StockNews.com cut shares of Genco Shipping & Trading (NYSE:GNK – Free Report) from a hold rating to a sell rating in a research report released on Sunday morning.
A number of other research firms also recently issued reports on GNK. TheStreet raised shares of Genco Shipping & Trading from a c rating to a b- rating in a research note on Thursday, February 22nd. BTIG Research restated a neutral rating on shares of Genco Shipping & Trading in a report on Friday, January 5th. One analyst has rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Genco Shipping & Trading has a consensus rating of Hold and a consensus price target of $20.67.
Genco Shipping & Trading Trading Up 0.8 %
GNK stock traded up $0.17 during trading on Friday, reaching $20.72. The company had a trading volume of 500,321 shares, compared to its average volume of 686,543. Genco Shipping & Trading has a 52 week low of $12.39 and a 52 week high of $21.24. The company has a market cap of $885.37 million, a P/E ratio of -66.84 and a beta of 1.18. The business has a 50 day moving average of $19.37 and a 200 day moving average of $16.51. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.46 and a quick ratio of 3.70.
Genco Shipping & Trading (NYSE:GNK – Get Free Report) last released its quarterly earnings results on Wednesday, February 21st. The shipping company reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $115.50 million during the quarter, compared to the consensus estimate of $72.54 million. During the same period in the prior year, the firm earned $0.67 earnings per share. Genco Shipping & Trading’s revenue was down 9.1% on a year-over-year basis. As a group, sell-side analysts forecast that Genco Shipping & Trading will post 2.15 earnings per share for the current fiscal year.
Genco Shipping & Trading Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 13th. Shareholders of record on Wednesday, March 6th were issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 7.92%. The ex-dividend date was Tuesday, March 5th. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.15. Genco Shipping & Trading’s dividend payout ratio is -529.03%.
Insider Activity
In other news, CFO Peter George Allen sold 7,036 shares of the stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $19.80, for a total transaction of $139,312.80. Following the sale, the chief financial officer now owns 35,518 shares in the company, valued at $703,256.40. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, CFO Peter George Allen sold 7,036 shares of the stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $19.80, for a total transaction of $139,312.80. Following the sale, the chief financial officer now owns 35,518 shares in the company, valued at $703,256.40. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Joseph Adamo sold 1,396 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $20.40, for a total transaction of $28,478.40. Following the sale, the chief accounting officer now owns 17,994 shares in the company, valued at approximately $367,077.60. The disclosure for this sale can be found here. Insiders have sold a total of 62,496 shares of company stock worth $1,238,678 over the last 90 days. 2.50% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Genco Shipping & Trading
A number of large investors have recently added to or reduced their stakes in the stock. Lazard Asset Management LLC grew its position in Genco Shipping & Trading by 8.5% in the 1st quarter. Lazard Asset Management LLC now owns 6,728 shares of the shipping company’s stock worth $158,000 after purchasing an additional 526 shares during the period. Legal & General Group Plc grew its position in Genco Shipping & Trading by 4.5% in the 4th quarter. Legal & General Group Plc now owns 14,524 shares of the shipping company’s stock worth $223,000 after purchasing an additional 630 shares during the period. SummerHaven Investment Management LLC grew its position in Genco Shipping & Trading by 1.3% in the 4th quarter. SummerHaven Investment Management LLC now owns 53,061 shares of the shipping company’s stock worth $880,000 after purchasing an additional 696 shares during the period. Ensign Peak Advisors Inc grew its position in Genco Shipping & Trading by 53.2% in the 3rd quarter. Ensign Peak Advisors Inc now owns 2,420 shares of the shipping company’s stock worth $30,000 after purchasing an additional 840 shares during the period. Finally, Ameritas Investment Partners Inc. boosted its stake in shares of Genco Shipping & Trading by 38.0% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,477 shares of the shipping company’s stock worth $49,000 after acquiring an additional 958 shares during the last quarter. Institutional investors own 58.62% of the company’s stock.
Genco Shipping & Trading Company Profile
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.