Genco Shipping & Trading (NYSE:GNK) Stock Price Passes Above 50 Day Moving Average – Here’s What Happened

Shares of Genco Shipping & Trading Limited (NYSE:GNK) passed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $23.44 and traded as high as $24.69. Genco Shipping & Trading shares last traded at $24.44, with a volume of 341,461 shares changing hands.

Wall Street Analysts Forecast Growth

GNK has been the subject of several recent analyst reports. Weiss Ratings raised Genco Shipping & Trading from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, May 8th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $29.00 target price on shares of Genco Shipping & Trading in a report on Friday, May 8th. Zacks Research lowered Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a report on Monday, March 30th. Finally, Alliance Global Partners lowered Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a report on Thursday, February 19th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $23.67.

Genco Shipping & Trading Trading Up 1.7%

The firm has a fifty day simple moving average of $23.53 and a two-hundred day simple moving average of $21.06. The firm has a market capitalization of $1.05 billion, a P/E ratio of 63.43, a price-to-earnings-growth ratio of 3.42 and a beta of 0.97. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.98 and a quick ratio of 2.41.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings data on Wednesday, May 6th. The shipping company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.19. Genco Shipping & Trading had a return on equity of 2.49% and a net margin of 4.38%.The business had revenue of $114.43 million during the quarter, compared to analyst estimates of $65.73 million. During the same period in the prior year, the company earned ($0.28) earnings per share. Genco Shipping & Trading’s revenue was up 60.6% compared to the same quarter last year. On average, equities research analysts anticipate that Genco Shipping & Trading Limited will post 1.81 earnings per share for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 26th. Shareholders of record on Monday, May 18th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 5.8%. The ex-dividend date of this dividend is Monday, May 18th. Genco Shipping & Trading’s dividend payout ratio is 368.42%.

Insider Buying and Selling at Genco Shipping & Trading

In other Genco Shipping & Trading news, CAO Joseph Adamo sold 6,340 shares of the stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $23.67, for a total transaction of $150,067.80. Following the completion of the transaction, the chief accounting officer directly owned 38,519 shares of the company’s stock, valued at approximately $911,744.73. This represents a 14.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jesper Christensen sold 18,450 shares of the stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $23.66, for a total value of $436,527.00. Following the transaction, the insider directly owned 98,299 shares of the company’s stock, valued at approximately $2,325,754.34. This trade represents a 15.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 38,105 shares of company stock valued at $901,628. Company insiders own 2.37% of the company’s stock.

Hedge Funds Weigh In On Genco Shipping & Trading

A number of large investors have recently made changes to their positions in the stock. American Century Companies Inc. boosted its holdings in shares of Genco Shipping & Trading by 4.0% in the third quarter. American Century Companies Inc. now owns 1,611,227 shares of the shipping company’s stock worth $28,680,000 after acquiring an additional 62,030 shares during the period. Townsend & Associates Inc boosted its holdings in shares of Genco Shipping & Trading by 0.7% in the fourth quarter. Townsend & Associates Inc now owns 1,276,311 shares of the shipping company’s stock worth $25,373,000 after acquiring an additional 8,488 shares during the period. Focus Partners Wealth boosted its holdings in shares of Genco Shipping & Trading by 3.1% in the fourth quarter. Focus Partners Wealth now owns 863,101 shares of the shipping company’s stock worth $15,385,000 after acquiring an additional 26,326 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Genco Shipping & Trading by 14.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 748,707 shares of the shipping company’s stock worth $13,799,000 after acquiring an additional 96,703 shares during the period. Finally, Millennium Management LLC boosted its holdings in shares of Genco Shipping & Trading by 100.3% in the fourth quarter. Millennium Management LLC now owns 543,290 shares of the shipping company’s stock worth $10,013,000 after acquiring an additional 272,094 shares during the period. 58.62% of the stock is owned by institutional investors.

About Genco Shipping & Trading

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.