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

Genco Shipping & Trading Limited (NYSE:GNK)’s stock price hit a new 52-week low on Wednesday . The company traded as low as $11.20 and last traded at $12.48, with a volume of 779609 shares. The stock had previously closed at $11.36.

Analyst Ratings Changes

A number of research firms recently issued reports on GNK. Pareto Securities upgraded shares of Genco Shipping & Trading to a “strong-buy” rating in a report on Monday, March 31st. Jefferies Financial Group decreased their price target on shares of Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, February 20th. Finally, StockNews.com cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $23.00.

Genco Shipping & Trading Price Performance

The firm’s 50 day moving average price is $13.76 and its two-hundred day moving average price is $15.13. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.09 and a quick ratio of 2.49. The stock has a market cap of $563.98 million, a PE ratio of 7.54, a P/E/G ratio of 5.64 and a beta of 0.96.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings data on Wednesday, February 19th. The shipping company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.27). The business had revenue of $67.95 million during the quarter, compared to analysts’ expectations of $67.36 million. Genco Shipping & Trading had a net margin of 18.06% and a return on equity of 7.82%. On average, research analysts expect that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current year.

Genco Shipping & Trading Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 18th. Investors of record on Tuesday, March 11th were paid a dividend of $0.30 per share. The ex-dividend date was Tuesday, March 11th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 9.10%. Genco Shipping & Trading’s payout ratio is 68.57%.

Insiders Place Their Bets

In other Genco Shipping & Trading news, CAO Joseph Adamo sold 6,226 shares of the firm’s 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 completion of the transaction, the chief accounting officer now directly owns 26,829 shares of the company’s stock, valued at $374,532.84. This trade represents a 18.84 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Peter George Allen sold 8,984 shares of the business’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 $125,416.64. Following the transaction, the chief financial officer now owns 45,251 shares of the company’s stock, valued at $631,703.96. This trade represents a 16.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,812 shares of company stock worth $402,216 in the last quarter. 2.50% of the stock is owned by company insiders.

Institutional Trading of Genco Shipping & Trading

Several institutional investors and hedge funds have recently modified their holdings of the business. Verition Fund Management LLC bought a new position in shares of Genco Shipping & Trading in the third quarter worth approximately $257,000. Point72 Asset Management L.P. increased its holdings in shares of Genco Shipping & Trading by 39.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 25,439 shares of the shipping company’s stock worth $496,000 after buying an additional 7,139 shares during the last quarter. State Street Corp raised its position in shares of Genco Shipping & Trading by 1.0% during the 3rd quarter. State Street Corp now owns 1,190,467 shares of the shipping company’s stock valued at $23,214,000 after buying an additional 12,001 shares in the last quarter. Y Intercept Hong Kong Ltd raised its position in shares of Genco Shipping & Trading by 32.8% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 33,996 shares of the shipping company’s stock valued at $663,000 after buying an additional 8,401 shares in the last quarter. Finally, Barclays PLC lifted its holdings in shares of Genco Shipping & Trading by 499.7% during the 3rd quarter. Barclays PLC now owns 103,387 shares of the shipping company’s stock worth $2,016,000 after acquiring an additional 86,147 shares during the last quarter. Hedge funds and other institutional investors own 58.62% of the company’s stock.

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.