Insider Selling: Genco Shipping & Trading Limited (NYSE:GNK) CAO Sells 6,226 Shares of Stock

Genco Shipping & Trading Limited (NYSE:GNK) CAO Joseph Adamo sold 6,226 shares of the stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $13.96, for a total value of $86,914.96. Following the transaction, 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 transaction was disclosed in a filing with the SEC, which is available through this link.

Genco Shipping & Trading Stock Performance

Shares of GNK traded up $0.30 during mid-day trading on Tuesday, reaching $14.18. The company’s stock had a trading volume of 757,177 shares, compared to its average volume of 487,427. Genco Shipping & Trading Limited has a 1-year low of $13.51 and a 1-year high of $23.43. The stock has a market cap of $606.09 million, a P/E ratio of 8.10, a PEG ratio of 5.64 and a beta of 0.97. The business has a 50-day simple moving average of $14.29 and a two-hundred day simple moving average of $16.05. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings data 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 net margin of 18.06% and a return on equity of 7.82%. The business had revenue of $67.95 million during the quarter, compared to analyst estimates of $67.36 million. As a group, equities research analysts anticipate that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 18th. Investors of record on Tuesday, March 11th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, March 11th. This represents a $1.20 annualized dividend and a yield of 8.47%. Genco Shipping & Trading’s payout ratio is currently 68.57%.

Analyst Ratings Changes

GNK has been the subject of several recent research reports. Jefferies Financial Group reduced their price target on Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating for the company in a research report on Thursday, February 20th. StockNews.com cut Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Genco Shipping & Trading has a consensus rating of “Moderate Buy” and an average target price of $23.00.

Institutional Trading of Genco Shipping & Trading

Hedge funds have recently added to or reduced their stakes in the company. Pekin Hardy Strauss Inc. acquired a new stake in Genco Shipping & Trading during the 3rd quarter worth approximately $812,000. Charles Schwab Investment Management Inc. increased its stake in shares of Genco Shipping & Trading by 70.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 530,523 shares of the shipping company’s stock valued at $10,345,000 after purchasing an additional 219,907 shares during the last quarter. JPMorgan Chase & Co. grew its position in Genco Shipping & Trading by 155.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 285,091 shares of the shipping company’s stock worth $5,559,000 after acquiring an additional 173,270 shares during the last quarter. Barclays PLC grew its position in Genco Shipping & Trading by 499.7% during the 3rd quarter. Barclays PLC now owns 103,387 shares of the shipping company’s stock worth $2,016,000 after acquiring an additional 86,147 shares during the last quarter. Finally, Petrus Trust Company LTA bought a new stake in Genco Shipping & Trading during the 3rd quarter worth $661,000. 58.62% of the stock is owned by institutional investors and hedge funds.

About Genco Shipping & Trading

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.