Genco Shipping & Trading (NYSE:GNK) Cut to Hold at Zacks Research

Zacks Research cut shares of Genco Shipping & Trading (NYSE:GNK) from a strong-buy rating to a hold rating in a research report report published on Monday,Zacks.com reports.

Several other analysts also recently weighed in on the stock. Weiss Ratings reissued a “hold (c-)” rating on shares of Genco Shipping & Trading in a research note on Friday, March 27th. Alliance Global Partners cut Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a research note on Thursday, February 19th. Finally, Wall Street Zen downgraded Genco Shipping & Trading from a “hold” rating to a “sell” rating in a report on Sunday, December 14th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.00.

Genco Shipping & Trading Stock Up 2.8%

Shares of NYSE GNK opened at $23.18 on Monday. Genco Shipping & Trading has a one year low of $11.20 and a one year high of $24.81. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.39 and a quick ratio of 1.84. The firm’s 50 day simple moving average is $22.03 and its two-hundred day simple moving average is $19.38. The stock has a market capitalization of $1.00 billion, a P/E ratio of -210.69, a PEG ratio of 5.16 and a beta of 1.17.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings results on Tuesday, February 17th. The shipping company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.35 by $0.04. Genco Shipping & Trading had a negative net margin of 1.28% and a negative return on equity of 0.12%. The firm had revenue of $109.92 million for the quarter, compared to the consensus estimate of $78.52 million. During the same period last year, the firm posted $0.29 earnings per share. The business’s revenue was up 10.8% compared to the same quarter last year. As a group, analysts expect that Genco Shipping & Trading will post 0.48 EPS for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 18th. Investors of record on Wednesday, March 11th were paid a $0.50 dividend. The ex-dividend date of this dividend was Wednesday, March 11th. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.15. This represents a $2.00 annualized dividend and a dividend yield of 8.6%. Genco Shipping & Trading’s payout ratio is presently -1,818.18%.

Insider Activity 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 shares were sold at an average price of $23.67, for a total transaction of $150,067.80. Following the completion of the sale, the chief accounting officer owned 38,519 shares of the company’s stock, valued at $911,744.73. This represents a 14.13% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Peter George Allen sold 13,315 shares of the firm’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $23.66, for a total transaction of $315,032.90. Following the completion of the sale, the chief financial officer directly owned 66,702 shares in the company, valued at approximately $1,578,169.32. This trade represents a 16.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 55,824 shares of company stock worth $1,313,949 in the last three months. 2.37% of the stock is owned by insiders.

Institutional Trading of Genco Shipping & Trading

Several large investors have recently modified their holdings of the business. PNC Financial Services Group Inc. increased its holdings in Genco Shipping & Trading by 82.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,942 shares of the shipping company’s stock valued at $25,000 after purchasing an additional 876 shares during the period. Atlantic Union Bankshares Corp purchased a new stake in Genco Shipping & Trading in the 3rd quarter worth approximately $30,000. Advisory Services Network LLC bought a new stake in shares of Genco Shipping & Trading in the 3rd quarter worth approximately $30,000. Strengthening Families & Communities LLC bought a new stake in shares of Genco Shipping & Trading in the 4th quarter worth approximately $31,000. Finally, Kemnay Advisory Services Inc. purchased a new position in shares of Genco Shipping & Trading during the fourth quarter valued at approximately $32,000. 58.62% of the stock is owned by institutional investors.

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.