Genco Shipping & Trading (NYSE:GNK) Hits New 12-Month Low - Time to Sell?

Genco Shipping & Trading Limited (NYSE:GNK - Get Free Report) shares hit a new 52-week low on Thursday . The stock traded as low as $13.01 and last traded at $13.16, with a volume of 206799 shares trading hands. The stock had previously closed at $13.53.

Analysts Set New Price Targets

A number of research firms recently commented on GNK. StockNews.com cut shares of Genco Shipping & Trading from a "buy" rating to a "hold" rating in a research note on Tuesday, December 17th. Pareto Securities raised Genco Shipping & Trading to a "strong-buy" rating in a research note on Monday, March 31st. Finally, Jefferies Financial Group decreased their price target on Genco Shipping & Trading from $20.00 to $19.00 and set a "buy" rating for the company in a research note on Thursday, February 20th. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Genco Shipping & Trading currently has an average rating of "Moderate Buy" and a consensus target price of $23.00.

Genco Shipping & Trading Price Performance

The company has a market capitalization of $494.50 million, a PE ratio of 6.56, a P/E/G ratio of 5.64 and a beta of 0.96. The firm has a fifty day simple moving average of $14.01 and a 200 day simple moving average of $15.31. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.49 and a current ratio of 3.09.

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Genco Shipping & Trading (NYSE:GNK - Get Free Report) last announced its quarterly earnings results on Wednesday, February 19th. The shipping company reported $0.29 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.27). Genco Shipping & Trading had a net margin of 18.06% and a return on equity of 7.82%. The firm had revenue of $67.95 million for the quarter, compared to analysts' expectations of $67.36 million. Equities analysts anticipate that Genco Shipping & Trading Limited will post 0.48 EPS for the current year.

Genco Shipping & Trading Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 11th were paid a dividend of $0.30 per share. The ex-dividend date was Tuesday, March 11th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 10.38%. Genco Shipping & Trading's dividend payout ratio is presently 68.57%.

Insider Activity at Genco Shipping & Trading

In related news, CFO Peter George Allen sold 8,984 shares of the stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $13.96, for a total transaction of $125,416.64. Following the completion of the sale, the chief financial officer now owns 45,251 shares of the company's stock, valued at $631,703.96. This represents a 16.56 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Joseph Adamo sold 6,226 shares of Genco Shipping & Trading stock in a transaction on Monday, February 24th. The stock was sold at an average price of $13.96, for a total transaction of $86,914.96. Following the completion of the transaction, the chief accounting officer now directly owns 26,829 shares in the company, valued at $374,532.84. This represents a 18.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,812 shares of company stock valued at $402,216 over the last ninety days. 2.50% of the stock is owned by company insiders.

Institutional Trading of Genco Shipping & Trading

Several hedge funds and other institutional investors have recently made changes to their positions in GNK. Charles Schwab Investment Management Inc. increased its position in Genco Shipping & Trading by 70.8% during 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 buying an additional 219,907 shares in the last quarter. Verition Fund Management LLC purchased a new stake in shares of Genco Shipping & Trading during the third quarter worth about $257,000. Point72 Asset Management L.P. increased its holdings in shares of Genco Shipping & Trading by 39.0% during the third quarter. Point72 Asset Management L.P. now owns 25,439 shares of the shipping company's stock valued at $496,000 after acquiring an additional 7,139 shares in the last quarter. Quarry LP raised its position in shares of Genco Shipping & Trading by 535.8% in the 3rd quarter. Quarry LP now owns 4,266 shares of the shipping company's stock valued at $83,000 after purchasing an additional 3,595 shares during the last quarter. Finally, State Street Corp boosted its stake in Genco Shipping & Trading by 1.0% in the 3rd quarter. State Street Corp now owns 1,190,467 shares of the shipping company's stock worth $23,214,000 after purchasing an additional 12,001 shares in the last quarter. Hedge funds and other institutional investors own 58.62% of the company's stock.

Genco Shipping & Trading Company Profile

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.