Genco Shipping & Trading (NYSE:GNK) Downgraded to “Sell” at StockNews.com

StockNews.com downgraded shares of Genco Shipping & Trading (NYSE:GNK) from a hold rating to a sell rating in a report released on Thursday.

Several other research analysts have also recently issued reports on GNK. BTIG Research reissued a neutral rating on shares of Genco Shipping & Trading in a research report on Friday, January 5th. TheStreet raised Genco Shipping & Trading from a c rating to a b- rating in a research report on Thursday, February 22nd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Hold and an average target price of $20.67.

Genco Shipping & Trading Stock Up 0.1 %

Genco Shipping & Trading stock opened at $20.29 on Thursday. The company has a quick ratio of 3.70, a current ratio of 4.46 and a debt-to-equity ratio of 0.21. Genco Shipping & Trading has a one year low of $12.39 and a one year high of $21.24. The business’s fifty day moving average is $19.83 and its 200 day moving average is $16.87.

Genco Shipping & Trading (NYSE:GNK) last announced its earnings results on Wednesday, February 21st. The shipping company reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.06. The business had revenue of $115.50 million for the quarter, compared to analysts’ expectations of $72.54 million. Genco Shipping & Trading had a positive return on equity of 3.10% and a negative net margin of 3.35%. The business’s revenue for the quarter was down 9.1% on a year-over-year basis. During the same period last year, the firm posted $0.67 earnings per share. Equities analysts anticipate that Genco Shipping & Trading will post 1.9 earnings per share for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 13th. Stockholders of record on Wednesday, March 6th were paid a $0.41 dividend. The ex-dividend date of this dividend was Tuesday, March 5th. This represents a $1.64 annualized dividend and a dividend yield of 8.08%. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.15. Genco Shipping & Trading’s dividend payout ratio (DPR) is -529.03%.

Insider Transactions at Genco Shipping & Trading

In other news, insider Jesper Christensen sold 12,404 shares of the firm’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $19.80, for a total value of $245,599.20. Following the transaction, the insider now owns 42,587 shares of the company’s stock, valued at $843,222.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Peter George Allen sold 7,036 shares of Genco Shipping & Trading stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $19.80, for a total transaction of $139,312.80. Following the sale, the chief financial officer now owns 35,518 shares of the company’s stock, valued at approximately $703,256.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jesper Christensen sold 12,404 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $19.80, for a total value of $245,599.20. Following the transaction, the insider now owns 42,587 shares of the company’s stock, valued at approximately $843,222.60. The disclosure for this sale can be found here. Insiders have sold 62,496 shares of company stock valued at $1,238,678 over the last quarter. 2.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Genco Shipping & Trading

Several institutional investors have recently added to or reduced their stakes in the company. Cowen AND Company LLC purchased a new position in shares of Genco Shipping & Trading in the 3rd quarter worth approximately $11,733,000. First Trust Advisors LP purchased a new position in shares of Genco Shipping & Trading in the 1st quarter worth approximately $10,469,000. Arrowstreet Capital Limited Partnership purchased a new position in shares of Genco Shipping & Trading in the 1st quarter worth approximately $6,915,000. Townsend & Associates Inc boosted its holdings in shares of Genco Shipping & Trading by 3,696.3% in the 4th quarter. Townsend & Associates Inc now owns 429,819 shares of the shipping company’s stock worth $7,926,000 after purchasing an additional 418,497 shares during the period. Finally, Balyasny Asset Management L.P. boosted its holdings in shares of Genco Shipping & Trading by 603.1% in the 1st quarter. Balyasny Asset Management L.P. now owns 423,084 shares of the shipping company’s stock worth $6,625,000 after purchasing an additional 362,914 shares during the period. Hedge funds and other institutional investors own 58.62% of the company’s stock.

About Genco Shipping & Trading

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of drybulk cargoes worldwide. The company owns and operates dry bulk vessels to transports iron ore, grains, coal, steel products, and other drybulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.