Insider Selling: Genco Shipping & Trading Limited (NYSE:GNK) CFO Sells 8,984 Shares of Stock

Genco Shipping & Trading Limited (NYSE:GNK) CFO Peter George Allen sold 8,984 shares of the firm’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $13.96, for a total transaction of $125,416.64. Following the completion of the sale, the chief financial officer now owns 45,251 shares in the company, valued at $631,703.96. This represents a 16.56 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Genco Shipping & Trading Price Performance

NYSE GNK traded up $0.30 on Tuesday, reaching $14.18. The company’s stock had a trading volume of 757,177 shares, compared to its average volume of 487,427. The firm has a market cap of $606.09 million, a PE ratio of 8.10, a price-to-earnings-growth ratio of 5.64 and a beta of 0.97. Genco Shipping & Trading Limited has a 52 week low of $13.51 and a 52 week high of $23.43. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08. The business has a 50-day moving average price of $14.29 and a 200 day moving average price of $16.05.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings results on Wednesday, February 19th. The shipping company reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.27). The firm had revenue of $67.95 million during the quarter, compared to analyst estimates of $67.36 million. Genco Shipping & Trading had a net margin of 18.06% and a return on equity of 7.82%. Sell-side analysts expect that Genco Shipping & Trading Limited will post 0.48 EPS for the current year.

Genco Shipping & Trading Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 11th will be given a $0.30 dividend. The ex-dividend date is Tuesday, March 11th. This represents a $1.20 dividend on an annualized basis and a yield of 8.47%. Genco Shipping & Trading’s dividend payout ratio (DPR) is presently 68.57%.

Hedge Funds Weigh In On Genco Shipping & Trading

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Banque Transatlantique SA acquired a new position in Genco Shipping & Trading in the fourth quarter valued at about $28,000. R Squared Ltd acquired a new position in Genco Shipping & Trading in the fourth quarter valued at about $29,000. New Age Alpha Advisors LLC acquired a new position in shares of Genco Shipping & Trading during the fourth quarter worth approximately $56,000. Quarry LP lifted its position in shares of Genco Shipping & Trading by 535.8% during the third quarter. Quarry LP now owns 4,266 shares of the shipping company’s stock worth $83,000 after purchasing an additional 3,595 shares in the last quarter. Finally, Mariner LLC acquired a new position in shares of Genco Shipping & Trading during the fourth quarter worth approximately $147,000. 58.62% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Genco Shipping & Trading Company Profile

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.