Genco Shipping & Trading Limited (NYSE:GNK) Sees Large Decline in Short Interest

Genco Shipping & Trading Limited (NYSE:GNK - Get Free Report) was the target of a large drop in short interest in the month of February. As of February 15th, there was short interest totalling 864,100 shares, a drop of 12.2% from the January 31st total of 984,400 shares. Currently, 2.1% of the company's stock are sold short. Based on an average trading volume of 484,300 shares, the days-to-cover ratio is presently 1.8 days.

Genco Shipping & Trading Stock Performance

Shares of GNK stock traded down $0.47 during mid-day trading on Monday, reaching $13.83. The stock had a trading volume of 1,148,281 shares, compared to its average volume of 585,512. Genco Shipping & Trading has a 1-year low of $13.51 and a 1-year high of $23.43. The firm has a market cap of $591.13 million, a price-to-earnings ratio of 7.90, a PEG ratio of 5.64 and a beta of 0.99. 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 business's fifty day moving average is $14.34 and its 200-day moving average is $15.87.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last issued 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). Genco Shipping & Trading had a return on equity of 7.82% and a net margin of 18.06%. The business had revenue of $67.95 million during the quarter, compared to analyst estimates of $67.36 million. On average, research analysts forecast that Genco Shipping & Trading will post 0.48 earnings per share for the current year.

Remove Ads

Genco Shipping & Trading Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 18th. Investors of record on Tuesday, March 11th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, March 11th. This represents a $1.20 dividend on an annualized basis and a yield of 8.68%. Genco Shipping & Trading's dividend payout ratio is presently 68.57%.

Insider Activity

In other news, CAO Joseph Adamo sold 6,226 shares of Genco Shipping & Trading 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 transaction, the chief accounting officer now 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Peter George Allen sold 8,984 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 transaction of $125,416.64. Following the transaction, the chief financial officer now owns 45,251 shares of the company's stock, valued at approximately $631,703.96. This trade represents a 16.56 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,812 shares of company stock worth $402,216. 2.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Genco Shipping & Trading

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP lifted its holdings in shares of Genco Shipping & Trading by 0.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,838,759 shares of the shipping company's stock valued at $39,572,000 after buying an additional 10,193 shares during the period. American Century Companies Inc. lifted its holdings in Genco Shipping & Trading by 8.9% in the fourth quarter. American Century Companies Inc. now owns 1,361,597 shares of the shipping company's stock valued at $18,981,000 after acquiring an additional 111,564 shares during the period. State Street Corp boosted its position in Genco Shipping & Trading by 1.0% in the 3rd quarter. State Street Corp now owns 1,190,467 shares of the shipping company's stock worth $23,214,000 after purchasing an additional 12,001 shares in the last quarter. Townsend & Associates Inc grew its stake in shares of Genco Shipping & Trading by 2.2% during the 4th 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 during the period. Finally, Geode Capital Management LLC grew its stake in shares of Genco Shipping & Trading by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 990,357 shares of the shipping company's stock worth $13,809,000 after purchasing an additional 10,260 shares during the period. 58.62% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on GNK shares. Jefferies Financial Group reduced their target price 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. StockNews.com downgraded shares of Genco Shipping & Trading from a "buy" rating to a "hold" rating in a report on Tuesday, December 17th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $23.00.

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.