Genco Shipping & Trading (NYSE:GNK) Hits New 12-Month High – Here’s Why

Genco Shipping & Trading Limited (NYSE:GNK) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $25.45 and last traded at $25.48, with a volume of 187325 shares. The stock had previously closed at $23.98.

Wall Street Analysts Forecast Growth

GNK has been the subject of a number of research analyst reports. Zacks Research downgraded shares of Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 30th. Weiss Ratings reissued a “hold (c-)” rating on shares of Genco Shipping & Trading in a research report on Friday, March 27th. Finally, Alliance Global Partners cut Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a report on Thursday, February 19th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $21.00.

Genco Shipping & Trading Stock Performance

The stock has a market cap of $1.10 billion, a PE ratio of 66.31, a PEG ratio of 5.09 and a beta of 0.97. The stock has a fifty day simple moving average of $23.21 and a two-hundred day simple moving average of $20.49. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.84 and a current ratio of 2.39.

Genco Shipping & Trading (NYSE:GNK) last released its earnings results on Wednesday, May 6th. The shipping company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.07 by $0.19. The company had revenue of $114.43 million during the quarter, compared to analysts’ expectations of $65.73 million. Genco Shipping & Trading had a return on equity of 2.48% and a net margin of 4.38%.The business’s revenue was up 60.6% on a year-over-year basis. During the same period in the prior year, the business posted ($0.28) EPS. Equities analysts anticipate that Genco Shipping & Trading Limited will post 1.31 EPS for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 26th. Shareholders of record on Monday, May 18th will be given a $0.35 dividend. The ex-dividend date of this dividend is Monday, May 18th. This represents a $1.40 annualized dividend and a yield of 5.6%. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently -1,818.18%.

Insiders Place Their Bets

In related news, insider Jesper Christensen sold 18,450 shares of the firm’s stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $23.66, for a total transaction of $436,527.00. Following the completion of the transaction, the insider owned 98,299 shares of the company’s stock, valued at $2,325,754.34. This trade represents a 15.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Peter George Allen sold 13,315 shares of the firm’s stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $23.66, for a total value of $315,032.90. Following the transaction, the chief financial officer directly owned 66,702 shares of the company’s stock, valued at $1,578,169.32. This represents a 16.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 55,824 shares of company stock valued at $1,313,949 over the last three months. Company insiders own 2.37% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Bank of America Corp DE boosted its stake in Genco Shipping & Trading by 2.3% during the third quarter. Bank of America Corp DE now owns 34,970 shares of the shipping company’s stock valued at $622,000 after buying an additional 779 shares in the last quarter. Invesco Ltd. boosted its stake in Genco Shipping & Trading by 0.8% during the fourth quarter. Invesco Ltd. now owns 125,535 shares of the shipping company’s stock valued at $2,314,000 after buying an additional 935 shares in the last quarter. Blue Trust Inc. boosted its stake in Genco Shipping & Trading by 230.1% during the first quarter. Blue Trust Inc. now owns 1,347 shares of the shipping company’s stock valued at $30,000 after buying an additional 939 shares in the last quarter. CWM LLC boosted its stake in Genco Shipping & Trading by 61.4% during the third quarter. CWM LLC now owns 2,843 shares of the shipping company’s stock valued at $51,000 after buying an additional 1,082 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in Genco Shipping & Trading by 58.2% during the third quarter. PNC Financial Services Group Inc. now owns 3,073 shares of the shipping company’s stock valued at $55,000 after buying an additional 1,131 shares in the last quarter. Institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company’s fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco’s focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions.

In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety.