Pareto Securities Upgrades Genco Shipping & Trading (NYSE:GNK) to Strong-Buy

Pareto Securities upgraded shares of Genco Shipping & Trading (NYSE:GNK - Free Report) to a strong-buy rating in a research report released on Monday,Zacks.com reports.

A number of other brokerages have also commented on GNK. StockNews.com lowered shares of Genco Shipping & Trading from a "buy" rating to a "hold" rating in a research report on Tuesday, December 17th. Jefferies Financial Group cut their price target on Genco Shipping & Trading from $20.00 to $19.00 and set a "buy" rating for the company in a report on Thursday, February 20th. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $23.00.

Genco Shipping & Trading Stock Performance

GNK traded down $0.99 during midday trading on Monday, reaching $11.68. The company's stock had a trading volume of 1,176,776 shares, compared to its average volume of 538,736. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08. The company has a fifty day simple moving average of $14.05 and a 200 day simple moving average of $15.37. The stock has a market cap of $499.41 million, a P/E ratio of 6.67, a PEG ratio of 5.64 and a beta of 0.99. Genco Shipping & Trading has a twelve month low of $11.51 and a twelve month high of $23.43.

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Genco Shipping & Trading (NYSE:GNK - Get Free Report) last announced its quarterly earnings data 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 during the quarter, compared to analyst estimates of $67.36 million. Research analysts expect that Genco Shipping & Trading will post 0.48 earnings per share for the current year.

Genco Shipping & Trading Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders 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 yield of 10.27%. The ex-dividend date of this dividend was Tuesday, March 11th. Genco Shipping & Trading's payout ratio is 68.57%.

Insider Activity

In related news, CAO Joseph Adamo sold 6,226 shares of Genco Shipping & Trading stock in a transaction dated Monday, February 24th. The shares were 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 of the company's stock, valued at $374,532.84. This trade represents a 18.84 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jesper Christensen sold 13,602 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 $189,883.92. Following the sale, the insider now directly 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 ninety days, insiders have sold 28,812 shares of company stock worth $402,216. Company insiders own 2.08% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of GNK. LPL Financial LLC increased its holdings in Genco Shipping & Trading by 3.1% during the 4th quarter. LPL Financial LLC now owns 24,566 shares of the shipping company's stock valued at $342,000 after purchasing an additional 736 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of 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 buying an additional 924 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of Genco Shipping & Trading by 1.8% in the fourth quarter. Wells Fargo & Company MN now owns 57,506 shares of the shipping company's stock valued at $802,000 after buying an additional 1,040 shares during the last quarter. Legal & General Group Plc lifted its position in Genco Shipping & Trading by 3.9% during the 4th quarter. Legal & General Group Plc now owns 42,402 shares of the shipping company's stock worth $591,000 after buying an additional 1,607 shares in the last quarter. Finally, Rhumbline Advisers grew its holdings in Genco Shipping & Trading by 2.7% during the 4th 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. 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.