Genco Shipping & Trading (NYSE:GNK) Trading Down 2.9% – Here’s Why

Genco Shipping & Trading Limited (NYSE:GNK) fell 2.9% during mid-day trading on Monday . The company traded as low as $12.68 and last traded at $12.81. 101,880 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 549,101 shares. The stock had previously closed at $13.19.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Jefferies Financial Group reduced their price objective on shares of Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, February 20th. Pareto Securities upgraded Genco Shipping & Trading to a “strong-buy” rating in a report on Monday, March 31st. Finally, StockNews.com downgraded Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. 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 Stock Performance

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 firm’s fifty day moving average price is $13.65 and its 200-day moving average price is $15.00. The company has a market cap of $534.69 million, a P/E ratio of 7.15, a P/E/G ratio of 5.64 and a beta of 0.96.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings data on Wednesday, February 19th. The shipping company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.27). The firm had revenue of $67.95 million for the quarter, compared to analyst estimates of $67.36 million. Genco Shipping & Trading had a return on equity of 7.82% and a net margin of 18.06%. As a group, research analysts forecast that Genco Shipping & Trading Limited will post 0.48 EPS for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 11th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 9.60%. The ex-dividend date was Tuesday, March 11th. Genco Shipping & Trading’s dividend payout ratio (DPR) is presently 68.57%.

Insider Transactions at Genco Shipping & Trading

In related news, insider Jesper Christensen sold 13,602 shares of the business’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $13.96, for a total value of $189,883.92. Following the sale, the insider now owns 57,322 shares of the company’s stock, valued at $800,215.12. The trade was a 19.18 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Peter George Allen sold 8,984 shares of the stock in a transaction on Monday, February 24th. The stock was sold at an average price of $13.96, for a total value of $125,416.64. Following the transaction, the chief financial officer now owns 45,251 shares of the company’s stock, valued at $631,703.96. This represents a 16.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 28,812 shares of company stock valued at $402,216. Company insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On Genco Shipping & Trading

Institutional investors have recently added to or reduced their stakes in the company. Banque Transatlantique SA acquired a new stake in shares of Genco Shipping & Trading during the fourth quarter worth approximately $28,000. R Squared Ltd acquired a new position in shares of Genco Shipping & Trading in the 4th quarter worth approximately $29,000. New Age Alpha Advisors LLC bought a new stake in Genco Shipping & Trading during the 4th quarter worth approximately $56,000. GAMMA Investing LLC increased its holdings in Genco Shipping & Trading by 1,119.1% during the 1st quarter. GAMMA Investing LLC now owns 4,462 shares of the shipping company’s stock valued at $60,000 after purchasing an additional 4,096 shares in the last quarter. Finally, Mariner LLC bought a new position in Genco Shipping & Trading in the 4th quarter valued at $147,000. 58.62% of the stock is owned by institutional investors.

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.