Genco Shipping & Trading (NYSE:GNK) Lowered to Hold Rating by Zacks Research

Zacks Research lowered shares of Genco Shipping & Trading (NYSE:GNK) from a strong-buy rating to a hold rating in a report published on Monday morning,Zacks.com reports.

Several other brokerages have also commented on GNK. Wall Street Zen lowered Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research note on Sunday, December 14th. Alliance Global Partners downgraded Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a research note on Thursday, February 19th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Genco Shipping & Trading in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $21.00.

Genco Shipping & Trading Stock Up 1.6%

Shares of NYSE GNK opened at $22.52 on Monday. The company has a quick ratio of 1.84, a current ratio of 2.39 and a debt-to-equity ratio of 0.21. Genco Shipping & Trading has a 52 week low of $11.20 and a 52 week high of $24.81. The firm has a 50-day moving average price of $21.97 and a 200 day moving average price of $19.36. The stock has a market capitalization of $975.70 million, a price-to-earnings ratio of -204.74, a price-to-earnings-growth ratio of 5.07 and a beta of 1.14.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings data on Tuesday, February 17th. The shipping company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $109.92 million for the quarter, compared to the consensus estimate of $78.52 million. During the same quarter in the previous year, the firm earned $0.29 earnings per share. The firm’s revenue was up 10.8% on a year-over-year basis. Equities research analysts anticipate that Genco Shipping & Trading will post 0.48 EPS for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 18th. Shareholders of record on Wednesday, March 11th were given a dividend of $0.50 per share. The ex-dividend date was Wednesday, March 11th. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.15. This represents a $2.00 dividend on an annualized basis and a yield of 8.9%. Genco Shipping & Trading’s dividend payout ratio (DPR) is presently -1,818.18%.

Insiders Place Their Bets

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 completion of the transaction, the chief accounting officer directly owned 38,519 shares of the company’s stock, valued at $911,744.73. This trade represents a 14.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Peter George Allen sold 13,315 shares of Genco Shipping & Trading stock in a transaction that occurred 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 transaction, the chief financial officer owned 66,702 shares of the company’s stock, valued at $1,578,169.32. This represents a 16.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 55,824 shares of company stock worth $1,313,949. Insiders own 2.08% of the company’s stock.

Institutional Investors Weigh In On Genco Shipping & Trading

Large investors have recently bought and sold shares of the stock. Strengthening Families & Communities LLC purchased a new position in Genco Shipping & Trading during the fourth quarter worth $31,000. Atlantic Union Bankshares Corp purchased a new stake in shares of Genco Shipping & Trading in the third quarter valued at $30,000. Advisory Services Network LLC acquired a new stake in shares of Genco Shipping & Trading during the third quarter valued at $30,000. Kemnay Advisory Services Inc. acquired a new stake in shares of Genco Shipping & Trading during the fourth quarter valued at $32,000. Finally, PNC Financial Services Group Inc. increased its position 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 worth $25,000 after purchasing an additional 876 shares in the last quarter. Institutional investors and hedge funds own 58.62% of the company’s stock.

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.