Genco Shipping & Trading Limited (NYSE:GNK – Get Rating) was the target of a large growth in short interest in July. As of July 31st, there was short interest totalling 1,740,000 shares, a growth of 15.2% from the July 15th total of 1,510,000 shares. Based on an average daily volume of 1,120,000 shares, the days-to-cover ratio is currently 1.6 days. Approximately 4.2% of the company’s stock are sold short.
Genco Shipping & Trading Price Performance
GNK opened at $17.64 on Friday. The company has a fifty day simple moving average of $19.14 and a 200 day simple moving average of $20.58. The firm has a market cap of $745.82 million, a price-to-earnings ratio of 3.18 and a beta of 0.90. Genco Shipping & Trading has a twelve month low of $13.21 and a twelve month high of $27.15. The company has a current ratio of 2.46, a quick ratio of 1.81 and a debt-to-equity ratio of 0.19.
Genco Shipping & Trading Cuts Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 23rd. Shareholders of record on Tuesday, August 16th will be paid a dividend of $0.50 per share. The ex-dividend date is Monday, August 15th. This represents a $2.00 dividend on an annualized basis and a yield of 11.34%. Genco Shipping & Trading’s dividend payout ratio (DPR) is 57.04%.
Analysts Set New Price Targets
Several analysts recently commented on the stock. Alliance Global Partners assumed coverage on shares of Genco Shipping & Trading in a research note on Wednesday, August 3rd. They issued a “buy” rating and a $29.00 price objective for the company. Clarkson Capital restated a “buy” rating on shares of Genco Shipping & Trading in a research report on Tuesday, June 14th. Jefferies Financial Group started coverage on shares of Genco Shipping & Trading in a research note on Wednesday, July 20th. They set a “buy” rating and a $25.00 price objective on the stock. B. Riley upped their price objective on shares of Genco Shipping & Trading from $27.00 to $31.00 in a research note on Friday, May 6th. Finally, StockNews.com downgraded shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Friday, August 5th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Genco Shipping & Trading has an average rating of “Moderate Buy” and a consensus target price of $28.20.
Insider Activity
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In related news, insider Robert E. Hughes sold 3,500 shares of the stock in a transaction on Tuesday, May 24th. The shares were sold at an average price of $24.79, for a total value of $86,765.00. Following the transaction, the insider now directly owns 742 shares of the company’s stock, valued at approximately $18,394.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Genco Shipping & Trading news, CEO John C. Wobensmith sold 100,000 shares of the firm’s stock in a transaction 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 approximately $10,033,348.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robert E. Hughes sold 3,500 shares of the firm’s stock in a transaction on Tuesday, May 24th. The stock was sold at an average price of $24.79, for a total transaction of $86,765.00. Following the transaction, the insider now directly owns 742 shares in the company, valued at $18,394.18. The disclosure for this sale can be found here. In the last three months, insiders have sold 173,575 shares of company stock worth $4,171,336. 2.50% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
A number of large investors have recently added to or reduced their stakes in GNK. Quantbot Technologies LP lifted its position in shares of Genco Shipping & Trading by 57.2% in the 2nd quarter. Quantbot Technologies LP now owns 56,069 shares of the shipping company’s stock worth $1,083,000 after buying an additional 20,391 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of Genco Shipping & Trading by 73.3% in the 2nd quarter. Renaissance Technologies LLC now owns 774,030 shares of the shipping company’s stock worth $14,954,000 after buying an additional 327,300 shares during the last quarter. American International Group Inc. lifted its position in shares of Genco Shipping & Trading by 7.6% in the 2nd quarter. American International Group Inc. now owns 17,162 shares of the shipping company’s stock worth $332,000 after buying an additional 1,212 shares during the last quarter. Northern Trust Corp lifted its position in shares of Genco Shipping & Trading by 12.5% in the 2nd quarter. Northern Trust Corp now owns 329,484 shares of the shipping company’s stock worth $6,365,000 after buying an additional 36,558 shares during the last quarter. Finally, LPL Financial LLC lifted its position in shares of Genco Shipping & Trading by 64.5% in the 2nd quarter. LPL Financial LLC now owns 30,775 shares of the shipping company’s stock worth $595,000 after buying an additional 12,070 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors.
Genco Shipping & Trading Company Profile
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.
See Also
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