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

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

Wall Street Analyst Weigh In

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

Genco Shipping & Trading Stock Up 2.7 %

The stock has a market capitalization of $959.10 million, a P/E ratio of -70.50 and a beta of 1.11. 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 firm has a 50-day simple moving average of $20.63 and a 200 day simple moving average of $17.53.

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

Genco Shipping & Trading Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 13th. Investors of record on Wednesday, March 6th were issued a $0.41 dividend. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.15. The ex-dividend date was Tuesday, March 5th. This represents a $1.64 annualized dividend and a yield of 7.31%. Genco Shipping & Trading’s payout ratio is presently -529.03%.

Insider Activity

In related news, CAO Joseph Adamo sold 6,000 shares of the business’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $19.87, for a total transaction of $119,220.00. Following the transaction, the chief accounting officer now owns 17,202 shares in the company, valued at approximately $341,803.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Peter George Allen sold 7,036 shares of Genco Shipping & Trading stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $19.80, for a total transaction of $139,312.80. Following the completion of the transaction, the chief financial officer now directly owns 35,518 shares in the company, valued at $703,256.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Joseph Adamo sold 6,000 shares of Genco Shipping & Trading stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $19.87, for a total transaction of $119,220.00. Following the transaction, the chief accounting officer now owns 17,202 shares of the company’s stock, valued at $341,803.74. The disclosure for this sale can be found here. Insiders have sold 62,496 shares of company stock valued at $1,238,678 in the last ninety days. 2.08% of the stock is owned by company insiders.

Institutional Inflows and Outflows

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