Genco Shipping & Trading (NYSE:GNK) Sets New 52-Week Low – What’s Next?

Genco Shipping & Trading Limited (NYSE:GNK) shares 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 trading hands. The stock had previously closed at $13.46.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. 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 report on Thursday, February 20th. StockNews.com downgraded shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Tuesday, December 17th. 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 target price of $23.00.

Genco Shipping & Trading Stock Performance

The business has a 50 day moving average of $14.24 and a 200-day moving average of $15.58. The company 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 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 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). 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 the consensus estimate of $67.36 million. On average, sell-side analysts predict that Genco Shipping & Trading Limited will post 0.48 EPS for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 11th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 9.08%. The ex-dividend date of this dividend was Tuesday, March 11th. Genco Shipping & Trading’s dividend payout ratio is presently 68.57%.

Insider Activity

In other Genco Shipping & Trading news, CFO Peter George Allen sold 8,984 shares of Genco Shipping & Trading stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $13.96, for a total transaction of $125,416.64. Following the completion of the sale, the chief financial officer now directly owns 45,251 shares in the company, valued at $631,703.96. The trade was a 16.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Joseph Adamo sold 6,226 shares of the business’s 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 $86,914.96. Following the completion of the transaction, 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 disclosure for this sale can be found here. Insiders sold 28,812 shares of company stock worth $402,216 in the last three months. Corporate insiders own 2.50% of the company’s stock.

Institutional Trading of Genco Shipping & Trading

A number of hedge funds have recently made changes to their positions in the stock. LPL Financial LLC raised its position in Genco Shipping & Trading by 3.1% during the fourth quarter. LPL Financial LLC now owns 24,566 shares of the shipping company’s stock valued at $342,000 after purchasing an additional 736 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Genco Shipping & Trading by 4.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,001 shares of the shipping company’s stock valued at $335,000 after buying an additional 924 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of Genco Shipping & Trading by 1.8% during the 4th quarter. Wells Fargo & Company MN now owns 57,506 shares of the shipping company’s stock valued at $802,000 after buying an additional 1,040 shares in the last quarter. Legal & General Group Plc lifted its position in Genco Shipping & Trading by 3.9% in the 4th quarter. Legal & General Group Plc now owns 42,402 shares of the shipping company’s stock worth $591,000 after buying an additional 1,607 shares during the last quarter. Finally, Rhumbline Advisers boosted its stake in Genco Shipping & Trading by 2.7% in the fourth quarter. Rhumbline Advisers now owns 68,136 shares of the shipping company’s stock worth $950,000 after buying an additional 1,800 shares in the last quarter. 58.62% of the stock is owned by 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.