Genco Shipping & Trading (NYSE:GNK) Upgraded at Pareto Securities

Pareto Securities upgraded shares of Genco Shipping & Trading (NYSE:GNK) to a strong-buy rating in a report released on Monday morning,Zacks.com reports.

Several other analysts have also recently issued reports on GNK. Jefferies Financial Group cut their target price on Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating for the company in a research report on Thursday, February 20th. StockNews.com lowered shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.00.

Genco Shipping & Trading Trading Down 0.9 %

Genco Shipping & Trading stock opened at $13.56 on Monday. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08. Genco Shipping & Trading has a 12-month low of $13.08 and a 12-month high of $23.43. The firm has a market capitalization of $579.80 million, a price-to-earnings ratio of 7.75, a P/E/G ratio of 5.64 and a beta of 0.99. The firm has a 50 day moving average of $14.14 and a 200 day moving average of $15.44.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings data on Wednesday, February 19th. The shipping company reported $0.29 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.27). The firm had revenue of $67.95 million for the quarter, compared to the consensus estimate of $67.36 million. Genco Shipping & Trading had a net margin of 18.06% and a return on equity of 7.82%. As a group, research analysts predict that Genco Shipping & Trading will post 0.48 earnings per share for the current year.

Genco Shipping & Trading Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 11th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 8.85%. The ex-dividend date was Tuesday, March 11th. Genco Shipping & Trading’s payout ratio is 68.57%.

Insider Activity

In other news, CFO Peter George Allen sold 8,984 shares of Genco Shipping & Trading stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $13.96, for a total value of $125,416.64. Following the completion of the transaction, the chief financial officer now owns 45,251 shares in the company, valued at approximately $631,703.96. The trade was a 16.56 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Joseph Adamo sold 6,226 shares of the stock in a transaction on Monday, February 24th. The shares were sold at an average price of $13.96, for a total value of $86,914.96. Following the sale, the chief accounting officer now owns 26,829 shares in the company, valued at $374,532.84. The trade was a 18.84 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,812 shares of company stock worth $402,216. 2.08% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Genco Shipping & Trading

Several hedge funds have recently added to or reduced their stakes in the company. Banque Transatlantique SA bought a new position in shares of Genco Shipping & Trading during the fourth quarter valued at approximately $28,000. R Squared Ltd purchased a new position in Genco Shipping & Trading in the 4th quarter worth about $29,000. New Age Alpha Advisors LLC bought a new stake in Genco Shipping & Trading during the 4th quarter valued at about $56,000. Quarry LP boosted its position in Genco Shipping & Trading by 535.8% in the 3rd quarter. Quarry LP now owns 4,266 shares of the shipping company’s stock valued at $83,000 after buying an additional 3,595 shares during the period. Finally, Mariner LLC purchased a new position in shares of Genco Shipping & Trading during the fourth quarter worth approximately $147,000. 58.62% of the stock is currently owned by institutional investors.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, steel products, and other drybulk cargoes. The company was founded on September 27, 2004 and is headquartered in New York, NY.