Genco Shipping & Trading Limited (NYSE: GNK – Get a rating) insider Robert E. Hughes sold 3,500 shares of the company in a trade on Tuesday, May 24. The shares were sold at an average price of $24.79, for a total transaction of $86,765.00. As a result of the sale, the insider now owns 742 shares of the company, valued at approximately $18,394.18. The transaction was disclosed in a document filed with the SEC, accessible via this link.
GNK Stock traded at $0.36 in the midday session on Wednesday, reaching $24.89. The stock recorded a trading volume of 1,451,099 shares, compared to an average volume of 1,065,943 shares. Genco Shipping & Trading Limited has a 52 week low of $13.21 and a 52 week high of $26.00. The company has a debt ratio of 0.20, a current ratio of 2.78 and a quick ratio of 2.16. The company has a 50-day moving average of $22.71 and a two-hundred-day moving average of $18.71. The company has a market capitalization of $1.05 billion, a price-earnings ratio of 4.80 and a beta of 0.85.
Genco Shipping and Trading (NYSE: GNK – Get a rating) last announced its results on Thursday, February 24. The shipping company reported earnings per share of $1.99 for the quarter, beating consensus analyst estimates of $1.89 by $0.10. Genco Shipping & Trading posted a net margin of 37.21% and a return on equity of 25.50%. The company posted revenue of $146.67 million in the quarter, versus a consensus estimate of $129.28 million. In the same quarter last year, the company earned $0.22 per share. Research analysts expect Genco Shipping & Trading Limited to post earnings per share of 4.73 for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 24. Shareholders of record on Monday, May 16 received a dividend of $0.79 per share. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.67. The ex-dividend date was Friday, May 13. This represents a dividend of $3.16 on an annualized basis and a yield of 12.70%. Genco Shipping & Trading’s distribution rate is currently 60.89%.
Several analysts have recently weighed in on GNK shares. Zacks Investment Research downgraded Genco Shipping & Trading from a “buy” rating to a “hold” rating in a Tuesday, April 26 research report. StockNews.com moved Genco Shipping & Trading shares from a “hold” rating to a “buy” rating in a Wednesday, May 18 research note. TheStreet upgraded Genco Shipping & Trading from a ‘c’ to a ‘b-‘ rating in a Wednesday, February 2 research note. B. Riley raised his price target on Genco Shipping & Trading from $27.00 to $31.00 in a Friday, May 6 research note. Finally, Jefferies Financial Group assumed coverage for Genco Shipping & Trading shares in a Wednesday, April 27 research note. They issued a “buy” rating for the company. One research analyst gave the stock a hold rating and four gave the company a buy rating. Based on data from MarketBeat, Genco Shipping & Trading currently has an average rating of “Buy” and a consensus target price of $27.00.
Institutional investors have recently increased or reduced their stake in the company. BlackRock Inc. raised its position in shares of Genco Shipping & Trading by 2.9% in the fourth quarter. BlackRock Inc. now owns 2,401,373 shares of the shipping company worth $38,422,000 after buying an additional 67,898 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Genco Shipping & Trading by 9.4% in the first quarter. Dimensional Fund Advisors LP now owns 1,916,725 shares of the transportation company worth $45,272,000 after buying 164,117 additional shares in the last quarter. State Street Corp increased its stake in shares of Genco Shipping & Trading by 62.7% in the fourth quarter. State Street Corp now owns 1,766,568 shares of the shipping company worth $28,265,000 after buying an additional 680,853 shares last quarter. Millennium Management LLC increased its stake in shares of Genco Shipping & Trading by 21.3% in the fourth quarter. Millennium Management LLC now owns 1,181,560 shares of the shipping company worth $18,905,000 after purchasing an additional 207,637 shares last quarter. Finally, Loomis Sayles & Co. LP increased its stake in shares of Genco Shipping & Trading by 7.4% in the fourth quarter. Loomis Sayles & Co. LP now owns 1,145,733 shares of the shipping company worth $18,332,000 after buying an additional 79,385 shares last quarter. 75.90% of the shares are currently held by institutional investors and hedge funds.
Genco Shipping & Trading Company Profile (Get a rating)
Genco Shipping & Trading Limited, together with its subsidiaries, engages in the shipping of dry bulk cargoes worldwide. The Company owns and operates dry bulk carriers to transport iron ore, coal, grain, steel products and other dry bulk cargoes. It charters its vessels mainly to trading houses, including commodity traders; producers; and public entities.
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