Genco Shipping & Trading Limited (NYSE:GNK) Short Interest Down 13.7% in March

Genco Shipping & Trading Limited (NYSE:GNK) saw a large drop in short interest in March. As of March 13th, there was short interest totaling 1,018,256 shares, a drop of 13.7% from the February 26th total of 1,179,344 shares. Based on an average daily trading volume, of 756,078 shares, the days-to-cover ratio is currently 1.3 days. Approximately 2.4% of the company’s shares are sold short.

Insider Activity at Genco Shipping & Trading

In other news, CAO Joseph Adamo sold 6,340 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $23.67, for a total transaction of $150,067.80. Following the transaction, the chief accounting officer directly owned 38,519 shares of the company’s stock, valued at approximately $911,744.73. This trade represents a 14.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Peter George Allen sold 13,315 shares of Genco Shipping & Trading stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $23.66, for a total transaction of $315,032.90. Following the sale, the chief financial officer directly owned 66,702 shares of the company’s stock, valued at $1,578,169.32. This represents a 16.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 55,824 shares of company stock worth $1,313,949 in the last 90 days. 2.08% of the stock is owned by corporate insiders.

Institutional Trading of Genco Shipping & Trading

Several hedge funds have recently modified their holdings of the company. PNC Financial Services Group Inc. increased its stake in Genco Shipping & Trading by 82.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,942 shares of the shipping company’s stock valued at $25,000 after purchasing an additional 876 shares in the last quarter. Atlantic Union Bankshares Corp purchased a new position in shares of Genco Shipping & Trading in the third quarter worth $30,000. Advisory Services Network LLC acquired a new stake in shares of Genco Shipping & Trading during the third quarter worth $30,000. Strengthening Families & Communities LLC acquired a new stake in shares of Genco Shipping & Trading during the fourth quarter worth $31,000. Finally, Kemnay Advisory Services Inc. purchased a new stake in shares of Genco Shipping & Trading during the fourth quarter valued at $32,000. 58.62% of the stock is owned by hedge funds and other institutional investors.

Genco Shipping & Trading Stock Up 2.2%

NYSE:GNK traded up $0.49 during trading hours on Wednesday, reaching $23.04. The company’s stock had a trading volume of 20,232 shares, compared to its average volume of 462,876. The stock has a 50 day moving average price of $21.97 and a two-hundred day moving average price of $19.36. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.84 and a current ratio of 2.39. The company has a market capitalization of $997.88 million, a P/E ratio of -209.40, a price-to-earnings-growth ratio of 5.07 and a beta of 1.14. Genco Shipping & Trading has a 12 month low of $11.20 and a 12 month high of $24.81.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings results on Tuesday, February 17th. The shipping company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.04. The business had revenue of $109.92 million for the quarter, compared to the consensus estimate of $78.52 million. Genco Shipping & Trading had a negative return on equity of 0.12% and a negative net margin of 1.28%.The business’s revenue was up 10.8% compared to the same quarter last year. During the same period last year, the business posted $0.29 EPS. Equities analysts predict that Genco Shipping & Trading will post 0.48 EPS for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 18th. Shareholders of record on Wednesday, March 11th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 8.7%. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.15. The ex-dividend date was Wednesday, March 11th. Genco Shipping & Trading’s payout ratio is presently -1,818.18%.

Analyst Ratings Changes

Several brokerages recently issued reports on GNK. Weiss Ratings reissued a “hold (c-)” rating on shares of Genco Shipping & Trading in a research note on Friday. Wall Street Zen cut Genco Shipping & Trading from a “hold” rating to a “sell” rating in a report on Sunday, December 14th. Zacks Research downgraded Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a research report on Monday. Finally, Alliance Global Partners lowered Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a research note on Thursday, February 19th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Genco Shipping & Trading currently has an average rating of “Moderate Buy” and an average target price of $21.00.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company’s fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco’s focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions.

In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety.