Genco Shipping & Trading Limited (NYSE:GNK) Short Interest Down 31.9% in December

Genco Shipping & Trading Limited (NYSE:GNK) saw a significant decrease in short interest during the month of December. As of December 15th, there was short interest totaling 1,831,745 shares, a decrease of 31.9% from the November 30th total of 2,689,716 shares. Approximately 4.3% of the shares of the stock are short sold. Based on an average daily volume of 544,624 shares, the short-interest ratio is presently 3.4 days. Based on an average daily volume of 544,624 shares, the short-interest ratio is presently 3.4 days. Approximately 4.3% of the shares of the stock are short sold.

Analysts Set New Price Targets

A number of equities analysts have commented on GNK shares. 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. SEB Equity Research set a $23.00 target price on shares of Genco Shipping & Trading in a research report on Friday, September 26th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Genco Shipping & Trading in a research note on Monday. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Genco Shipping & Trading presently has a consensus rating of “Buy” and an average price target of $21.00.

Hedge Funds Weigh In On Genco Shipping & Trading

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. grew its position in shares of Genco Shipping & Trading by 82.2% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,942 shares of the shipping company’s stock worth $25,000 after buying an additional 876 shares during the period. Atlantic Union Bankshares Corp bought a new stake in Genco Shipping & Trading during the third quarter worth about $30,000. Advisory Services Network LLC bought a new stake in Genco Shipping & Trading during the third quarter worth about $30,000. Signaturefd LLC grew its holdings in Genco Shipping & Trading by 239.0% in the second quarter. Signaturefd LLC now owns 2,549 shares of the shipping company’s stock worth $33,000 after purchasing an additional 1,797 shares during the period. Finally, Sunbelt Securities Inc. bought a new position in shares of Genco Shipping & Trading during the third quarter valued at approximately $35,000. Hedge funds and other institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Trading Down 1.6%

Shares of Genco Shipping & Trading stock traded down $0.30 during trading on Tuesday, reaching $18.47. The company’s stock had a trading volume of 265,462 shares, compared to its average volume of 416,398. Genco Shipping & Trading has a 52-week low of $11.20 and a 52-week high of $19.60. The company has a market cap of $798.64 million, a price-to-earnings ratio of -108.65 and a beta of 1.17. The firm’s 50-day moving average is $17.90 and its two-hundred day moving average is $16.76. The company has a quick ratio of 1.98, a current ratio of 2.36 and a debt-to-equity ratio of 0.18.

Genco Shipping & Trading (NYSE:GNK) last released its earnings results on Wednesday, November 5th. The shipping company reported ($0.01) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.01). The company had revenue of $79.92 million during the quarter, compared to analyst estimates of $65.06 million. Genco Shipping & Trading had a negative return on equity of 0.62% and a negative net margin of 2.14%.Genco Shipping & Trading’s revenue for the quarter was down 19.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.41 EPS. On average, sell-side analysts anticipate that Genco Shipping & Trading will post 0.48 earnings per share for the current year.

Genco Shipping & Trading Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 24th. Stockholders of record on Monday, November 17th were given a $0.15 dividend. The ex-dividend date of this dividend was Monday, November 17th. This represents a $0.60 annualized dividend and a dividend yield of 3.2%. Genco Shipping & Trading’s dividend payout ratio is currently -352.94%.

Genco Shipping & Trading Company Profile

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.