Genco Shipping & Trading (NYSE:GNK) Shares Gap Up – Still a Buy?

Genco Shipping & Trading Limited (NYSE:GNK) shares gapped up prior to trading on Monday . The stock had previously closed at $17.90, but opened at $19.26. Genco Shipping & Trading shares last traded at $19.1020, with a volume of 360,112 shares changing hands.

Analyst Ratings Changes

Several analysts recently commented on GNK shares. Jefferies Financial Group restated a “buy” rating and set a $19.00 price target on shares of Genco Shipping & Trading in a report on Thursday, August 7th. SEB Equity Research set a $23.00 target price on shares of Genco Shipping & Trading in a research report on Friday, September 26th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Genco Shipping & Trading in a report on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, Genco Shipping & Trading has an average rating of “Buy” and a consensus price target of $21.00.

Genco Shipping & Trading Price Performance

The company has a market capitalization of $822.27 million, a P/E ratio of 55.94 and a beta of 1.20. The company’s 50-day simple moving average is $17.22 and its 200 day simple moving average is $15.80. The company has a quick ratio of 1.20, a current ratio of 1.63 and a debt-to-equity ratio of 0.10.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings data on Wednesday, November 5th. The shipping company reported ($0.01) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.01). Genco Shipping & Trading had a net margin of 4.40% and a return on equity of 1.40%. The business had revenue of $79.92 million during the quarter, compared to analyst estimates of $65.06 million. During the same quarter in the previous year, the business earned $0.41 EPS. Genco Shipping & Trading’s quarterly revenue was down 19.5% compared to the same quarter last year. As a group, sell-side analysts expect that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current fiscal year.

Genco Shipping & Trading Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 24th. Investors of record on Monday, November 17th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 3.2%. The ex-dividend date is Monday, November 17th. Genco Shipping & Trading’s payout ratio is -352.94%.

Insider Buying and Selling

In other news, insider Jesper Christensen sold 34,202 shares of Genco Shipping & Trading stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $18.06, for a total value of $617,688.12. Following the transaction, the insider owned 69,363 shares of the company’s stock, valued at $1,252,695.78. This trade represents a 33.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.37% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Atlantic Union Bankshares Corp acquired a new stake in shares of Genco Shipping & Trading in the third quarter valued at about $30,000. Advisory Services Network LLC acquired a new position in shares of Genco Shipping & Trading during the third quarter worth approximately $30,000. PNC Financial Services Group Inc. boosted its position in shares of Genco Shipping & Trading by 82.2% in the second quarter. PNC Financial Services Group Inc. now owns 1,942 shares of the shipping company’s stock valued at $25,000 after acquiring an additional 876 shares during the period. Sunbelt Securities Inc. bought a new stake in shares of Genco Shipping & Trading in the third quarter valued at approximately $35,000. Finally, State of Alaska Department of Revenue bought a new position in Genco Shipping & Trading during the third quarter worth $40,000. Institutional investors own 58.62% of the company’s stock.

About Genco Shipping & Trading

Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, bauxite, steel products, and other drybulk cargoes. It operates through the Major Bulk and Minor Bulk segments. The Major Bulk segment focuses on Capesize vessels. The Minor Bulk segment consists of Ultramax and Supramax vessels.