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

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

Analysts Set New Price Targets

Several research firms recently issued reports on GNK. BTIG Research reiterated a “neutral” rating on shares of Genco Shipping & Trading in a report on Friday, January 5th. StockNews.com cut Genco Shipping & Trading from a “hold” rating to a “sell” rating in a report on Thursday, April 18th. Stifel Nicolaus raised their target price on Genco Shipping & Trading from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Friday. Finally, TheStreet raised Genco Shipping & Trading from a “c” rating to a “b-” rating in a research report on Thursday, February 22nd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $21.00.

Genco Shipping & Trading Stock Performance

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

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

Genco Shipping & Trading Increases Dividend

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

Insider Transactions at Genco Shipping & Trading

In other news, CFO Peter George Allen sold 7,036 shares of Genco Shipping & Trading stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $19.80, for a total transaction of $139,312.80. Following the completion of the transaction, the chief financial officer now directly owns 35,518 shares in the company, valued at approximately $703,256.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Jesper Christensen sold 12,404 shares of the business’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $19.80, for a total value of $245,599.20. Following the completion of the sale, the insider now directly owns 42,587 shares in the company, valued at approximately $843,222.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Peter George Allen sold 7,036 shares of Genco Shipping & Trading stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $19.80, for a total value of $139,312.80. Following the completion of the transaction, the chief financial officer now directly owns 35,518 shares of the company’s stock, valued at $703,256.40. The disclosure for this sale can be found here. In the last three months, insiders sold 62,496 shares of company stock worth $1,238,678. 2.08% of the stock is owned by company insiders.

Hedge Funds Weigh In On Genco Shipping & Trading

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Accurate Wealth Management LLC raised its holdings in Genco Shipping & Trading by 40.6% in the 1st quarter. Accurate Wealth Management LLC now owns 25,564 shares of the shipping company’s stock valued at $525,000 after acquiring an additional 7,385 shares in the last quarter. SeaCrest Wealth Management LLC acquired a new position in shares of Genco Shipping & Trading during the 1st quarter worth $203,000. Key Colony Management LLC raised its holdings in shares of Genco Shipping & Trading by 119.8% during the 1st quarter. Key Colony Management LLC now owns 200,000 shares of the shipping company’s stock worth $4,066,000 after buying an additional 109,000 shares in the last quarter. Banque Cantonale Vaudoise raised its holdings in shares of Genco Shipping & Trading by 236.6% during the 1st quarter. Banque Cantonale Vaudoise now owns 8,536 shares of the shipping company’s stock worth $174,000 after buying an additional 6,000 shares in the last quarter. Finally, Aurora Investment Counsel raised its holdings in shares of Genco Shipping & Trading by 3.3% during the 4th quarter. Aurora Investment Counsel now owns 79,183 shares of the shipping company’s stock worth $1,314,000 after buying an additional 2,549 shares in the last quarter. 58.62% of the stock is owned by institutional investors and hedge funds.

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.