Genco Shipping & Trading (NYSE:GNK) Shares Gap Up - Here's What Happened

Genco Shipping & Trading Limited (NYSE:GNK - Get Free Report)'s share price gapped up prior to trading on Friday . The stock had previously closed at $11.99, but opened at $12.60. Genco Shipping & Trading shares last traded at $12.88, with a volume of 126,665 shares traded.

Analysts Set New Price Targets

GNK has been the subject of several recent analyst reports. StockNews.com lowered shares of Genco Shipping & Trading from a "buy" rating to a "hold" rating in a report on Tuesday, December 17th. Jefferies Financial Group decreased their price objective on Genco Shipping & Trading from $20.00 to $19.00 and set a "buy" rating on the stock in a report on Thursday, February 20th. Finally, Pareto Securities upgraded Genco Shipping & Trading to a "strong-buy" rating in a research note on Monday, March 31st. 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 stock. According to MarketBeat, Genco Shipping & Trading currently has a consensus rating of "Moderate Buy" and an average price target of $23.00.

Genco Shipping & Trading Price Performance

The company's fifty day moving average is $13.65 and its 200 day moving average is $15.00. The company has a quick ratio of 2.49, a current ratio of 3.09 and a debt-to-equity ratio of 0.08. The stock has a market cap of $533.19 million, a PE ratio of 7.13, a price-to-earnings-growth ratio of 5.64 and a beta of 0.96.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last released 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 return on equity of 7.82% and a net margin of 18.06%. As a group, sell-side analysts anticipate that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 11th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 9.62%. The ex-dividend date was Tuesday, March 11th. Genco Shipping & Trading's dividend payout ratio is presently 68.57%.

Insider Buying and Selling at Genco Shipping & Trading

In other Genco Shipping & Trading news, insider Jesper Christensen sold 13,602 shares of the firm'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 completion of the sale, the insider now directly owns 57,322 shares in the company, valued at approximately $800,215.12. This trade represents a 19.18 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Joseph Adamo sold 6,226 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 value of $86,914.96. Following the completion of the transaction, the chief accounting officer now directly owns 26,829 shares in the company, valued at approximately $374,532.84. The trade was a 18.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 28,812 shares of company stock worth $402,216. 2.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Banque Transatlantique SA bought a new stake in shares of Genco Shipping & Trading during the fourth quarter valued at approximately $28,000. R Squared Ltd acquired a new stake in shares of Genco Shipping & Trading during the fourth quarter worth $29,000. New Age Alpha Advisors LLC bought a new stake in Genco Shipping & Trading in the 4th quarter valued at approximately $56,000. GAMMA Investing LLC increased its stake in Genco Shipping & Trading by 1,119.1% in the 1st quarter. GAMMA Investing LLC now owns 4,462 shares of the shipping company's stock valued at $60,000 after buying an additional 4,096 shares during the last quarter. Finally, Mariner LLC acquired a new stake in shares of Genco Shipping & Trading in the 4th quarter valued at approximately $147,000. Institutional investors and hedge funds 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.