Genco Shipping & Trading (NYSE:GNK) Shares Gap Up - Still a Buy?

Genco Shipping & Trading Limited (NYSE:GNK - Get Free Report) shares gapped up before the market opened on Friday . The stock had previously closed at $11.99, but opened at $12.60. Genco Shipping & Trading shares last traded at $12.88, with a volume of 126,665 shares changing hands.

Wall Street Analyst Weigh In

GNK has been the topic of several recent analyst reports. Pareto Securities raised shares of Genco Shipping & Trading to a "strong-buy" rating in a report on Monday, March 31st. Jefferies Financial Group lowered their target price on shares of 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. Finally, StockNews.com cut shares of Genco Shipping & Trading from a "buy" rating to a "hold" rating in a research report on Tuesday, December 17th. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $23.00.

Genco Shipping & Trading Stock Performance

The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.49 and a current ratio of 3.09. The stock has a fifty day simple moving average of $13.73 and a two-hundred day simple moving average of $15.06. The stock has a market capitalization of $546.02 million, a price-to-earnings ratio of 7.30, a P/E/G ratio of 5.64 and a beta of 0.96.

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

Genco Shipping & Trading Cuts Dividend

The company also recently announced 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 annualized dividend and a dividend yield of 9.40%. The ex-dividend date was Tuesday, March 11th. Genco Shipping & Trading's dividend payout ratio is currently 68.57%.

Insider Transactions at Genco Shipping & Trading

In other Genco Shipping & Trading news, CAO Joseph Adamo sold 6,226 shares of the company's stock in a transaction dated 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 sale, 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 sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Jesper Christensen sold 13,602 shares of Genco Shipping & Trading 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 in the company, valued at $800,215.12. This represents a 19.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,812 shares of company stock valued at $402,216. Company insiders own 2.50% of the company's stock.

Institutional Trading of Genco Shipping & Trading

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. LPL Financial LLC grew its stake in Genco Shipping & Trading by 3.1% in the 4th quarter. LPL Financial LLC now owns 24,566 shares of the shipping company's stock valued at $342,000 after buying an additional 736 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Genco Shipping & Trading by 4.0% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,001 shares of the shipping company's stock valued at $335,000 after acquiring an additional 924 shares during the period. Wells Fargo & Company MN increased its position in shares of Genco Shipping & Trading by 1.8% during the 4th quarter. Wells Fargo & Company MN now owns 57,506 shares of the shipping company's stock worth $802,000 after purchasing an additional 1,040 shares in the last quarter. Legal & General Group Plc boosted its holdings in shares of Genco Shipping & Trading by 3.9% in the 4th quarter. Legal & General Group Plc now owns 42,402 shares of the shipping company's stock worth $591,000 after acquiring an additional 1,607 shares in the last quarter. Finally, Rhumbline Advisers raised its stake in shares of Genco Shipping & Trading by 2.7% in the fourth quarter. Rhumbline Advisers now owns 68,136 shares of the shipping company's stock worth $950,000 after acquiring an additional 1,800 shares during the last quarter. 58.62% of the stock is owned by institutional investors and hedge funds.

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.