Genco Shipping & Trading Limited (NYSE:GNK) CFO Peter George Allen Sells 8,984 Shares

Genco Shipping & Trading Limited (NYSE:GNK) CFO Peter George Allen sold 8,984 shares of the company’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $13.96, for a total value of $125,416.64. Following the completion of the transaction, the chief financial officer now directly owns 45,251 shares in the company, valued at $631,703.96. This represents a 16.56 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Genco Shipping & Trading Price Performance

Shares of NYSE:GNK opened at $14.18 on Wednesday. The company’s fifty day moving average is $14.29 and its two-hundred day moving average is $16.05. 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 Limited has a 12-month low of $13.51 and a 12-month high of $23.43. The company has a market cap of $606.09 million, a P/E ratio of 8.10, a price-to-earnings-growth ratio of 5.64 and a beta of 0.97.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings results on Wednesday, February 19th. The shipping company reported $0.29 EPS for the quarter, missing the consensus estimate 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 company had revenue of $67.95 million for the quarter, compared to analysts’ expectations of $67.36 million. 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 business also recently declared a quarterly dividend, which will be paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 11th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 8.47%. The ex-dividend date of this dividend is Tuesday, March 11th. Genco Shipping & Trading’s dividend payout ratio is currently 68.57%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on GNK. 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 cut their target price on shares of 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 research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $23.00.

Hedge Funds Weigh In On Genco Shipping & Trading

Several institutional investors and hedge funds have recently modified their holdings of GNK. Semanteon Capital Management LP purchased a new position in shares of Genco Shipping & Trading during the 3rd quarter valued at $905,000. Townsend & Associates Inc grew its holdings in shares of Genco Shipping & Trading by 2.7% during the 3rd quarter. Townsend & Associates Inc now owns 1,048,858 shares of the shipping company’s stock valued at $20,453,000 after acquiring an additional 27,783 shares in the last quarter. MQS Management LLC bought a new stake in Genco Shipping & Trading in the third quarter worth $490,000. Royce & Associates LP boosted 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 worth $9,412,000 after purchasing an additional 145,471 shares in the last quarter. Finally, Empowered Funds LLC boosted 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 worth $4,988,000 after purchasing an additional 12,998 shares in the last quarter. 58.62% of the stock is currently owned by hedge funds and other institutional investors.

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.