Genco Shipping & Trading (NYSE:GNK) Reaches New 12-Month Low – Here’s What Happened

Genco Shipping & Trading Limited (NYSE:GNK)’s share price reached a new 52-week low on Tuesday . The company traded as low as $13.50 and last traded at $13.54, with a volume of 39785 shares. The stock had previously closed at $13.52.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. StockNews.com lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Jefferies Financial Group lowered their price objective on shares of Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, February 20th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $23.00.

Genco Shipping & Trading Price Performance

The firm has a market capitalization of $572.10 million, a P/E ratio of 7.64, a P/E/G ratio of 5.64 and a beta of 0.99. The stock’s 50 day simple moving average is $14.34 and its 200 day simple moving average is $15.84. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.49 and a current ratio of 3.09.

Genco Shipping & Trading (NYSE:GNK) last issued 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 analyst estimates 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, 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. Investors of record on Tuesday, March 11th will be given 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 dividend yield of 8.97%. Genco Shipping & Trading’s dividend payout ratio (DPR) is presently 68.57%.

Insider Activity

In related news, CFO Peter George Allen sold 8,984 shares of Genco Shipping & Trading stock in a transaction on Monday, February 24th. The stock was 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 approximately $631,703.96. This trade represents a 16.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jesper Christensen sold 13,602 shares of the 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 completion of the transaction, the insider now directly owns 57,322 shares in the company, valued at $800,215.12. This trade represents a 19.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 28,812 shares of company stock worth $402,216 over the last three months. Insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Pekin Hardy Strauss Inc. acquired a new position in shares of Genco Shipping & Trading during the 3rd quarter worth $812,000. Charles Schwab Investment Management Inc. grew its holdings in 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 buying an additional 219,907 shares during the period. JPMorgan Chase & Co. raised its position in shares of Genco Shipping & Trading by 155.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 285,091 shares of the shipping company’s stock worth $5,559,000 after buying an additional 173,270 shares during the period. Barclays PLC increased 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 purchasing an additional 86,147 shares in the last quarter. Finally, Townsend & Associates Inc boosted its position in Genco Shipping & Trading by 2.2% during the 4th quarter. Townsend & Associates Inc now owns 1,071,959 shares of the shipping company’s stock worth $15,318,000 after purchasing an additional 23,101 shares during the period. 58.62% of the stock is 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.