Jesper Christensen Sells 34,202 Shares of Genco Shipping & Trading (NYSE:GNK) 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 firm's stock in a transaction on Monday, September 8th. The stock was sold at an average price of $18.06, for a total transaction of $617,688.12. Following the completion of the transaction, the insider directly owned 69,363 shares of the company's stock, valued at approximately $1,252,695.78. This represents a 33.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Genco Shipping & Trading Stock Performance

Shares of NYSE GNK traded up $0.20 during midday trading on Monday, reaching $18.22. The company had a trading volume of 1,703,666 shares, compared to its average volume of 534,329. The business's 50-day simple moving average is $16.34 and its 200 day simple moving average is $14.40. The stock has a market cap of $782.73 million, a P/E ratio of 53.59 and a beta of 1.22. Genco Shipping & Trading Limited has a 1 year low of $11.20 and a 1 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.

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

Genco Shipping & Trading Cuts Dividend

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. increased its holdings in Genco Shipping & Trading by 82.2% in the second quarter. PNC Financial Services Group Inc. now owns 1,942 shares of the shipping company's stock valued at $25,000 after buying an additional 876 shares in the last quarter. Signaturefd LLC increased its holdings in 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 purchased a new position in Genco Shipping & Trading in the first quarter valued at $39,000. Farther Finance Advisors LLC increased its holdings in Genco Shipping & Trading by 303.3% in the second quarter. Farther Finance Advisors LLC now owns 3,275 shares of the shipping company's stock valued at $43,000 after buying an additional 2,463 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in Genco Shipping & Trading by 1,119.1% in the first 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 in the last quarter. Hedge funds and other institutional investors own 58.62% of the company's stock.

Analyst Upgrades and Downgrades

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

About Genco Shipping & Trading

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.