Genco Shipping & Trading Limited (NYSE:GNK) Short Interest Down 11.3% in August

Genco Shipping & Trading Limited (NYSE:GNK) was the recipient of a significant decline in short interest in the month of August. As of August 15th, there was short interest totalling 895,900 shares, a decline of 11.3% from the July 31st total of 1,010,000 shares. Approximately 2.1% of the company’s shares are short sold. Based on an average trading volume of 513,500 shares, the short-interest ratio is presently 1.7 days.

Genco Shipping & Trading Stock Performance

GNK stock traded up $0.09 on Friday, reaching $17.59. The company’s stock had a trading volume of 260,587 shares, compared to its average volume of 478,127. The firm has a fifty day moving average of $19.35 and a two-hundred day moving average of $20.36. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.59 and a quick ratio of 2.94. The company has a market capitalization of $752.15 million, a P/E ratio of 293.17 and a beta of 0.96. Genco Shipping & Trading has a 52 week low of $12.65 and a 52 week high of $23.43.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings data on Wednesday, August 7th. The shipping company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.42 by $0.04. Genco Shipping & Trading had a return on equity of 6.11% and a net margin of 3.59%. The company had revenue of $107.00 million during the quarter, compared to the consensus estimate of $74.86 million. During the same quarter in the prior year, the firm earned $0.27 EPS. The company’s quarterly revenue was up 18.1% compared to the same quarter last year. As a group, analysts predict that Genco Shipping & Trading will post 2.1 EPS for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 26th. Stockholders of record on Monday, August 19th were issued a $0.34 dividend. The ex-dividend date was Monday, August 19th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 7.73%. Genco Shipping & Trading’s payout ratio is currently 2,266.67%.

Wall Street Analyst Weigh In

GNK has been the subject of a number of research reports. Jefferies Financial Group boosted their price target on Genco Shipping & Trading from $26.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday, May 9th. B. Riley upped their target price on Genco Shipping & Trading from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. StockNews.com upgraded Genco Shipping & Trading from a “sell” rating to a “hold” rating in a research note on Friday, May 10th. Finally, Alliance Global Partners upped their price objective on Genco Shipping & Trading from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Monday, July 1st. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $26.75.

Institutional Trading of Genco Shipping & Trading

Hedge funds have recently modified their holdings of the business. Gladius Capital Management LP purchased a new stake in shares of Genco Shipping & Trading in the fourth quarter valued at $37,000. CWM LLC lifted its holdings in shares of Genco Shipping & Trading by 109.5% in the second quarter. CWM LLC now owns 1,909 shares of the shipping company’s stock valued at $41,000 after purchasing an additional 998 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of Genco Shipping & Trading in the second quarter valued at $82,000. Mark Sheptoff Financial Planning LLC purchased a new stake in shares of Genco Shipping & Trading during the fourth quarter worth $126,000. Finally, nVerses Capital LLC purchased a new stake in shares of Genco Shipping & Trading during the second quarter worth $136,000. Hedge funds and other 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.