Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company owns and operates dry bulk carrier vessels to transports iron ore, coal, grains, steel products, and other dry-bulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities. As of December 31, 2021, the company fleet consisted of 44 dry bulk carriers, including 17 Capesize, 15 Ultramax, and 12 Supramax with an aggregate capacity of approximately 4,636,000 deadweight tons. Genco Shipping & Trading Limited was incorporated in 2004 and is headquartered in New York, New York.
Genco Shipping & Trading Stock Performance
GNK Stock opened at $17.64 on Monday. The company has a quick ratio of 1.81, a current ratio of 2.46 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $745.84 million, a price-to-earnings ratio of 3.18 and a beta of 0.91. Genco Shipping & Trading has a 12 month low of $13.21 and a 12 month high of $27.15. The firm has a 50 day moving average of $19.14 and a two-hundred day moving average of $20.62.
Genco Shipping & Trading Cuts Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 23rd. Shareholders of record on Tuesday, August 16th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 11.34%. The ex-dividend date is Monday, August 15th. Genco Shipping & Trading's dividend payout ratio (DPR) is 57.04%.
Analyst Ratings Changes
GNK has been the subject of several analyst reports. Jefferies Financial Group started coverage on Genco Shipping & Trading in a research note on Wednesday, July 20th. They issued a "buy" rating and a $25.00 price objective for the company. B. Riley raised their price objective on shares of Genco Shipping & Trading from $27.00 to $31.00 in a research report on Friday, May 6th. Alliance Global Partners initiated coverage on shares of Genco Shipping & Trading in a research report on Wednesday, August 3rd. They issued a "buy" rating and a $29.00 target price for the company. Clarkson Capital reissued a "buy" rating on shares of Genco Shipping & Trading in a research report on Tuesday, June 14th. Finally, StockNews.com cut shares of Genco Shipping & Trading from a "buy" rating to a "hold" rating in a research report on Friday, August 5th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, Genco Shipping & Trading has a consensus rating of "Moderate Buy" and an average price target of $28.20.
Insider Transactions at Genco Shipping & Trading
In related news, insider Robert E. Hughes sold 3,500 shares of the business's stock in a transaction on Tuesday, May 24th. The stock was sold at an average price of $24.79, for a total value of $86,765.00. Following the sale, the insider now owns 742 shares in the company, valued at approximately $18,394.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Robert E. Hughes sold 3,500 shares of Genco Shipping & Trading stock in a transaction dated Tuesday, May 24th. The stock was sold at an average price of $24.79, for a total transaction of $86,765.00. Following the sale, the insider now directly owns 742 shares of the company's stock, valued at $18,394.18. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Cayman Gp Ltd. Ccp II sold 25,000 shares of the company's stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $17.50, for a total value of $437,500.00. Following the completion of the transaction, the insider now directly owns 30,802 shares in the company, valued at approximately $539,035. The disclosure for this sale can be found here. Insiders have sold 173,575 shares of company stock valued at $4,171,336 in the last ninety days. Corporate insiders own 2.50% of the company's stock.