Genco Shipping & Trading (NYSE:GNK) Shares Gap Up – Should You Buy?

Genco Shipping & Trading Limited (NYSE:GNK)’s share price gapped up prior to trading on Monday . The stock had previously closed at $17.90, but opened at $19.26. Genco Shipping & Trading shares last traded at $19.1020, with a volume of 360,112 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Weiss Ratings reiterated a “hold (c-)” rating on shares of Genco Shipping & Trading in a research report on Wednesday, November 19th. Jefferies Financial Group reaffirmed a “buy” rating and set a $19.00 price objective on shares of Genco Shipping & Trading in a research note on Thursday, August 7th. Finally, SEB Equity Research set a $23.00 target price on shares of Genco Shipping & Trading in a report on Friday, September 26th. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Genco Shipping & Trading presently has an average rating of “Buy” and an average target price of $21.00.

Genco Shipping & Trading Price Performance

The company’s fifty day moving average is $17.25 and its two-hundred day moving average is $15.88. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.20 and a current ratio of 1.63. The firm has a market cap of $818.24 million, a price-to-earnings ratio of 55.65 and a beta of 1.20.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings data on Wednesday, November 5th. The shipping company reported ($0.01) EPS for the quarter, meeting the consensus estimate of ($0.01). The company had revenue of $79.92 million for the quarter, compared to analyst estimates of $65.06 million. Genco Shipping & Trading had a return on equity of 1.40% and a net margin of 4.40%.The firm’s revenue was down 19.5% compared to the same quarter last year. During the same period last year, the company posted $0.41 earnings per share. Equities research analysts forecast that Genco Shipping & Trading Limited will post 0.48 EPS for the current year.

Genco Shipping & Trading Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, November 24th. Investors of record on Monday, November 17th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, November 17th. This represents a $0.60 annualized dividend and a yield of 3.2%. Genco Shipping & Trading’s payout ratio is -352.94%.

Insiders Place Their Bets

In other Genco Shipping & Trading news, insider Jesper Christensen sold 34,202 shares of the stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $18.06, for a total value of $617,688.12. Following the completion of the sale, the insider owned 69,363 shares of the company’s stock, valued at $1,252,695.78. This trade represents a 33.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.37% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Genco Shipping & Trading by 6,887.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,676,967 shares of the shipping company’s stock worth $22,404,000 after acquiring an additional 1,652,966 shares in the last quarter. American Century Companies Inc. increased its holdings in Genco Shipping & Trading by 7.4% during the 1st quarter. American Century Companies Inc. now owns 1,462,880 shares of the shipping company’s stock worth $19,544,000 after purchasing an additional 101,283 shares during the last quarter. Pacer Advisors Inc. acquired a new position in shares of Genco Shipping & Trading in the 1st quarter valued at approximately $4,921,000. Cetera Investment Advisers acquired a new position in shares of Genco Shipping & Trading in the 1st quarter valued at approximately $231,000. Finally, CSM Advisors LLC purchased a new position in shares of Genco Shipping & Trading during the 2nd quarter valued at approximately $3,876,000. 58.62% of the stock is currently owned by hedge funds and other 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, bauxite, steel products, and other drybulk cargoes. It operates through the Major Bulk and Minor Bulk segments. The Major Bulk segment focuses on Capesize vessels. The Minor Bulk segment consists of Ultramax and Supramax vessels.