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

Genco Shipping & Trading Limited (NYSE:GNK) has been given an average rating of “Buy” by the six ratings firms that are presently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $23.00.

GNK has been the topic of several recent research reports. Pareto Securities raised shares of Genco Shipping & Trading to a “strong-buy” rating in a research note on Monday, March 31st. StockNews.com lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Finally, Jefferies Financial Group reduced their price objective on Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, February 20th.

Genco Shipping & Trading Trading Down 7.8 %

Shares of NYSE GNK opened at $11.68 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. The stock has a market capitalization of $499.41 million, a PE ratio of 6.67, a PEG ratio of 5.64 and a beta of 0.99. Genco Shipping & Trading has a twelve month low of $11.51 and a twelve month high of $23.43. The stock has a fifty day simple moving average of $14.05 and a 200-day simple moving average of $15.35.

Genco Shipping & Trading (NYSE:GNK) last released its 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). The firm had revenue of $67.95 million during the quarter, compared to analyst estimates of $67.36 million. Genco Shipping & Trading had a net margin of 18.06% and a return on equity of 7.82%. On average, equities analysts forecast 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. Stockholders of record on Tuesday, March 11th were issued a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, March 11th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 10.27%. Genco Shipping & Trading’s payout ratio is 68.57%.

Insider Buying and Selling

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

Institutional Investors Weigh In On Genco Shipping & Trading

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

About Genco Shipping & Trading

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.