Insider Selling: Genco Shipping & Trading Limited (NYSE:GNK) CAO Sells 6,226 Shares of Stock

Genco Shipping & Trading Limited (NYSE:GNK) CAO Joseph Adamo sold 6,226 shares of the business’s stock in a transaction on Monday, February 24th. The stock was 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 in the company, valued at approximately $374,532.84. This represents a 18.84 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Genco Shipping & Trading Trading Up 2.1 %

Shares of GNK traded up $0.30 during trading hours on Tuesday, hitting $14.18. 757,177 shares of the stock traded hands, compared to its average volume of 487,427. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08. Genco Shipping & Trading Limited has a 1-year low of $13.51 and a 1-year high of $23.43. The firm has a market capitalization of $606.09 million, a PE ratio of 8.10, a price-to-earnings-growth ratio of 5.64 and a beta of 0.97. The business has a fifty day moving average of $14.29 and a 200-day moving average of $16.05.

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). Genco Shipping & Trading had a net margin of 18.06% and a return on equity of 7.82%. The company had revenue of $67.95 million during the quarter, compared to analyst estimates of $67.36 million. Analysts expect that Genco Shipping & Trading Limited will post 0.48 EPS for the current year.

Genco Shipping & Trading Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 11th will be issued a $0.30 dividend. The ex-dividend date is Tuesday, March 11th. This represents a $1.20 annualized dividend and a dividend yield of 8.47%. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently 68.57%.

Analysts Set New Price Targets

A number of equities analysts have commented on GNK shares. StockNews.com lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Jefferies Financial Group cut their price target 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. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $23.00.

Institutional Investors Weigh In On Genco Shipping & Trading

Several large investors have recently modified their holdings of GNK. Semanteon Capital Management LP bought a new stake in shares of Genco Shipping & Trading in the third quarter worth about $905,000. Townsend & Associates Inc increased its holdings in shares of Genco Shipping & Trading by 2.7% in the third quarter. Townsend & Associates Inc now owns 1,048,858 shares of the shipping company’s stock worth $20,453,000 after acquiring an additional 27,783 shares in the last quarter. MQS Management LLC bought a new stake in shares of Genco Shipping & Trading in the third quarter worth about $490,000. Royce & Associates LP increased its holdings in shares of Genco Shipping & Trading by 43.1% in the third quarter. Royce & Associates LP now owns 482,687 shares of the shipping company’s stock worth $9,412,000 after acquiring an additional 145,471 shares in the last quarter. Finally, Empowered Funds LLC increased its holdings in shares of Genco Shipping & Trading by 5.4% in the third quarter. Empowered Funds LLC now owns 255,775 shares of the shipping company’s stock worth $4,988,000 after acquiring an additional 12,998 shares in the last quarter. 58.62% of the stock is currently owned by institutional investors.

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.