Genco Shipping & Trading (NYSE:GNK) Share Price Passes Above 50 Day Moving Average – What’s Next?

Genco Shipping & Trading Limited (NYSE:GNK) passed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $21.73 and traded as high as $23.03. Genco Shipping & Trading shares last traded at $22.7270, with a volume of 218,409 shares changing hands.

Analyst Ratings Changes

A number of brokerages recently weighed in on GNK. Alliance Global Partners downgraded shares of Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a report on Thursday, February 19th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Genco Shipping & Trading in a research note on Monday, December 29th. Wall Street Zen downgraded shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research report on Sunday, December 14th. Finally, Zacks Research upgraded shares of Genco Shipping & Trading from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, February 17th. Three investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $21.00.

Genco Shipping & Trading Stock Performance

The company has a debt-to-equity ratio of 0.21, a current ratio of 2.39 and a quick ratio of 1.84. The stock has a 50-day moving average price of $21.85 and a 200-day moving average price of $19.28. The company has a market capitalization of $965.39 million, a price-to-earnings ratio of -202.57, a PEG ratio of 5.19 and a beta of 1.14.

Genco Shipping & Trading (NYSE:GNK) last posted its earnings results on Tuesday, February 17th. The shipping company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.04. Genco Shipping & Trading had a negative return on equity of 0.12% and a negative net margin of 1.28%.The business had revenue of $109.92 million for the quarter, compared to analyst estimates of $78.52 million. During the same period in the previous year, the firm earned $0.29 EPS. The firm’s revenue was up 10.8% compared to the same quarter last year. As a group, analysts forecast that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current year.

Genco Shipping & Trading Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 11th were given a $0.50 dividend. The ex-dividend date of this dividend was Wednesday, March 11th. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.15. This represents a $2.00 annualized dividend and a dividend yield of 9.0%. Genco Shipping & Trading’s payout ratio is currently -1,818.18%.

Insider Transactions at Genco Shipping & Trading

In other Genco Shipping & Trading news, insider Jesper Christensen sold 18,450 shares of the stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $23.66, for a total value of $436,527.00. Following the transaction, the insider directly owned 98,299 shares of the company’s stock, valued at $2,325,754.34. This represents a 15.80% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Joseph Adamo sold 6,340 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $23.67, for a total transaction of $150,067.80. Following the sale, the chief accounting officer owned 38,519 shares of the company’s stock, valued at $911,744.73. This trade represents a 14.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 55,824 shares of company stock worth $1,313,949. 2.37% of the stock is owned by insiders.

Hedge Funds Weigh In On Genco Shipping & Trading

A number of large investors have recently made changes to their positions in GNK. Royal Bank of Canada boosted its stake in Genco Shipping & Trading by 68.2% in the 1st quarter. Royal Bank of Canada now owns 54,287 shares of the shipping company’s stock valued at $725,000 after purchasing an additional 22,007 shares during the period. Amundi lifted its holdings in shares of Genco Shipping & Trading by 29.0% during the first quarter. Amundi now owns 8,000 shares of the shipping company’s stock worth $101,000 after buying an additional 1,800 shares in the last quarter. AQR Capital Management LLC lifted its holdings 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 buying an additional 97,766 shares in the last quarter. Dynamic Technology Lab Private Ltd boosted its position in shares of Genco Shipping & Trading by 59.5% in the first quarter. Dynamic Technology Lab Private Ltd now owns 17,848 shares of the shipping company’s stock valued at $238,000 after acquiring an additional 6,660 shares during the period. Finally, Envestnet Asset Management Inc. bought a new stake in shares of Genco Shipping & Trading in the second quarter valued at about $255,000. Institutional investors 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.