Insider Selling: Genco Shipping & Trading (NYSE:GNK) CFO Sells $315,032.90 in Stock

Genco Shipping & Trading Limited (NYSE:GNK) CFO Peter George Allen sold 13,315 shares of the stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $23.66, for a total value of $315,032.90. Following the completion of the transaction, the chief financial officer owned 66,702 shares in the company, valued at approximately $1,578,169.32. This represents a 16.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Peter George Allen also recently made the following trade(s):

• On Wednesday, February 18th, Peter George Allen sold 6,232 shares of Genco Shipping & Trading stock. The shares were sold at an average price of $23.27, for a total transaction of $145,018.64.

Genco Shipping & Trading Stock Performance

GNK opened at $23.59 on Thursday. Genco Shipping & Trading Limited has a 1-year low of $11.20 and a 1-year high of $24.10. The company has a market cap of $1.02 billion, a price-to-earnings ratio of -214.43, a PEG ratio of 5.44 and a beta of 1.21. The company’s fifty day moving average price is $20.27 and its two-hundred day moving average price is $18.43. The company has a current ratio of 2.39, a quick ratio of 1.84 and a debt-to-equity ratio of 0.21.

Genco Shipping & Trading (NYSE:GNK) last posted its earnings results on Tuesday, February 17th. The shipping company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.35 by $0.04. Genco Shipping & Trading had a negative net margin of 1.28% and a negative return on equity of 0.12%. The company had revenue of $109.92 million during the quarter, compared to the consensus estimate of $78.52 million. During the same period in the previous year, the firm posted $0.29 earnings per share. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. On average, analysts expect that Genco Shipping & Trading Limited will post 0.48 EPS for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Wednesday, March 11th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, March 11th. This represents a $2.00 dividend on an annualized basis and a yield of 8.5%. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.15. Genco Shipping & Trading’s dividend payout ratio is presently -545.45%.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Alliance Global Partners cut Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a research report on Thursday, February 19th. Weiss Ratings restated a “hold (c-)” rating on shares of Genco Shipping & Trading in a research note on Monday, December 29th. Wall Street Zen lowered shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research note on Sunday, December 14th. Finally, Zacks Research upgraded shares of Genco Shipping & Trading from a “hold” rating to a “strong-buy” rating in a report on Tuesday, February 17th. Three research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Genco Shipping & Trading currently has a consensus rating of “Buy” and a consensus target price of $21.00.

Institutional Trading of Genco Shipping & Trading

Hedge funds have recently added to or reduced their stakes in the stock. American Century Companies Inc. boosted its stake in Genco Shipping & Trading by 4.0% in the third quarter. American Century Companies Inc. now owns 1,611,227 shares of the shipping company’s stock valued at $28,680,000 after acquiring an additional 62,030 shares during the last quarter. Townsend & Associates Inc increased its holdings in Genco Shipping & Trading by 0.7% in the 4th quarter. Townsend & Associates Inc now owns 1,276,311 shares of the shipping company’s stock worth $25,373,000 after acquiring an additional 8,488 shares during the last quarter. Focus Partners Wealth increased its holdings in Genco Shipping & Trading by 3.1% in the 4th quarter. Focus Partners Wealth now owns 863,101 shares of the shipping company’s stock worth $15,385,000 after acquiring an additional 26,326 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Genco Shipping & Trading by 14.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 748,707 shares of the shipping company’s stock valued at $13,799,000 after acquiring an additional 96,703 shares during the period. Finally, Millennium Management LLC lifted its holdings in Genco Shipping & Trading by 100.3% during the fourth quarter. Millennium Management LLC now owns 543,290 shares of the shipping company’s stock valued at $10,013,000 after purchasing an additional 272,094 shares during the last quarter. Institutional investors own 58.62% of the company’s stock.

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.