Genco Shipping & Trading (NYSE:GNK) Shares Gap Down – What’s Next?

Genco Shipping & Trading Limited (NYSE:GNK) shares gapped down prior to trading on Friday . The stock had previously closed at $24.32, but opened at $23.14. Genco Shipping & Trading shares last traded at $22.8220, with a volume of 4,814 shares traded.

Wall Street Analyst Weigh In

GNK has been the topic of a number of research reports. Weiss Ratings reiterated a “hold (c-)” rating on shares of Genco Shipping & Trading in a report on Friday, March 27th. Alliance Global Partners cut shares of Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a report on Thursday, February 19th. Zacks Research lowered shares of Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 30th. Finally, Wall Street Zen cut Genco Shipping & Trading from a “hold” rating to a “sell” rating in a report on Sunday, December 14th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $21.00.

Genco Shipping & Trading Price Performance

The stock has a 50-day moving average of $22.51 and a two-hundred day moving average of $19.63. The firm has a market cap of $1.01 billion, a price-to-earnings ratio of -211.95, a price-to-earnings-growth ratio of 5.33 and a beta of 1.17. The company has a current ratio of 2.39, a quick ratio of 1.84 and a debt-to-equity ratio of 0.21.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings data on Tuesday, February 17th. The shipping company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $109.92 million during the quarter, compared to analyst estimates of $78.52 million. During the same period in the prior year, the firm earned $0.29 earnings per share. The business’s quarterly revenue was up 10.8% on a year-over-year basis. On average, analysts anticipate that Genco Shipping & Trading Limited will post 0.48 EPS for the current year.

Genco Shipping & Trading Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 18th. Shareholders of record on Wednesday, March 11th were paid a dividend of $0.50 per share. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.15. This represents a $2.00 dividend on an annualized basis and a yield of 8.6%. The ex-dividend date of this dividend was Wednesday, March 11th. Genco Shipping & Trading’s payout ratio is currently -1,818.18%.

Insider Buying and Selling at Genco Shipping & Trading

In other Genco Shipping & Trading news, CFO Peter George Allen sold 13,315 shares of the company’s stock in a transaction dated Monday, February 23rd. The shares were 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 of the company’s stock, valued at approximately $1,578,169.32. This represents a 16.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jesper Christensen sold 18,450 shares of the company’s stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $23.66, for a total transaction of $436,527.00. Following the sale, the insider directly owned 98,299 shares of the company’s stock, valued at $2,325,754.34. This 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 55,824 shares of company stock valued at $1,313,949. 2.37% of the stock is currently owned by corporate insiders.

Institutional Trading of Genco Shipping & Trading

A number of hedge funds have recently bought and sold shares of GNK. Atlantic Union Bankshares Corp purchased a new stake in Genco Shipping & Trading during the third quarter valued at about $30,000. Advisory Services Network LLC acquired a new position in shares of Genco Shipping & Trading in the 3rd quarter valued at about $30,000. Strengthening Families & Communities LLC acquired a new position in shares of Genco Shipping & Trading in the 4th quarter valued at about $31,000. Kemnay Advisory Services Inc. acquired a new position in shares of Genco Shipping & Trading in the 4th quarter valued at about $32,000. Finally, Sunbelt Securities Inc. acquired a new position in shares of Genco Shipping & Trading in the 3rd quarter valued at about $35,000. 58.62% of the stock is owned by hedge funds and other 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.