Genco Shipping & Trading (NYSE:GNK) Sets New 1-Year High – Should You Buy?

Shares of Genco Shipping & Trading Limited (NYSE:GNK) reached a new 52-week high on Monday . The stock traded as high as $24.21 and last traded at $24.0710, with a volume of 50486 shares traded. The stock had previously closed at $24.05.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Weiss Ratings reissued a “hold (c-)” rating on shares of Genco Shipping & Trading in a report on Monday, December 29th. Wall Street Zen lowered shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a report on Sunday, December 14th. Zacks Research raised shares of Genco Shipping & Trading from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, February 17th. Finally, Alliance Global Partners cut shares of Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a research note on Thursday, February 19th. Three analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $21.00.

Genco Shipping & Trading Trading Down 2.2%

The stock has a market cap of $1.04 billion, a P/E ratio of -217.34, a price-to-earnings-growth ratio of 5.60 and a beta of 1.14. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.84 and a current ratio of 2.39. The firm’s fifty day simple moving average is $20.71 and its 200-day simple moving average is $18.66.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings data on Tuesday, February 17th. The shipping company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.04. Genco Shipping & Trading had a negative net margin of 1.28% and a negative return on equity of 0.12%. The company had revenue of $109.92 million during the quarter, compared to analysts’ expectations of $78.52 million. During the same period in the prior year, the company posted $0.29 earnings per share. Genco Shipping & Trading’s revenue for the quarter was up 10.8% compared to the same quarter last year. Equities research analysts expect that Genco Shipping & Trading Limited will post 0.48 EPS 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. Stockholders of record on Wednesday, March 11th will be given a $0.50 dividend. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Wednesday, March 11th. This represents a $2.00 annualized dividend and a dividend yield of 8.4%. Genco Shipping & Trading’s dividend payout ratio is -545.45%.

Insider Activity at Genco Shipping & Trading

In other Genco Shipping & Trading news, insider Jesper Christensen sold 18,450 shares of the stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $23.66, for a total transaction of $436,527.00. Following the transaction, the insider directly owned 98,299 shares in the company, valued at approximately $2,325,754.34. This represents a 15.80% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Peter George Allen sold 13,315 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $23.66, for a total transaction of $315,032.90. Following the sale, the chief financial officer directly owned 66,702 shares of the company’s stock, valued at approximately $1,578,169.32. This trade represents a 16.64% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 55,824 shares of company stock worth $1,313,949 in the last 90 days. Corporate insiders own 2.08% of the company’s stock.

Institutional Investors Weigh In On Genco Shipping & Trading

A number of large investors have recently bought and sold shares of the stock. SG Americas Securities LLC grew its holdings in Genco Shipping & Trading by 0.3% during the second quarter. SG Americas Securities LLC now owns 218,684 shares of the shipping company’s stock worth $2,858,000 after buying an additional 617 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Genco Shipping & Trading by 2.3% during the third quarter. Bank of America Corp DE now owns 34,970 shares of the shipping company’s stock valued at $622,000 after purchasing an additional 779 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in Genco Shipping & Trading by 82.2% during the second quarter. PNC Financial Services Group Inc. now owns 1,942 shares of the shipping company’s stock worth $25,000 after purchasing an additional 876 shares during the last quarter. Invesco Ltd. increased its stake in Genco Shipping & Trading by 0.8% in the 4th quarter. Invesco Ltd. now owns 125,535 shares of the shipping company’s stock valued at $2,314,000 after buying an additional 935 shares during the last quarter. Finally, CWM LLC lifted its position in shares of Genco Shipping & Trading by 61.4% during the 3rd quarter. CWM LLC now owns 2,843 shares of the shipping company’s stock worth $51,000 after buying an additional 1,082 shares in the last quarter. 58.62% of the stock is currently owned by institutional investors and hedge funds.

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.