Genco Shipping & Trading (NYSE:GNK) Insider Jesper Christensen Sells 18,450 Shares

Genco Shipping & Trading Limited (NYSE:GNK) insider Jesper Christensen sold 18,450 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $23.66, for a total transaction of $436,527.00. Following the completion of the sale, the insider owned 98,299 shares in the company, valued at $2,325,754.34. The trade was a 15.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Jesper Christensen also recently made the following trade(s):

• On Wednesday, February 18th, Jesper Christensen sold 8,260 shares of Genco Shipping & Trading stock. The shares were sold at an average price of $23.27, for a total transaction of $192,210.20.

Genco Shipping & Trading Stock Performance

GNK stock opened at $23.67 on Tuesday. The company has a 50-day simple moving average of $20.05 and a 200 day simple moving average of $18.35. The company has a market capitalization of $1.03 billion, a P/E ratio of -215.18, a PEG ratio of 5.49 and a beta of 1.21. The company has a quick ratio of 1.84, a current ratio of 2.39 and a debt-to-equity ratio of 0.21. Genco Shipping & Trading Limited has a fifty-two week low of $11.20 and a fifty-two week high of $24.10.

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

Genco Shipping & Trading Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Wednesday, March 11th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 8.4%. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.15. The ex-dividend date is Wednesday, March 11th. Genco Shipping & Trading’s payout ratio is currently -1,818.18%.

Analyst Ratings Changes

Several analysts have recently weighed in on GNK shares. Alliance Global Partners lowered Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a report on Thursday, February 19th. Zacks Research upgraded shares of Genco Shipping & Trading from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, February 17th. Wall Street Zen cut shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research note on Sunday, December 14th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Genco Shipping & Trading in a report on Monday, December 29th. Three equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $21.00.

Institutional Trading of Genco Shipping & Trading

Several institutional investors and hedge funds have recently bought and sold shares of GNK. PNC Financial Services Group Inc. increased its position in shares of Genco Shipping & Trading by 82.2% in the second quarter. PNC Financial Services Group Inc. now owns 1,942 shares of the shipping company’s stock worth $25,000 after acquiring an additional 876 shares in the last quarter. Atlantic Union Bankshares Corp acquired a new position in Genco Shipping & Trading in the 3rd quarter worth approximately $30,000. Advisory Services Network LLC acquired a new position in Genco Shipping & Trading in the 3rd quarter worth approximately $30,000. Strengthening Families & Communities LLC purchased a new position in Genco Shipping & Trading during the 4th quarter worth approximately $31,000. Finally, Kemnay Advisory Services Inc. acquired a new stake in Genco Shipping & Trading during the 4th quarter valued at $32,000. Institutional investors and hedge funds own 58.62% of the company’s stock.

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.