Genco Shipping & Trading (NYSE:GNK) Stock Passes Above 50-Day Moving Average – What’s Next?

Genco Shipping & Trading Limited (NYSE:GNK)’s stock price crossed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $23.44 and traded as high as $24.69. Genco Shipping & Trading shares last traded at $24.44, with a volume of 341,461 shares changing hands.

Analysts Set New Price Targets

Several brokerages have recently weighed in on GNK. Weiss Ratings upgraded Genco Shipping & Trading from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, May 8th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $29.00 price objective on shares of Genco Shipping & Trading in a research report on Friday, May 8th. Alliance Global Partners cut Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a research report on Thursday, February 19th. Finally, Zacks Research cut Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 30th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $23.67.

Genco Shipping & Trading Price Performance

The firm has a market capitalization of $1.07 billion, a PE ratio of 64.32, a PEG ratio of 3.55 and a beta of 0.97. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.98 and a quick ratio of 2.41. The firm has a 50-day simple moving average of $23.44 and a 200-day simple moving average of $20.96.

Genco Shipping & Trading (NYSE:GNK) last announced its earnings results on Wednesday, May 6th. The shipping company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.19. The business had revenue of $114.43 million for the quarter, compared to analysts’ expectations of $65.73 million. Genco Shipping & Trading had a return on equity of 2.49% and a net margin of 4.38%.The business’s revenue for the quarter was up 60.6% on a year-over-year basis. During the same period last year, the firm posted ($0.28) earnings per share. As a group, equities analysts forecast that Genco Shipping & Trading Limited will post 1.81 earnings per share for the current year.

Genco Shipping & Trading Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 26th. Shareholders of record on Monday, May 18th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 5.7%. The ex-dividend date of this dividend is Monday, May 18th. Genco Shipping & Trading’s dividend payout ratio (DPR) is presently 526.32%.

Insiders Place Their Bets

In other Genco Shipping & Trading news, CAO Joseph Adamo sold 6,340 shares of the firm’s stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $23.67, for a total value of $150,067.80. Following the transaction, the chief accounting officer directly owned 38,519 shares of the company’s stock, valued at approximately $911,744.73. This trade represents a 14.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Peter George Allen sold 13,315 shares of the firm’s stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $23.66, for a total value of $315,032.90. Following the completion of the transaction, the chief financial officer directly owned 66,702 shares in the company, valued at $1,578,169.32. The trade was a 16.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 55,824 shares of company stock valued at $1,313,949. Insiders own 2.08% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in GNK. Millennium Management LLC raised its stake in shares of Genco Shipping & Trading by 100.3% in the fourth quarter. Millennium Management LLC now owns 543,290 shares of the shipping company’s stock worth $10,013,000 after buying an additional 272,094 shares during the period. SG Americas Securities LLC raised its stake in shares of Genco Shipping & Trading by 364.8% in the first quarter. SG Americas Securities LLC now owns 307,663 shares of the shipping company’s stock worth $6,938,000 after buying an additional 241,471 shares during the period. Citigroup Inc. raised its stake in shares of Genco Shipping & Trading by 727.6% in the third quarter. Citigroup Inc. now owns 215,412 shares of the shipping company’s stock worth $3,834,000 after buying an additional 189,383 shares during the period. First Trust Advisors LP raised its stake in shares of Genco Shipping & Trading by 705.9% in the third quarter. First Trust Advisors LP now owns 133,631 shares of the shipping company’s stock worth $2,379,000 after buying an additional 117,049 shares during the period. Finally, Hsbc Holdings PLC bought a new position in shares of Genco Shipping & Trading in the first quarter worth about $2,552,000. Institutional investors own 58.62% of the company’s stock.

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.