of 1.84, a current ratio of 2.39 and a debt-to-equity ratio of 0.21.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings results on Tuesday, February 17th. The shipping company reported $0.39 earnings per share (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 company had revenue of $109.92 million during the quarter, compared to analyst estimates of $78.52 million. During the same period last year, the firm posted $0.29 EPS. Genco Shipping & Trading’s revenue for the quarter was up 10.8% compared to the same quarter last year. Sell-side analysts anticipate that Genco Shipping & Trading Limited will post 0.48 EPS for the current year.

Genco Shipping & Trading Increases Dividend

The firm also recently announced 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. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.15. This represents a $2.00 dividend on an annualized basis and a yield of 8.5%. The ex-dividend date is Wednesday, March 11th. Genco Shipping & Trading’s payout ratio is presently -545.45%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Weiss Ratings reiterated a “hold (c-)” rating on shares of Genco Shipping & Trading in a research note on Monday, December 29th. Alliance Global Partners cut Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a research report on Thursday, February 19th. Zacks Research upgraded Genco Shipping & Trading from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, February 17th. Finally, Wall Street Zen cut shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research note on Sunday, December 14th. Three research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Genco Shipping & Trading currently has an average rating of “Buy” and an average target price of $21.00.

Institutional Trading of Genco Shipping & Trading

Institutional investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. increased its position in shares of Genco Shipping & Trading by 82.2% in the second quarter. PNC Financial Services Group Inc. now owns 1,942 shares of the shipping company’s stock valued at $25,000 after buying an additional 876 shares in the last quarter. Atlantic Union Bankshares Corp acquired a new stake in Genco Shipping & Trading in the 3rd quarter valued at $30,000. Advisory Services Network LLC purchased a new stake in Genco Shipping & Trading in the 3rd quarter worth $30,000. Strengthening Families & Communities LLC acquired a new position in Genco Shipping & Trading during the fourth quarter worth $31,000. Finally, Kemnay Advisory Services Inc. acquired a new position in Genco Shipping & Trading during the fourth quarter worth $32,000. 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.