Shares of Genco Shipping & Trading Limited (NYSE:GNK – Get Rating) have earned an average rating of “Moderate Buy” from the seven ratings firms that are covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1-year price target among analysts that have covered the stock in the last year is $26.67.
Several analysts recently commented on GNK shares. Clarkson Capital reaffirmed a “buy” rating on shares of Genco Shipping & Trading in a research note on Tuesday, June 14th. Jefferies Financial Group lowered their target price on shares of Genco Shipping & Trading from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Monday. StockNews.com downgraded shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Friday, August 5th. Stifel Nicolaus initiated coverage on shares of Genco Shipping & Trading in a research note on Thursday. They set a “buy” rating on the stock. Finally, Alliance Global Partners began coverage on shares of Genco Shipping & Trading in a research note on Wednesday, August 3rd. They issued a “buy” rating and a $29.00 target price for the company.
Insider Buying and Selling at Genco Shipping & Trading
In other Genco Shipping & Trading news, major shareholder Cayman Gp Ltd. Ccp II sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $17.50, for a total transaction of $437,500.00. Following the sale, the insider now directly owns 30,802 shares in the company, valued at approximately $539,035. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, major shareholder Cayman Gp Ltd. Ccp II sold 25,000 shares of the stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $17.50, for a total transaction of $437,500.00. Following the completion of the transaction, the insider now directly owns 30,802 shares in the company, valued at $539,035. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Arthur L. Regan sold 62,512 shares of the business’s stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $15.65, for a total value of $978,312.80. Following the completion of the sale, the director now owns 55,824 shares in the company, valued at approximately $873,645.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 87,587 shares of company stock valued at $1,417,134. Company insiders own 2.50% of the company’s stock.
Institutional Inflows and Outflows
Large investors have recently bought and sold shares of the stock. National Asset Management Inc. lifted its position in shares of Genco Shipping & Trading by 62.4% in the first quarter. National Asset Management Inc. now owns 77,000 shares of the shipping company’s stock valued at $1,819,000 after buying an additional 29,600 shares during the last quarter. Teacher Retirement System of Texas increased its holdings in shares of Genco Shipping & Trading by 109.3% in the first quarter. Teacher Retirement System of Texas now owns 407,514 shares of the shipping company’s stock valued at $9,625,000 after purchasing an additional 212,830 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Genco Shipping & Trading by 8.9% in the fourth quarter. Renaissance Technologies LLC now owns 301,730 shares of the shipping company’s stock valued at $4,828,000 after purchasing an additional 24,600 shares during the period. Pekin Hardy Strauss Inc. lifted its stake in shares of Genco Shipping & Trading by 6.3% during the 1st quarter. Pekin Hardy Strauss Inc. now owns 122,600 shares of the shipping company’s stock worth $2,896,000 after buying an additional 7,250 shares during the last quarter. Finally, Edmond DE Rothschild Holding S.A. bought a new stake in shares of Genco Shipping & Trading during the 1st quarter worth about $28,000. 80.23% of the stock is owned by institutional investors and hedge funds.
Genco Shipping & Trading Stock Performance
Shares of GNK traded down $0.31 during trading hours on Thursday, reaching $12.12. 1,048,197 shares of the company traded hands, compared to its average volume of 1,098,559. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.81 and a current ratio of 2.46. The stock’s fifty day moving average is $15.64 and its 200 day moving average is $19.57. Genco Shipping & Trading has a 1-year low of $11.92 and a 1-year high of $27.15. The stock has a market cap of $512.45 million, a P/E ratio of 2.19 and a beta of 1.00.
Genco Shipping & Trading (NYSE:GNK – Get Rating) last released its quarterly earnings data on Wednesday, August 3rd. The shipping company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. The business had revenue of $105.30 million for the quarter, compared to analysts’ expectations of $102.83 million. Genco Shipping & Trading had a return on equity of 25.97% and a net margin of 38.70%. Equities research analysts anticipate that Genco Shipping & Trading will post 4.41 earnings per share for the current fiscal year.
Genco Shipping & Trading Cuts Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 23rd. Investors of record on Tuesday, August 16th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 16.50%. The ex-dividend date was Monday, August 15th. Genco Shipping & Trading’s dividend payout ratio is currently 36.10%.
About Genco Shipping & Trading
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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