Genco Shipping & Trading (NYSE:GNK) Sets New 12-Month Low – Time to Sell?

Genco Shipping & Trading Limited (NYSE:GNK) hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $13.35 and last traded at $13.29, with a volume of 24668 shares. The stock had previously closed at $13.46.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on GNK shares. StockNews.com downgraded shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Jefferies Financial Group dropped their price target on Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, February 20th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Genco Shipping & Trading has an average rating of “Moderate Buy” and an average target price of $23.00.

Genco Shipping & Trading Price Performance

The stock has a market capitalization of $565.09 million, a P/E ratio of 7.55, a price-to-earnings-growth ratio of 5.64 and a beta of 0.99. The business’s 50 day simple moving average is $14.24 and its two-hundred day simple moving average is $15.58. The company has a quick ratio of 2.49, a current ratio of 3.09 and a debt-to-equity ratio of 0.08.

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

Genco Shipping & Trading Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 18th. Investors of record on Tuesday, March 11th were issued a dividend of $0.30 per share. The ex-dividend date was Tuesday, March 11th. This represents a $1.20 annualized dividend and a yield of 9.08%. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently 68.57%.

Insider Activity at Genco Shipping & Trading

In other Genco Shipping & Trading news, CAO Joseph Adamo sold 6,226 shares of the company’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $13.96, for a total value of $86,914.96. Following the completion of the sale, the chief accounting officer now directly owns 26,829 shares of the company’s stock, valued at approximately $374,532.84. This represents a 18.84 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Peter George Allen sold 8,984 shares of Genco Shipping & Trading stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $13.96, for a total transaction of $125,416.64. Following the transaction, the chief financial officer now directly owns 45,251 shares in the company, valued at approximately $631,703.96. This represents a 16.56 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 28,812 shares of company stock valued at $402,216. 2.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Genco Shipping & Trading

Institutional investors have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC increased its position in shares of Genco Shipping & Trading by 54.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 17,287 shares of the shipping company’s stock valued at $241,000 after purchasing an additional 6,097 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Genco Shipping & Trading by 36.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 127,852 shares of the shipping company’s stock valued at $1,782,000 after buying an additional 33,949 shares during the period. Vident Advisory LLC increased its holdings in Genco Shipping & Trading by 20.7% during the fourth quarter. Vident Advisory LLC now owns 31,904 shares of the shipping company’s stock worth $445,000 after buying an additional 5,476 shares during the last quarter. Squarepoint Ops LLC raised its position in Genco Shipping & Trading by 55.8% in the fourth quarter. Squarepoint Ops LLC now owns 198,673 shares of the shipping company’s stock worth $2,770,000 after acquiring an additional 71,122 shares during the period. Finally, Teza Capital Management LLC boosted its stake in Genco Shipping & Trading by 792.0% in the fourth quarter. Teza Capital Management LLC now owns 110,520 shares of the shipping company’s stock valued at $1,541,000 after acquiring an additional 98,130 shares during the last quarter. 58.62% of the stock is owned by institutional investors.

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.