Genco Shipping & Trading (NYSE:GNK) Reaches New 12-Month High at $21.31

Genco Shipping & Trading Limited (NYSE:GNK - Get Free Report) shares reached a new 52-week high on Tuesday . The stock traded as high as $21.31 and last traded at $21.30, with a volume of 190628 shares. The stock had previously closed at $20.80.

Wall Street Analysts Forecast Growth

GNK has been the topic of several research analyst reports. BTIG Research reaffirmed a "neutral" rating on shares of Genco Shipping & Trading in a research report on Friday, January 5th. Stifel Nicolaus raised their price objective on Genco Shipping & Trading from $22.00 to $23.00 and gave the stock a "buy" rating in a research note on Friday. TheStreet upgraded shares of Genco Shipping & Trading from a "c" rating to a "b-" rating in a research note on Thursday, February 22nd. Finally, StockNews.com downgraded shares of Genco Shipping & Trading from a "hold" rating to a "sell" rating in a research report on Thursday, April 18th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Genco Shipping & Trading currently has a consensus rating of "Hold" and a consensus price target of $21.00.

Genco Shipping & Trading Stock Performance

The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.70 and a current ratio of 4.46. The stock has a market capitalization of $902.88 million, a P/E ratio of -68.13 and a beta of 1.18. The stock has a 50 day moving average of $20.04 and a 200 day moving average of $17.07.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last issued its quarterly earnings data on Wednesday, February 21st. The shipping company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.06. Genco Shipping & Trading had a negative net margin of 3.35% and a positive return on equity of 3.10%. The firm had revenue of $115.50 million for the quarter, compared to the consensus estimate of $72.54 million. During the same period last year, the firm posted $0.67 EPS. Genco Shipping & Trading's quarterly revenue was down 9.1% compared to the same quarter last year. Equities analysts predict that Genco Shipping & Trading Limited will post 1.9 EPS for the current year.

Genco Shipping & Trading Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 13th. Investors of record on Wednesday, March 6th were issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 7.77%. This is a positive change from Genco Shipping & Trading's previous quarterly dividend of $0.15. The ex-dividend date was Tuesday, March 5th. Genco Shipping & Trading's dividend payout ratio is -529.03%.

Insider Buying and Selling at Genco Shipping & Trading

In other news, insider Jesper Christensen sold 12,404 shares of the stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $19.80, for a total value of $245,599.20. Following the completion of the transaction, the insider now owns 42,587 shares of the company's stock, valued at $843,222.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Genco Shipping & Trading news, insider Jesper Christensen sold 12,404 shares of the business's stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $19.80, for a total transaction of $245,599.20. Following the sale, the insider now directly owns 42,587 shares in the company, valued at approximately $843,222.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Joseph Adamo sold 6,000 shares of the stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $19.87, for a total transaction of $119,220.00. Following the completion of the transaction, the chief accounting officer now owns 17,202 shares of the company's stock, valued at $341,803.74. The disclosure for this sale can be found here. Insiders have sold 62,496 shares of company stock valued at $1,238,678 in the last quarter. Corporate insiders own 2.08% of the company's stock.

Institutional Trading of Genco Shipping & Trading

Institutional investors have recently modified their holdings of the company. PNC Financial Services Group Inc. boosted its holdings in Genco Shipping & Trading by 1,632.8% during the third quarter. PNC Financial Services Group Inc. now owns 2,270 shares of the shipping company's stock worth $32,000 after buying an additional 2,139 shares in the last quarter. Gladius Capital Management LP bought a new stake in shares of Genco Shipping & Trading during the 4th quarter worth $37,000. CWM LLC boosted its stake in shares of Genco Shipping & Trading by 550.0% during the 4th quarter. CWM LLC now owns 3,796 shares of the shipping company's stock worth $63,000 after acquiring an additional 3,212 shares in the last quarter. Mark Sheptoff Financial Planning LLC acquired a new position in shares of Genco Shipping & Trading in the 4th quarter worth $126,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Genco Shipping & Trading during the third quarter worth $137,000. Institutional investors and hedge funds own 58.62% of the company's stock.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of drybulk cargoes worldwide. The company owns and operates dry bulk vessels to transports iron ore, grains, coal, steel products, and other drybulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.