Genco Shipping & Trading (NYSE:GNK) Reaches New 1-Year High at $21.31

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

Analyst Upgrades and Downgrades

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

Genco Shipping & Trading Stock Performance

The company has a debt-to-equity ratio of 0.21, a current ratio of 4.46 and a quick ratio of 3.70. The company has a 50 day simple moving average of $19.98 and a 200-day simple moving average of $17.03. The stock has a market cap of $905.02 million, a P/E ratio of -68.71 and a beta of 1.18.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings results on Wednesday, February 21st. The shipping company reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.06. Genco Shipping & Trading had a positive return on equity of 3.10% and a negative net margin of 3.35%. The firm had revenue of $115.50 million during the quarter, compared to analyst estimates of $72.54 million. During the same quarter in the previous year, the company posted $0.67 earnings per share. The company’s revenue was down 9.1% compared to the same quarter last year. On average, equities analysts expect that Genco Shipping & Trading Limited will post 1.9 earnings per share for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 13th. Stockholders of record on Wednesday, March 6th were paid a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 7.75%. The ex-dividend date was Tuesday, March 5th. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.15. Genco Shipping & Trading’s payout ratio is -529.03%.

Insider Activity

In other Genco Shipping & Trading news, CAO Joseph Adamo sold 1,396 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $20.40, for a total transaction of $28,478.40. Following the completion of the transaction, the chief accounting officer now owns 17,994 shares of the company’s stock, valued at approximately $367,077.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Genco Shipping & Trading news, CAO Joseph Adamo sold 1,396 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $20.40, for a total transaction of $28,478.40. Following the completion of the transaction, the chief accounting officer now owns 17,994 shares of the company’s stock, valued at approximately $367,077.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO John C. Wobensmith sold 35,660 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $19.80, for a total value of $706,068.00. Following the transaction, the chief executive officer now owns 466,684 shares in the company, valued at approximately $9,240,343.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 62,496 shares of company stock valued at $1,238,678. Insiders own 2.08% of the company’s stock.

Hedge Funds Weigh In On Genco Shipping & Trading

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GNK. SG Americas Securities LLC lifted its holdings in shares of Genco Shipping & Trading by 696.5% during the 4th quarter. SG Americas Securities LLC now owns 78,118 shares of the shipping company’s stock valued at $1,296,000 after buying an additional 68,310 shares during the period. Key Colony Management LLC purchased a new stake in Genco Shipping & Trading in the 4th quarter worth $1,510,000. Moors & Cabot Inc. increased its stake in Genco Shipping & Trading by 76.0% in the 3rd quarter. Moors & Cabot Inc. now owns 47,469 shares of the shipping company’s stock worth $664,000 after buying an additional 20,500 shares in the last quarter. MQS Management LLC purchased a new stake in Genco Shipping & Trading in the 3rd quarter worth $361,000. Finally, Swiss National Bank grew its position in shares of Genco Shipping & Trading by 1.1% during the third quarter. Swiss National Bank now owns 93,400 shares of the shipping company’s stock valued at $1,307,000 after purchasing an additional 1,000 shares in the last quarter. 58.62% of the stock is owned by 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.