Genco Shipping & Trading (NYSE:GNK) Reaches New 52-Week High at $21.31

Genco Shipping & Trading Limited (NYSE:GNK) hit a new 52-week high on Tuesday . The company traded as high as $21.31 and last traded at $21.30, with a volume of 190628 shares. The stock had previously closed at $20.80.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on GNK. BTIG Research reissued a “neutral” rating on shares of Genco Shipping & Trading in a research note on Friday, January 5th. StockNews.com downgraded shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research note on Thursday, April 18th. TheStreet raised shares of Genco Shipping & Trading from a “c” rating to a “b-” rating in a research note on Thursday, February 22nd. Finally, Stifel Nicolaus lifted their target price on shares of Genco Shipping & Trading from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $21.00.

Genco Shipping & Trading Stock Up 0.4 %

The company has a quick ratio of 3.70, a current ratio of 4.46 and a debt-to-equity ratio of 0.21. The firm’s 50 day simple moving average is $20.12 and its two-hundred day simple moving average is $17.10.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings results on Wednesday, February 21st. The shipping company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.06. Genco Shipping & Trading had a negative net margin of 3.35% and a positive return on equity of 3.10%. The firm had revenue of $115.50 million during the quarter, compared to the consensus estimate of $72.54 million. During the same period in the previous year, the firm posted $0.67 earnings per share. The business’s revenue was down 9.1% compared to the same quarter last year. On average, equities analysts predict that Genco Shipping & Trading Limited will post 1.92 earnings per share for the current year.

Genco Shipping & Trading Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 13th. Stockholders of record on Wednesday, March 6th were issued a dividend of $0.41 per share. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.15. This represents a $1.64 dividend on an annualized basis and a dividend yield of 7.73%. The ex-dividend date of this dividend was Tuesday, March 5th. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently -529.03%.

Insider Activity

In other news, 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 completion of the transaction, the chief accounting officer now directly owns 17,202 shares in the company, valued at $341,803.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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 sold 62,496 shares of company stock worth $1,238,678 over the last three months. 2.50% of the stock is currently owned by 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. boosted its holdings in Genco Shipping & Trading by 1,632.8% during the third quarter. PNC Financial Services Group Inc. now owns 2,270 shares of the shipping company’s stock worth $32,000 after purchasing an additional 2,139 shares during the last quarter. Gladius Capital Management LP purchased a new position in Genco Shipping & Trading during the fourth quarter worth about $37,000. CWM LLC boosted its holdings in Genco Shipping & Trading by 550.0% during the fourth quarter. CWM LLC now owns 3,796 shares of the shipping company’s stock worth $63,000 after purchasing an additional 3,212 shares during the last quarter. Mark Sheptoff Financial Planning LLC purchased a new position in Genco Shipping & Trading during the fourth quarter worth about $126,000. Finally, SG Americas Securities LLC purchased a new position in Genco Shipping & Trading during the third quarter worth about $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.