Genco Shipping & Trading (NYSE:GNK) Stock Crosses Below 50-Day Moving Average – Time to Sell?

Genco Shipping & Trading Limited (NYSE:GNK) shares crossed below its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $26.59 and traded as low as $25.28. Genco Shipping & Trading shares last traded at $25.7180, with a volume of 514,621 shares traded.

Wall Street Analyst Weigh In

GNK has been the topic of a number of recent research reports. Zacks Research cut Genco Shipping & Trading from a “hold” rating to a “strong sell” rating in a research note on Monday, October 5th. BTIG Research reissued a “neutral” rating on shares of Genco Shipping & Trading in a research report on Friday, September 18th. Weiss Ratings upgraded Genco Shipping & Trading from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, September 29th. Alliance Global Partners reaffirmed a “neutral” rating on shares of Genco Shipping & Trading in a research report on Wednesday, June 17th. Finally, B. Riley Financial reissued a “buy” rating on shares of Genco Shipping & Trading in a report on Friday, August 7th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Genco Shipping & Trading has an average rating of “Hold” and an average price target of $29.00.

Genco Shipping & Trading Stock Performance

The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.41 and a current ratio of 2.97. The stock’s fifty day moving average is $26.59 and its two-hundred day moving average is $25.16. The firm has a market cap of $1.12 billion, a price-to-earnings ratio of 28.26, a PEG ratio of 3.11 and a beta of 0.96.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings data on Wednesday, August 5th. The shipping company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.05. Genco Shipping & Trading had a return on equity of 6.46% and a net margin of 9.15%. The business had revenue of $136.41 million during the quarter, compared to the consensus estimate of $90.59 million. During the same period in the previous year, the firm posted ($0.16) earnings per share. The business’s revenue was up 68.5% on a year-over-year basis. On average, analysts expect that Genco Shipping & Trading Limited will post 2.22 earnings per share for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 24th. Shareholders of record on Monday, August 17th were given a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a yield of 12.4%. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.35. The ex-dividend date was Monday, August 17th. Genco Shipping & Trading’s payout ratio is currently 351.65%.

Institutional Investors Weigh In On Genco Shipping & Trading

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Fortitude Family Office LLC raised its position in shares of Genco Shipping & Trading by 697.2% during the third quarter. Fortitude Family Office LLC now owns 2,280 shares of the shipping company’s stock worth $60,000 after purchasing an additional 1,994 shares during the period. Farther Finance Advisors LLC grew its holdings in shares of Genco Shipping & Trading by 77.0% during the third quarter. Farther Finance Advisors LLC now owns 3,012 shares of the shipping company’s stock valued at $79,000 after buying an additional 1,310 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new stake in Genco Shipping & Trading in the 2nd quarter worth about $446,000. Raiffeisen Bank International AG grew its stake in Genco Shipping & Trading by 22.6% during the 2nd quarter. Raiffeisen Bank International AG now owns 65,019 shares of the shipping company’s stock valued at $1,611,000 after acquiring an additional 11,984 shares in the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new stake in shares of Genco Shipping & Trading in the second quarter worth approximately $35,000. 58.62% of the stock is currently owned by institutional investors.

About Genco Shipping & Trading

Genco Shipping & Trading Limited is a drybulk shipping company that owns and operates ocean-going vessels used to transport commodities worldwide. Its fleet serves the global seaborne trade in major and minor drybulk cargoes, including iron ore, coal, grain, steel products and other raw materials.

The company operates vessels across several drybulk segments, including Capesize, Ultramax, Supramax and Handysize ships. Genco provides transportation services to commodity producers, traders and industrial customers, with voyages covering major international trade routes and ports.

Founded in 2004 and headquartered in New York City, Genco became a publicly traded company in 2005.