Genco Shipping & Trading (NYSE:GNK) Stock Price Down 6.5% – Here’s What Happened

Shares of Genco Shipping & Trading Limited (NYSE:GNK) fell 6.5% during trading on Wednesday . The stock traded as low as $20.82 and last traded at $20.7310. 59,412 shares were traded during mid-day trading, a decline of 87% from the average session volume of 450,145 shares. The stock had previously closed at $22.17.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on GNK. Weiss Ratings reissued a “hold (c-)” rating on shares of Genco Shipping & Trading in a research note on Monday, December 29th. 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 report on Thursday, February 19th. 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 analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $21.00.

Genco Shipping & Trading Stock Performance

The company has a market cap of $856.87 million, a PE ratio of -179.88, a P/E/G ratio of 4.82 and a beta of 1.14. The stock’s 50 day simple moving average is $21.18 and its two-hundred day simple moving average is $18.91. 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 (NYSE:GNK) last announced its quarterly earnings data on Tuesday, February 17th. The shipping company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.04. The company had revenue of $109.92 million during the quarter, compared to analysts’ expectations of $78.52 million. Genco Shipping & Trading had a negative net margin of 1.28% and a negative return on equity of 0.12%. The business’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.29 EPS. As a group, research analysts anticipate that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current year.

Genco Shipping & Trading Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 11th will be given a $0.50 dividend. The ex-dividend date of this dividend is Wednesday, March 11th. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.15. This represents a $2.00 annualized dividend and a dividend yield of 10.1%. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently -1,818.18%.

Insider Activity

In related news, insider Jesper Christensen sold 18,450 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 $436,527.00. Following the completion of the sale, the insider directly owned 98,299 shares in the company, valued at approximately $2,325,754.34. This represents a 15.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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 value 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 ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 55,824 shares of company stock valued at $1,313,949. Company insiders own 2.37% of the company’s stock.

Institutional Investors Weigh In On Genco Shipping & Trading

A number of large investors have recently modified their holdings of GNK. Millennium Management LLC lifted its position in Genco Shipping & Trading by 100.3% during the 4th quarter. Millennium Management LLC now owns 543,290 shares of the shipping company’s stock worth $10,013,000 after acquiring an additional 272,094 shares in the last quarter. Citigroup Inc. grew its position in Genco Shipping & Trading by 727.6% in the third quarter. Citigroup Inc. now owns 215,412 shares of the shipping company’s stock valued at $3,834,000 after acquiring an additional 189,383 shares in the last quarter. First Trust Advisors LP raised its stake in shares of Genco Shipping & Trading by 705.9% during the third quarter. First Trust Advisors LP now owns 133,631 shares of the shipping company’s stock valued at $2,379,000 after purchasing an additional 117,049 shares during the period. Credit Agricole S A acquired a new position in shares of Genco Shipping & Trading during the third quarter worth $1,801,000. Finally, AQR Capital Management LLC lifted its position in shares of Genco Shipping & Trading by 49.3% during the first quarter. AQR Capital Management LLC now owns 296,188 shares of the shipping company’s stock worth $3,957,000 after purchasing an additional 97,766 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.