Genco Shipping & Trading (NYSE:GNK) Hits New 52-Week Low - What's Next?

Genco Shipping & Trading Limited (NYSE:GNK - Get Free Report)'s stock price reached a new 52-week low on Wednesday . The company traded as low as $13.35 and last traded at $13.29, with a volume of 24668 shares trading hands. The stock had previously closed at $13.46.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. StockNews.com downgraded Genco Shipping & Trading from a "buy" rating to a "hold" rating in a report on Tuesday, December 17th. Jefferies Financial Group cut their price target on shares of Genco Shipping & Trading from $20.00 to $19.00 and set a "buy" rating on the stock in a report on Thursday, February 20th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, Genco Shipping & Trading currently has an average rating of "Moderate Buy" and an average price target of $23.00.

Genco Shipping & Trading Price Performance

The stock's fifty day moving average is $14.18 and its 200-day moving average is $15.52. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.09 and a quick ratio of 2.49. The stock has a market capitalization of $572.32 million, a P/E ratio of 7.65, a PEG ratio of 5.64 and a beta of 0.99.

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

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Genco Shipping & Trading Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 11th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 8.97%. The ex-dividend date was Tuesday, March 11th. Genco Shipping & Trading's payout ratio is 68.57%.

Insider Buying and Selling

In other Genco Shipping & Trading news, insider Jesper Christensen sold 13,602 shares of the firm's stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $13.96, for a total value of $189,883.92. Following the sale, the insider now owns 57,322 shares of the company's stock, valued at $800,215.12. This trade represents a 19.18 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Joseph Adamo sold 6,226 shares of the company's stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $13.96, for a total value of $86,914.96. Following the transaction, the chief accounting officer now owns 26,829 shares of the company's stock, valued at approximately $374,532.84. This trade represents a 18.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 28,812 shares of company stock valued at $402,216. Company insiders own 2.50% of the company's stock.

Hedge Funds Weigh In On Genco Shipping & Trading

Large investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its stake in Genco Shipping & Trading by 70.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 530,523 shares of the shipping company's stock worth $10,345,000 after buying an additional 219,907 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Genco Shipping & Trading by 155.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 285,091 shares of the shipping company's stock worth $5,559,000 after acquiring an additional 173,270 shares during the period. Barclays PLC boosted its position in shares of Genco Shipping & Trading by 499.7% during the 3rd quarter. Barclays PLC now owns 103,387 shares of the shipping company's stock valued at $2,016,000 after acquiring an additional 86,147 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in Genco Shipping & Trading by 51.9% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 65,355 shares of the shipping company's stock valued at $911,000 after acquiring an additional 22,316 shares during the period. Finally, Townsend & Associates Inc raised its position in Genco Shipping & Trading by 2.2% in the fourth quarter. Townsend & Associates Inc now owns 1,071,959 shares of the shipping company's stock worth $15,318,000 after purchasing an additional 23,101 shares in the last quarter. Institutional investors and hedge funds 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.