Genco Shipping & Trading (NYSE:GNK) Insider Sells $436,527.00 in Stock

Genco Shipping & Trading Limited (NYSE:GNK) insider Jesper Christensen sold 18,450 shares of the stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $23.66, for a total transaction of $436,527.00. Following the completion of the transaction, the insider owned 98,299 shares of the company’s stock, valued at $2,325,754.34. This represents a 15.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Jesper Christensen also recently made the following trade(s):

• On Wednesday, February 18th, Jesper Christensen sold 8,260 shares of Genco Shipping & Trading stock. The shares were sold at an average price of $23.27, for a total value of $192,210.20.

Genco Shipping & Trading Price Performance

Shares of GNK traded down $0.29 during midday trading on Monday, reaching $23.67. The stock had a trading volume of 885,568 shares, compared to its average volume of 378,540. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.39 and a quick ratio of 1.84. The company has a market capitalization of $1.03 billion, a P/E ratio of -215.18, a P/E/G ratio of 5.49 and a beta of 1.21. The firm’s 50 day moving average price is $20.05 and its 200-day moving average price is $18.35. Genco Shipping & Trading Limited has a 52 week low of $11.20 and a 52 week high of $24.10.

Genco Shipping & Trading (NYSE:GNK) last released its earnings results on Tuesday, February 17th. The shipping company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.04. The business had revenue of $109.92 million for the quarter, compared to the consensus estimate of $78.52 million. Genco Shipping & Trading had a negative net margin of 1.28% and a negative return on equity of 0.12%. The business’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.29 EPS. On average, analysts forecast that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Wednesday, March 11th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Wednesday, March 11th. This represents a $2.00 annualized dividend and a yield of 8.4%. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.15. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently -545.45%.

Institutional Investors Weigh In On Genco Shipping & Trading

Several large investors have recently made changes to their positions in GNK. PNC Financial Services Group Inc. increased its holdings in Genco Shipping & Trading by 82.2% in the second quarter. PNC Financial Services Group Inc. now owns 1,942 shares of the shipping company’s stock valued at $25,000 after purchasing an additional 876 shares during the period. Atlantic Union Bankshares Corp purchased a new position in Genco Shipping & Trading during the 3rd quarter valued at about $30,000. Advisory Services Network LLC purchased a new stake in Genco Shipping & Trading in the third quarter valued at approximately $30,000. Strengthening Families & Communities LLC bought a new stake in shares of Genco Shipping & Trading in the 4th quarter worth approximately $31,000. Finally, Kemnay Advisory Services Inc. purchased a new stake in Genco Shipping & Trading during the 4th quarter valued at $32,000. Institutional investors own 58.62% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Wall Street Zen cut Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research report on Sunday, December 14th. Weiss Ratings restated a “hold (c-)” rating on shares of Genco Shipping & Trading in a report on Monday, December 29th. Alliance Global Partners lowered shares of Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a research report on Thursday. Finally, Zacks Research upgraded Genco Shipping & Trading from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, February 17th. Three equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $21.00.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company’s fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco’s focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions.

In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety.