Genco Shipping & Trading Limited (NYSE:GNK – Get Rating) shares hit a new 52-week low during mid-day trading on Monday after Jefferies Financial Group lowered their price target on the stock from $25.00 to $20.00. The stock traded as low as $12.39 and last traded at $12.52, with a volume of 322 shares changing hands. The stock had previously closed at $12.61.
Several other equities analysts have also issued reports on the company. StockNews.com lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Friday, August 5th. Clarkson Capital reiterated a “buy” rating on shares of Genco Shipping & Trading in a report on Tuesday, June 14th. Finally, Alliance Global Partners began coverage on Genco Shipping & Trading in a report on Wednesday, August 3rd. They issued a “buy” rating and a $29.00 price objective for the company. One investment analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $26.67.
Insider Activity at Genco Shipping & Trading
In other Genco Shipping & Trading news, Director Arthur L. Regan sold 62,512 shares of the stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $15.65, for a total value of $978,312.80. Following the completion of the sale, the director now directly owns 55,824 shares in the company, valued at $873,645.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Genco Shipping & Trading news, Director Arthur L. Regan sold 62,512 shares of the stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $15.65, for a total value of $978,312.80. Following the completion of the sale, the director now directly owns 55,824 shares in the company, valued at $873,645.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Cayman Gp Ltd. Ccp II sold 25,000 shares of the stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $17.50, for a total value of $437,500.00. Following the completion of the sale, the insider now owns 30,802 shares of the company’s stock, valued at $539,035. The disclosure for this sale can be found here. Over the last quarter, insiders sold 87,587 shares of company stock worth $1,417,134. 2.50% of the stock is owned by insiders.
Institutional Investors Weigh In On Genco Shipping & Trading
Large investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC acquired a new position in shares of Genco Shipping & Trading during the second quarter worth about $25,000. Spire Wealth Management acquired a new position in shares of Genco Shipping & Trading during the second quarter worth about $26,000. Acadian Asset Management LLC acquired a new position in shares of Genco Shipping & Trading during the first quarter worth about $26,000. Edmond DE Rothschild Holding S.A. acquired a new position in shares of Genco Shipping & Trading during the first quarter worth about $28,000. Finally, Penserra Capital Management LLC acquired a new position in shares of Genco Shipping & Trading during the first quarter worth about $47,000. 80.23% of the stock is currently owned by institutional investors.
Genco Shipping & Trading Stock Down 2.9 %
The company has a debt-to-equity ratio of 0.19, a current ratio of 2.46 and a quick ratio of 1.81. The company has a market capitalization of $517.94 million, a price-to-earnings ratio of 2.28 and a beta of 1.00. The firm has a 50-day moving average price of $16.01 and a two-hundred day moving average price of $19.73.
Genco Shipping & Trading (NYSE:GNK – Get Rating) last issued its quarterly earnings results on Wednesday, August 3rd. The shipping company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.08 by $0.02. Genco Shipping & Trading had a return on equity of 25.97% and a net margin of 38.70%. The firm had revenue of $105.30 million during the quarter, compared to analysts’ expectations of $102.83 million. As a group, sell-side analysts anticipate that Genco Shipping & Trading Limited will post 4.5 earnings per share for the current fiscal year.
Genco Shipping & Trading Cuts Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, August 23rd. Investors of record on Tuesday, August 16th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, August 15th. This represents a $2.00 annualized dividend and a yield of 16.33%. Genco Shipping & Trading’s dividend payout ratio (DPR) is presently 36.10%.
Genco Shipping & Trading Company Profile
Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company owns and operates dry bulk carrier vessels to transports iron ore, coal, grains, steel products, and other dry-bulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.