Genco Shipping & Trading Limited (NYSE:GNK – Get Rating)’s stock price traded up 3.7% during trading on Tuesday . The stock traded as high as $21.72 and last traded at $21.67. 2,325 shares were traded during trading, a decline of 100% from the average session volume of 1,326,867 shares. The stock had previously closed at $20.90.
Several equities research analysts have recently commented on the stock. B. Riley boosted their target price on shares of Genco Shipping & Trading from $27.00 to $31.00 in a research report on Friday, May 6th. StockNews.com downgraded shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research report on Tuesday, June 7th. Finally, Jefferies Financial Group started coverage on shares of Genco Shipping & Trading in a research report on Wednesday, April 27th. They issued a “buy” rating for the company. One equities research analyst has rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Genco Shipping & Trading has an average rating of “Buy” and a consensus price target of $28.25.
The company has a current ratio of 2.78, a quick ratio of 2.16 and a debt-to-equity ratio of 0.20. The stock’s 50-day simple moving average is $23.26 and its 200-day simple moving average is $19.67. The firm has a market capitalization of $913.15 million, a P/E ratio of 4.03 and a beta of 0.84.
The business also recently announced a quarterly dividend, which was paid on Tuesday, May 24th. Stockholders of record on Monday, May 16th were given a dividend of $0.79 per share. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.67. This represents a $3.16 dividend on an annualized basis and a dividend yield of 14.57%. The ex-dividend date was Friday, May 13th. Genco Shipping & Trading’s dividend payout ratio is currently 60.89%.
In other news, CEO John C. Wobensmith sold 45,000 shares of the stock in a transaction that occurred on Friday, May 27th. The shares were sold at an average price of $25.15, for a total transaction of $1,131,750.00. Following the completion of the transaction, the chief executive officer now directly owns 399,099 shares of the company’s stock, valued at approximately $10,037,339.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO John C. Wobensmith sold 100,000 shares of the stock in a transaction that occurred on Monday, May 23rd. The shares were sold at an average price of $25.14, for a total transaction of $2,514,000.00. Following the transaction, the chief executive officer now directly owns 399,099 shares of the company’s stock, valued at $10,033,348.86. The disclosure for this sale can be found here. Insiders have sold a total of 148,500 shares of company stock valued at $3,732,515 over the last three months. Insiders own 2.50% of the company’s stock.
Several hedge funds have recently made changes to their positions in GNK. Citigroup Inc. lifted its stake in shares of Genco Shipping & Trading by 13.4% during the 3rd quarter. Citigroup Inc. now owns 17,825 shares of the shipping company’s stock valued at $359,000 after buying an additional 2,102 shares in the last quarter. Credit Suisse AG lifted its stake in shares of Genco Shipping & Trading by 3.9% during the 3rd quarter. Credit Suisse AG now owns 21,522 shares of the shipping company’s stock valued at $433,000 after buying an additional 807 shares in the last quarter. Macquarie Group Ltd. purchased a new stake in shares of Genco Shipping & Trading during the 3rd quarter valued at approximately $62,000. Renaissance Technologies LLC lifted its stake in shares of Genco Shipping & Trading by 153.1% during the 3rd quarter. Renaissance Technologies LLC now owns 277,130 shares of the shipping company’s stock valued at $5,579,000 after buying an additional 167,630 shares in the last quarter. Finally, GSA Capital Partners LLP purchased a new stake in shares of Genco Shipping & Trading during the 3rd quarter valued at approximately $354,000. Institutional investors own 75.90% of the company’s stock.
Genco Shipping & Trading Company Profile (NYSE:GNK)
Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company owns and operates dry bulk carrier vessels to transports iron ore, coal, grains, steel products, and other dry-bulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.
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