Genco Shipping & Trading Limited (NYSE:GNK) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Genco Shipping & Trading Limited (NYSE:GNK) have been assigned a consensus rating of “Moderate Buy” from the five brokerages that are presently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $23.00.

GNK has been the subject of a number of research reports. StockNews.com downgraded Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Jefferies Financial Group lowered their price target 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.

Insiders Place Their Bets

In other news, CAO Joseph Adamo sold 6,226 shares of the business’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $13.96, for a total transaction of $86,914.96. Following the sale, the chief accounting officer now owns 26,829 shares in the company, valued at approximately $374,532.84. The trade was a 18.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Peter George Allen sold 8,984 shares of the company’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $13.96, for a total transaction of $125,416.64. Following the transaction, the chief financial officer now owns 45,251 shares in the company, valued at approximately $631,703.96. This trade represents a 16.56 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,812 shares of company stock valued at $402,216. 2.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Genco Shipping & Trading

Institutional investors and hedge funds have recently made changes to their positions in the stock. Pekin Hardy Strauss Inc. purchased a new position in Genco Shipping & Trading in the 3rd quarter worth $812,000. Charles Schwab Investment Management Inc. raised its stake in shares of Genco Shipping & Trading by 70.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 530,523 shares of the shipping company’s stock worth $10,345,000 after purchasing an additional 219,907 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Genco Shipping & Trading by 155.0% in the third quarter. JPMorgan Chase & Co. now owns 285,091 shares of the shipping company’s stock worth $5,559,000 after purchasing an additional 173,270 shares during the last quarter. Barclays PLC lifted its holdings in shares of Genco Shipping & Trading by 499.7% during the third quarter. Barclays PLC now owns 103,387 shares of the shipping company’s stock worth $2,016,000 after purchasing an additional 86,147 shares during the period. Finally, Townsend & Associates Inc boosted its position in Genco Shipping & Trading by 2.2% in the fourth quarter. Townsend & Associates Inc now owns 1,071,959 shares of the shipping company’s stock valued at $15,318,000 after buying an additional 23,101 shares during the last quarter. 58.62% of the stock is currently owned by institutional investors and hedge funds.

Genco Shipping & Trading Stock Performance

NYSE GNK opened at $14.01 on Thursday. The company has a quick ratio of 2.49, a current ratio of 3.09 and a debt-to-equity ratio of 0.08. Genco Shipping & Trading has a twelve month low of $13.51 and a twelve month high of $23.43. The business has a 50-day moving average price of $14.33 and a 200-day moving average price of $15.92. The firm has a market cap of $599.00 million, a price-to-earnings ratio of 8.01, a price-to-earnings-growth ratio of 5.64 and a beta of 0.97.

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

Genco Shipping & Trading Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 11th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, March 11th. This represents a $1.20 annualized dividend and a yield of 8.57%. Genco Shipping & Trading’s dividend payout ratio (DPR) is 68.57%.

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.