Insider Selling: Genco Shipping & Trading Limited (NYSE:GNK) Insider Sells 13,602 Shares of Stock

Genco Shipping & Trading Limited (NYSE:GNK) insider Jesper Christensen sold 13,602 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 $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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Genco Shipping & Trading Stock Up 1.6 %

Genco Shipping & Trading stock opened at $14.43 on Thursday. Genco Shipping & Trading Limited has a twelve month low of $13.51 and a twelve month high of $23.43. The stock’s fifty day simple moving average is $14.29 and its 200-day simple moving average is $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. The firm has a market capitalization of $616.78 million, a P/E ratio of 8.24, a P/E/G ratio of 5.64 and a beta of 0.97.

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

Genco Shipping & Trading Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 18th. Investors of record on Tuesday, March 11th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 8.32%. The ex-dividend date of this dividend is Tuesday, March 11th. Genco Shipping & Trading’s dividend payout ratio (DPR) is presently 68.57%.

Wall Street Analyst Weigh In

A number of research analysts have commented on GNK shares. StockNews.com cut Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Jefferies Financial Group decreased 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 analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $23.00.

Hedge Funds Weigh In On Genco Shipping & Trading

Several large investors have recently bought and sold shares of GNK. Semanteon Capital Management LP purchased a new position in Genco Shipping & Trading in the third quarter valued at $905,000. Townsend & Associates Inc increased its holdings in Genco Shipping & Trading by 2.7% in the third quarter. Townsend & Associates Inc now owns 1,048,858 shares of the shipping company’s stock valued at $20,453,000 after buying an additional 27,783 shares during the last quarter. MQS Management LLC purchased a new position in Genco Shipping & Trading in the third quarter valued at $490,000. Royce & Associates LP increased its holdings in Genco Shipping & Trading by 43.1% in the third quarter. Royce & Associates LP now owns 482,687 shares of the shipping company’s stock valued at $9,412,000 after buying an additional 145,471 shares during the last quarter. Finally, Empowered Funds LLC increased its holdings in Genco Shipping & Trading by 5.4% in the third quarter. Empowered Funds LLC now owns 255,775 shares of the shipping company’s stock valued at $4,988,000 after buying an additional 12,998 shares during the last quarter. Hedge funds and other institutional investors own 58.62% of the company’s stock.

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.