Genco Shipping & Trading (NYSE:GNK) Trading Up 2.1% - Time to Buy?

Shares of Genco Shipping & Trading Limited (NYSE:GNK - Get Free Report) traded up 2.1% during mid-day trading on Monday . The stock traded as high as $11.95 and last traded at $11.95. 99,598 shares traded hands during trading, a decline of 81% from the average session volume of 537,221 shares. The stock had previously closed at $11.70.

Analyst Upgrades and Downgrades

GNK has been the subject of several research analyst reports. StockNews.com cut Genco Shipping & Trading from a "buy" rating to a "hold" rating in a research note on Tuesday, December 17th. Pareto Securities upgraded shares of Genco Shipping & Trading to a "strong-buy" rating in a research note on Monday, March 31st. Finally, Jefferies Financial Group dropped 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 report on Thursday, February 20th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $23.00.

Genco Shipping & Trading Trading Up 10.0 %

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 business's fifty day simple moving average is $13.73 and its 200 day simple moving average is $15.09. The stock has a market cap of $563.98 million, a price-to-earnings ratio of 7.54, 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 posted 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). The business had revenue of $67.95 million during the quarter, compared to analyst estimates of $67.36 million. Genco Shipping & Trading had a net margin of 18.06% and a return on equity of 7.82%. On average, research analysts predict that Genco Shipping & Trading Limited will post 0.48 EPS for the current year.

Genco Shipping & Trading Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 11th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 9.10%. The ex-dividend date of this dividend was Tuesday, March 11th. Genco Shipping & Trading's payout ratio is 68.57%.

Insider Buying and Selling

In other Genco Shipping & Trading news, CAO Joseph Adamo sold 6,226 shares of the firm's stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $13.96, for a total value of $86,914.96. Following the sale, the chief accounting officer now owns 26,829 shares in the company, valued at approximately $374,532.84. This trade represents a 18.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jesper Christensen sold 13,602 shares of the business'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 transaction, the insider now owns 57,322 shares of the company's stock, valued at approximately $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 90 days, insiders have sold 28,812 shares of company stock valued at $402,216. Insiders own 2.50% of the company's stock.

Institutional Trading of Genco Shipping & Trading

Hedge funds have recently added to or reduced their stakes in the business. Verition Fund Management LLC acquired a new position in Genco Shipping & Trading during the 3rd quarter valued at about $257,000. State Street Corp increased its stake in shares of Genco Shipping & Trading by 1.0% during the third quarter. State Street Corp now owns 1,190,467 shares of the shipping company's stock valued at $23,214,000 after acquiring an additional 12,001 shares during the period. Y Intercept Hong Kong Ltd raised its holdings in Genco Shipping & Trading by 32.8% during the third quarter. Y Intercept Hong Kong Ltd now owns 33,996 shares of the shipping company's stock worth $663,000 after purchasing an additional 8,401 shares in the last quarter. Barclays PLC lifted its position in Genco Shipping & Trading by 499.7% in the third quarter. Barclays PLC now owns 103,387 shares of the shipping company's stock worth $2,016,000 after purchasing an additional 86,147 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Genco Shipping & Trading by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 980,097 shares of the shipping company's stock valued at $19,116,000 after purchasing an additional 11,151 shares in the last quarter. Institutional investors own 58.62% of the company's stock.

About Genco Shipping & Trading

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.