Insider Selling: Genco Shipping & Trading (NYSE:GNK) Insider Sells 34,202 Shares of Stock

Key Points

• Insider Jesper Christensen of Genco Shipping & Trading sold 34,202 shares at an average price of $18.06, reducing their ownership by 33.02%.
• The company reported a loss of ($0.14) earnings per share for the last quarter, slightly better than expectations, alongside a year-over-year revenue decline of 24.4%.
• Genco Shipping & Trading has a dividend payout ratio of 176.47%, with a quarterly dividend recently set at $0.15 per share, indicating a yield of 3.3%.

Genco Shipping & Trading Limited (NYSE:GNK - Get Free Report) insider Jesper Christensen sold 34,202 shares of the business's stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $18.06, for a total transaction of $617,688.12. Following the completion of the transaction, the insider owned 69,363 shares in the company, valued at approximately $1,252,695.78. This trade represents a 33.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Genco Shipping & Trading Price Performance

Shares of Genco Shipping & Trading stock traded up $0.01 during trading on Wednesday, reaching $17.97. The company's stock had a trading volume of 638,917 shares, compared to its average volume of 532,919. The stock has a 50-day moving average price of $16.09 and a two-hundred day moving average price of $14.32. Genco Shipping & Trading Limited has a one year low of $11.20 and a one year high of $19.51. The company has a current ratio of 1.63, a quick ratio of 1.20 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $771.86 million, a P/E ratio of 64.14 and a beta of 1.22.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last released its earnings results on Wednesday, August 6th. The shipping company reported ($0.14) earnings per share for the quarter, topping analysts' consensus estimates of ($0.15) by $0.01. The company had revenue of $46.90 million during the quarter, compared to the consensus estimate of $50.19 million. Genco Shipping & Trading had a return on equity of 1.40% and a net margin of 4.40%.The firm's quarterly revenue was down 24.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.46 earnings per share. As a group, sell-side analysts anticipate that Genco Shipping & Trading Limited will post 0.48 EPS for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Monday, August 18th were issued a dividend of $0.15 per share. The ex-dividend date was Monday, August 18th. This represents a $0.60 dividend on an annualized basis and a yield of 3.3%. Genco Shipping & Trading's dividend payout ratio (DPR) is 176.47%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on GNK shares. Jefferies Financial Group reaffirmed a "buy" rating and issued a $19.00 target price on shares of Genco Shipping & Trading in a research note on Thursday, August 7th. Wall Street Zen cut Genco Shipping & Trading from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $18.00.

Institutional Investors Weigh In On Genco Shipping & Trading

Institutional investors have recently modified their holdings of the business. PNC Financial Services Group Inc. increased its position in Genco Shipping & Trading by 82.2% during the second quarter. PNC Financial Services Group Inc. now owns 1,942 shares of the shipping company's stock worth $25,000 after acquiring an additional 876 shares during the period. Signaturefd LLC raised its position in shares of Genco Shipping & Trading by 239.0% in the second quarter. Signaturefd LLC now owns 2,549 shares of the shipping company's stock valued at $33,000 after buying an additional 1,797 shares in the last quarter. Summit Securities Group LLC bought a new stake in shares of Genco Shipping & Trading in the first quarter valued at approximately $39,000. Farther Finance Advisors LLC grew its position in Genco Shipping & Trading by 303.3% during the second quarter. Farther Finance Advisors LLC now owns 3,275 shares of the shipping company's stock worth $43,000 after buying an additional 2,463 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in Genco Shipping & Trading by 1,119.1% during the 1st quarter. GAMMA Investing LLC now owns 4,462 shares of the shipping company's stock worth $60,000 after acquiring an additional 4,096 shares during the period. 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, bauxite, steel products, and other drybulk cargoes. It operates through the Major Bulk and Minor Bulk segments. The Major Bulk segment focuses on Capesize vessels. The Minor Bulk segment consists of Ultramax and Supramax vessels.

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