Genco Shipping & Trading Limited (NYSE:GNK) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Genco Shipping & Trading Limited (NYSE:GNK) have been assigned a consensus recommendation of “Moderate Buy” from the five research firms that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $23.00.

GNK has been the topic of a number of recent research reports. 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 reduced their price objective on Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, February 20th.

Insiders Place Their Bets

In other Genco Shipping & Trading news, insider Jesper Christensen sold 13,602 shares of Genco Shipping & Trading stock in a transaction on Monday, February 24th. The shares were sold at an average price of $13.96, for a total value of $189,883.92. Following the transaction, the insider now owns 57,322 shares in the company, valued at $800,215.12. This trade represents a 19.18 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Joseph Adamo sold 6,226 shares of the company’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 sale, the chief accounting officer now owns 26,829 shares of the company’s stock, valued at approximately $374,532.84. The trade was a 18.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,812 shares of company stock valued at $402,216 in the last quarter. 2.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Genco Shipping & Trading

A number of institutional investors have recently added to or reduced their stakes in GNK. Intech Investment Management LLC acquired a new position in shares of Genco Shipping & Trading in the 3rd quarter valued at about $202,000. Charles Schwab Investment Management Inc. raised its holdings in Genco Shipping & Trading by 70.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 530,523 shares of the shipping company’s stock valued at $10,345,000 after buying an additional 219,907 shares during the period. Verition Fund Management LLC acquired a new position in Genco Shipping & Trading during the third quarter valued at approximately $257,000. PDT Partners LLC purchased a new stake in Genco Shipping & Trading during the third quarter worth approximately $1,340,000. Finally, Point72 Asset Management L.P. increased its position in shares of Genco Shipping & Trading by 39.0% in the third quarter. Point72 Asset Management L.P. now owns 25,439 shares of the shipping company’s stock worth $496,000 after acquiring an additional 7,139 shares in the last quarter. Hedge funds and other institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Trading Up 1.7 %

Shares of GNK stock opened at $13.39 on Monday. Genco Shipping & Trading has a fifty-two week low of $13.08 and a fifty-two week high of $23.43. The company has a quick ratio of 2.49, a current ratio of 3.09 and a debt-to-equity ratio of 0.08. The business has a fifty day simple moving average of $14.18 and a 200-day simple moving average of $15.51. The stock has a market cap of $572.32 million, a P/E ratio of 7.65, a P/E/G ratio of 5.64 and a beta of 0.99.

Genco Shipping & Trading (NYSE:GNK) last announced its earnings results on Wednesday, February 19th. The shipping company reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.27). Genco Shipping & Trading had a return on equity of 7.82% and a net margin of 18.06%. The business had revenue of $67.95 million for the quarter, compared to analyst estimates of $67.36 million. On average, analysts forecast that Genco Shipping & Trading will post 0.48 earnings per share for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 11th were issued a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, March 11th. This represents a $1.20 annualized dividend and a yield of 8.97%. Genco Shipping & Trading’s dividend payout ratio (DPR) is presently 68.57%.

Genco Shipping & Trading Company Profile

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.