Genco Shipping & Trading (NYSE:GNK) Shares Up 2.9% – What’s Next?

Genco Shipping & Trading Limited (NYSE:GNK) rose 2.9% during mid-day trading on Friday . The company traded as high as $13.63 and last traded at $13.54. Approximately 82,336 shares traded hands during trading, a decline of 84% from the average daily volume of 508,848 shares. The stock had previously closed at $13.16.

Analyst Ratings Changes

Several equities research analysts have commented on GNK shares. Jefferies Financial Group lowered their target price on shares of Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, February 20th. StockNews.com cut Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Genco Shipping & Trading presently has a consensus rating of “Moderate Buy” and an average target price of $23.00.

Genco Shipping & Trading Stock Performance

The stock’s 50 day moving average is $14.20 and its two-hundred day moving average is $15.55. The stock has a market capitalization of $571.85 million, a price-to-earnings ratio of 7.64, a price-to-earnings-growth ratio of 5.64 and a beta of 0.99. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings data on Wednesday, February 19th. The shipping company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.27). The firm had revenue of $67.95 million for the quarter, compared to analyst estimates of $67.36 million. Genco Shipping & Trading had a return on equity of 7.82% and a net margin of 18.06%. Analysts expect that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Investors of record on Tuesday, March 11th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 8.97%. The ex-dividend date of this dividend was Tuesday, March 11th. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently 68.57%.

Insider Transactions at Genco Shipping & Trading

In related news, CFO Peter George Allen sold 8,984 shares of the firm’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $13.96, for a total value of $125,416.64. Following the completion of the transaction, the chief financial officer now directly owns 45,251 shares of the company’s stock, valued at approximately $631,703.96. This trade represents a 16.56 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jesper Christensen sold 13,602 shares of the stock in a transaction on Monday, February 24th. The shares were sold at an average price of $13.96, for a total transaction of $189,883.92. Following the completion of the sale, the insider now owns 57,322 shares of the company’s stock, valued at approximately $800,215.12. This represents a 19.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,812 shares of company stock worth $402,216 in the last three months. Insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On Genco Shipping & Trading

Institutional investors and hedge funds have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC increased its position in Genco Shipping & Trading by 54.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 17,287 shares of the shipping company’s stock worth $241,000 after buying an additional 6,097 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Genco Shipping & Trading by 36.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 127,852 shares of the shipping company’s stock valued at $1,782,000 after acquiring an additional 33,949 shares during the period. Vident Advisory LLC lifted its holdings in Genco Shipping & Trading by 20.7% during the 4th quarter. Vident Advisory LLC now owns 31,904 shares of the shipping company’s stock valued at $445,000 after purchasing an additional 5,476 shares during the last quarter. Squarepoint Ops LLC boosted its position in Genco Shipping & Trading by 55.8% during the fourth quarter. Squarepoint Ops LLC now owns 198,673 shares of the shipping company’s stock worth $2,770,000 after purchasing an additional 71,122 shares during the period. Finally, Teza Capital Management LLC increased its holdings in shares of Genco Shipping & Trading by 792.0% in the fourth quarter. Teza Capital Management LLC now owns 110,520 shares of the shipping company’s stock valued at $1,541,000 after purchasing an additional 98,130 shares during the last quarter. 58.62% of the stock is owned by institutional investors.

About Genco Shipping & Trading

Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, steel products, and other drybulk cargoes. The company was founded on September 27, 2004 and is headquartered in New York, NY.