Genco Shipping & Trading (NYSE:GNK) Sets New 1-Year High - What's Next?

Key Points

• Genco Shipping & Trading shares hit a new 52-week high on Monday, touching $26.39 before closing near $26.19, up about 1.1% on the session.
• The company reported strong quarterly earnings, posting $0.26 EPS versus the $0.07 consensus estimate and revenue of $114.43 million, well above expectations and up 60.6% year over year.
• Genco cut its dividend to $0.35 per share quarterly, implying a 5.3% annualized yield, while analysts remain mixed with a consensus rating of Hold and an average price target of $23.67.

Genco Shipping & Trading Limited (NYSE:GNK - Get Free Report)'s stock price hit a new 52-week high on Monday . The stock traded as high as $26.39 and last traded at $26.1850, with a volume of 71379 shares. The stock had previously closed at $25.91.

Wall Street Analyst Weigh In

A number of research firms recently commented on GNK. Zacks Research downgraded shares of Genco Shipping & Trading from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 30th. Alliance Global Partners cut shares of Genco Shipping & Trading from a "buy" rating to a "neutral" rating in a research report on Thursday, February 19th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $29.00 price objective on shares of Genco Shipping & Trading in a research note on Friday. Finally, Weiss Ratings raised Genco Shipping & Trading from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Genco Shipping & Trading currently has an average rating of "Hold" and a consensus price target of $23.67.

Genco Shipping & Trading Stock Up 1.1%

The business's fifty day moving average price is $23.21 and its 200 day moving average price is $20.49. The firm has a market capitalization of $1.14 billion, a price-to-earnings ratio of 68.94, a PEG ratio of 3.70 and a beta of 0.97. The company has a current ratio of 2.98, a quick ratio of 2.41 and a debt-to-equity ratio of 0.36.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The shipping company reported $0.26 earnings per share for the quarter, topping analysts' consensus estimates of $0.07 by $0.19. Genco Shipping & Trading had a net margin of 4.38% and a return on equity of 2.49%. The firm had revenue of $114.43 million during the quarter, compared to analysts' expectations of $65.73 million. During the same quarter in the prior year, the business earned ($0.28) EPS. Genco Shipping & Trading's quarterly revenue was up 60.6% compared to the same quarter last year. On average, equities analysts expect that Genco Shipping & Trading Limited will post 1.83 EPS for the current year.

Genco Shipping & Trading Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 26th. Stockholders of record on Monday, May 18th will be paid a dividend of $0.35 per share. The ex-dividend date is Monday, May 18th. This represents a $1.40 annualized dividend and a dividend yield of 5.3%. Genco Shipping & Trading's dividend payout ratio is 368.42%.

Insider Buying and Selling

In other Genco Shipping & Trading news, insider Jesper Christensen sold 18,450 shares of the stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $23.66, for a total transaction of $436,527.00. Following the completion of the sale, the insider directly owned 98,299 shares of the company's stock, valued at approximately $2,325,754.34. This trade represents a 15.80% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Peter George Allen sold 13,315 shares of the stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $23.66, for a total value of $315,032.90. Following the sale, the chief financial officer directly owned 66,702 shares of the company's stock, valued at $1,578,169.32. The trade was a 16.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 55,824 shares of company stock valued at $1,313,949 over the last quarter. 2.37% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Genco Shipping & Trading

Several large investors have recently modified their holdings of the stock. Millennium Management LLC grew its position in Genco Shipping & Trading by 100.3% in the 4th quarter. Millennium Management LLC now owns 543,290 shares of the shipping company's stock valued at $10,013,000 after buying an additional 272,094 shares during the last quarter. SG Americas Securities LLC raised its position in Genco Shipping & Trading by 364.8% during the 1st quarter. SG Americas Securities LLC now owns 307,663 shares of the shipping company's stock worth $6,938,000 after buying an additional 241,471 shares during the last quarter. Citigroup Inc. lifted its stake in shares of Genco Shipping & Trading by 727.6% in the 3rd quarter. Citigroup Inc. now owns 215,412 shares of the shipping company's stock worth $3,834,000 after acquiring an additional 189,383 shares during the period. First Trust Advisors LP boosted its holdings in shares of Genco Shipping & Trading by 705.9% in the third quarter. First Trust Advisors LP now owns 133,631 shares of the shipping company's stock valued at $2,379,000 after acquiring an additional 117,049 shares in the last quarter. Finally, Hsbc Holdings PLC purchased a new stake in shares of Genco Shipping & Trading in the first quarter valued at about $2,552,000. Hedge funds and other institutional investors own 58.62% of the company's stock.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company's fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco's focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions.

In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety.

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