Genco Shipping & Trading Limited (NYSE:GNK) CAO Joseph Adamo Sells 6,226 Shares of Stock

Genco Shipping & Trading Limited (NYSE:GNK) 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 value of $86,914.96. Following the sale, the chief accounting officer now directly owns 26,829 shares in the company, valued at $374,532.84. This trade represents a 18.84 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Genco Shipping & Trading Trading Up 2.1 %

Shares of Genco Shipping & Trading stock opened at $14.18 on Wednesday. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.09 and a quick ratio of 2.49. Genco Shipping & Trading Limited has a 1 year low of $13.51 and a 1 year high of $23.43. The company has a market capitalization of $606.09 million, a P/E ratio of 8.10, a P/E/G ratio of 5.64 and a beta of 0.97. The business has a 50 day moving average price of $14.29 and a 200 day moving average price of $16.05.

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 net margin of 18.06% and a return on equity of 7.82%. Sell-side analysts anticipate that Genco Shipping & Trading Limited will post 0.48 EPS for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 11th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, March 11th. This represents a $1.20 annualized dividend and a yield of 8.47%. Genco Shipping & Trading’s dividend payout ratio (DPR) is presently 68.57%.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Pekin Hardy Strauss Inc. acquired a new position in Genco Shipping & Trading in the 3rd quarter valued at $812,000. Charles Schwab Investment Management Inc. raised 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 acquiring an additional 219,907 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Genco Shipping & Trading by 155.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 285,091 shares of the shipping company’s stock valued at $5,559,000 after acquiring an additional 173,270 shares during the last quarter. Barclays PLC increased its holdings in shares of 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 buying an additional 86,147 shares during the last quarter. Finally, Petrus Trust Company LTA acquired a new stake in shares of Genco Shipping & Trading during the 3rd quarter worth $661,000. 58.62% of the stock is currently owned by institutional investors and hedge funds.

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.