StockNews.com Begins Coverage on Genco Shipping & Trading (NYSE:GNK)

StockNews.com assumed coverage on shares of Genco Shipping & Trading (NYSE:GNK – Get Rating) in a report released on Thursday. The firm issued a hold rating on the shipping company’s stock.

A number of other research analysts have also recently issued reports on GNK. Jefferies Financial Group reiterated a buy rating and set a $20.00 price objective on shares of Genco Shipping & Trading in a research note on Thursday, February 23rd. Alliance Global Partners decreased their price target on Genco Shipping & Trading to $27.00 in a research note on Wednesday, November 16th. Finally, TheStreet cut Genco Shipping & Trading from a b rating to a c+ rating in a research note on Monday, March 13th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $23.20.

Genco Shipping & Trading Stock Down 5.0 %

Shares of NYSE:GNK opened at $15.09 on Thursday. The stock has a fifty day simple moving average of $17.62 and a two-hundred day simple moving average of $15.43. The stock has a market capitalization of $638.76 million, a price-to-earnings ratio of 4.09 and a beta of 1.08. Genco Shipping & Trading has a 12-month low of $11.92 and a 12-month high of $27.15. The company has a current ratio of 3.43, a quick ratio of 2.84 and a debt-to-equity ratio of 0.17.

Genco Shipping & Trading (NYSE:GNK – Get Rating) last announced its quarterly earnings data on Wednesday, February 22nd. The shipping company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.08. The business had revenue of $127.00 million during the quarter, compared to analysts’ expectations of $76.22 million. Genco Shipping & Trading had a return on equity of 16.76% and a net margin of 29.53%. The firm’s quarterly revenue was down 30.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.99 earnings per share. On average, research analysts anticipate that Genco Shipping & Trading will post 2.1 earnings per share for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 14th. Stockholders of record on Tuesday, March 7th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 13.25%. The ex-dividend date was Monday, March 6th. Genco Shipping & Trading’s dividend payout ratio is currently 54.20%.

Insider Activity at Genco Shipping & Trading

In related news, CEO John C. Wobensmith sold 17,760 shares of the company’s stock in a transaction on Thursday, February 23rd. The stock was sold at an average price of $19.35, for a total transaction of $343,656.00. Following the completion of the sale, the chief executive officer now owns 416,859 shares in the company, valued at $8,066,221.65. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO John C. Wobensmith sold 17,760 shares of the company’s stock in a transaction on Thursday, February 23rd. The stock was sold at an average price of $19.35, for a total transaction of $343,656.00. Following the completion of the sale, the chief executive officer now owns 416,859 shares in the company, valued at $8,066,221.65. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO John C. Wobensmith sold 14,164 shares of the company’s stock in a transaction on Monday, February 27th. The shares were sold at an average price of $19.40, for a total value of $274,781.60. Following the sale, the chief executive officer now owns 431,024 shares of the company’s stock, valued at approximately $8,361,865.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 41,982 shares of company stock worth $813,285. 2.50% of the stock is owned by insiders.

Institutional Trading of Genco Shipping & Trading

Hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its holdings in Genco Shipping & Trading by 2.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,710,989 shares of the shipping company’s stock valued at $41,642,000 after purchasing an additional 53,834 shares during the period. State Street Corp grew its holdings in Genco Shipping & Trading by 18.6% during the third quarter. State Street Corp now owns 1,547,270 shares of the shipping company’s stock valued at $19,387,000 after purchasing an additional 243,011 shares during the period. Renaissance Technologies LLC grew its holdings in Genco Shipping & Trading by 47.5% during the fourth quarter. Renaissance Technologies LLC now owns 1,195,930 shares of the shipping company’s stock valued at $18,369,000 after purchasing an additional 385,122 shares during the period. Vanguard Group Inc. grew its holdings in Genco Shipping & Trading by 3.8% during the third quarter. Vanguard Group Inc. now owns 1,092,412 shares of the shipping company’s stock valued at $13,688,000 after purchasing an additional 39,617 shares during the period. Finally, Ion Asset Management Ltd. grew its holdings in Genco Shipping & Trading by 786.7% during the second quarter. Ion Asset Management Ltd. now owns 691,148 shares of the shipping company’s stock valued at $13,353,000 after purchasing an additional 613,204 shares during the period. Hedge funds and other institutional investors own 67.67% of the company’s stock.

About Genco Shipping & Trading

(Get Rating)

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. It operates through the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels segment.