Genco Shipping & Trading Limited (NYSE:GNK) Sees Significant Decrease in Short Interest

Genco Shipping & Trading Limited (NYSE:GNK) saw a large decrease in short interest in the month of February. As of February 13th, there was short interest totaling 1,041,017 shares, a decrease of 16.4% from the January 29th total of 1,244,904 shares. Based on an average daily volume of 352,895 shares, the short-interest ratio is presently 2.9 days. Currently, 2.5% of the shares of the stock are sold short. Currently, 2.5% of the shares of the stock are sold short. Based on an average daily volume of 352,895 shares, the short-interest ratio is presently 2.9 days.

Wall Street Analyst Weigh In

GNK has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Genco Shipping & Trading in a research report on Monday, December 29th. Alliance Global Partners downgraded Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a research report on Thursday, February 19th. Wall Street Zen cut Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research note on Sunday, December 14th. Finally, Zacks Research raised Genco Shipping & Trading from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, February 17th. Three equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $21.00.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Genco Shipping & Trading

A number of institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC increased its stake in shares of Genco Shipping & Trading by 0.3% during the second quarter. SG Americas Securities LLC now owns 218,684 shares of the shipping company’s stock valued at $2,858,000 after purchasing an additional 617 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Genco Shipping & Trading by 2.3% in the 3rd quarter. Bank of America Corp DE now owns 34,970 shares of the shipping company’s stock worth $622,000 after purchasing an additional 779 shares in the last quarter. PNC Financial Services Group Inc. raised its stake 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 worth $25,000 after purchasing an additional 876 shares during the last quarter. Invesco Ltd. boosted its position in shares of Genco Shipping & Trading by 0.8% during the fourth quarter. Invesco Ltd. now owns 125,535 shares of the shipping company’s stock valued at $2,314,000 after buying an additional 935 shares during the last quarter. Finally, CWM LLC grew its position in Genco Shipping & Trading by 61.4% in the 3rd quarter. CWM LLC now owns 2,843 shares of the shipping company’s stock worth $51,000 after purchasing an additional 1,082 shares during the period. 58.62% of the stock is owned by institutional investors.

Genco Shipping & Trading Price Performance

Shares of GNK stock traded up $0.12 on Wednesday, reaching $24.10. The company’s stock had a trading volume of 476,652 shares, compared to its average volume of 421,557. The company has a market capitalization of $1.04 billion, a P/E ratio of -219.05, a PEG ratio of 5.60 and a beta of 1.14. The company has a quick ratio of 1.84, a current ratio of 2.39 and a debt-to-equity ratio of 0.21. The stock’s 50 day simple moving average is $20.71 and its 200-day simple moving average is $18.66. 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 issued 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 firm had revenue of $109.92 million during 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 company’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter last year, the company posted $0.29 EPS. As a group, equities analysts predict that Genco Shipping & Trading will post 0.48 earnings per share for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 11th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 8.3%. The ex-dividend date is Wednesday, March 11th. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.15. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently -545.45%.

About Genco Shipping & Trading

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.