Genco Shipping & Trading (NYSE:GNK) Shares Down 2.9% - Here's What Happened

Genco Shipping & Trading Limited (NYSE:GNK - Get Free Report) dropped 2.9% during mid-day trading on Monday . The stock traded as low as $12.68 and last traded at $12.81. Approximately 101,880 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 549,101 shares. The stock had previously closed at $13.19.

Analysts Set New Price Targets

A number of brokerages have recently commented on GNK. Pareto Securities upgraded shares of Genco Shipping & Trading to a "strong-buy" rating in a report on Monday, March 31st. Jefferies Financial Group reduced their price target on Genco Shipping & Trading from $20.00 to $19.00 and set a "buy" rating on the stock in a research report 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 company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $23.00.

Genco Shipping & Trading Price Performance

The business's 50-day moving average price is $13.53 and its 200 day moving average price is $14.89. The company has a quick ratio of 2.49, a current ratio of 3.09 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $540.21 million, a P/E ratio of 7.19, a price-to-earnings-growth ratio of 5.64 and a beta of 0.96.

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 for the quarter, missing the consensus estimate of $0.56 by ($0.27). The business had revenue of $67.95 million during the quarter, compared to analysts' expectations of $67.36 million. Genco Shipping & Trading had a net margin of 18.06% and a return on equity of 7.82%. Analysts anticipate that Genco Shipping & Trading Limited will post 0.48 EPS for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 11th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 9.54%. The ex-dividend date of this dividend was Tuesday, March 11th. Genco Shipping & Trading's dividend payout ratio is currently 68.57%.

Insider Activity at Genco Shipping & Trading

In other Genco Shipping & Trading news, CFO Peter George Allen sold 8,984 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 transaction of $125,416.64. Following the completion of the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Joseph Adamo sold 6,226 shares of the firm's stock in a transaction 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 completion of the sale, the chief accounting officer now directly owns 26,829 shares of the company's stock, valued at $374,532.84. The trade was a 18.84 % decrease in their position. 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 90 days. 2.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Banque Transatlantique SA purchased a new position in shares of Genco Shipping & Trading during the fourth quarter valued at about $28,000. R Squared Ltd bought a new position in shares of Genco Shipping & Trading in the 4th quarter worth approximately $29,000. New Age Alpha Advisors LLC purchased a new position in shares of Genco Shipping & Trading in the 4th quarter valued at approximately $56,000. GAMMA Investing LLC boosted its position in shares of Genco Shipping & Trading by 1,119.1% during the first quarter. GAMMA Investing LLC now owns 4,462 shares of the shipping company's stock valued at $60,000 after purchasing an additional 4,096 shares in the last quarter. Finally, Randolph Co Inc purchased a new stake in Genco Shipping & Trading in the first quarter worth $134,000. 58.62% of the stock is currently owned by institutional investors.

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.