Genco Shipping & Trading (NYSE:GNK) Stock Passes Below 50 Day Moving Average – Time to Sell?

Genco Shipping & Trading Limited (NYSE:GNK)’s share price passed below its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $15.57 and traded as low as $13.69. Genco Shipping & Trading shares last traded at $14.07, with a volume of 291,164 shares.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on GNK shares. StockNews.com lowered shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Stifel Nicolaus lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating and reduced their price objective for the company from $26.00 to $17.00 in a research report on Wednesday, October 23rd. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $25.00 target price on shares of Genco Shipping & Trading in a research report on Thursday, November 7th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $24.20.

Genco Shipping & Trading Stock Up 0.4 %

The stock has a market cap of $601.61 million, a P/E ratio of 8.96, a price-to-earnings-growth ratio of 0.23 and a beta of 0.99. The stock’s 50-day moving average is $15.57 and its 200-day moving average is $17.47. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08.

Genco Shipping & Trading (NYSE:GNK) last announced its earnings results on Wednesday, November 6th. The shipping company reported $0.41 EPS for the quarter, hitting the consensus estimate of $0.41. The firm had revenue of $99.33 million for the quarter, compared to analysts’ expectations of $72.02 million. Genco Shipping & Trading had a return on equity of 8.46% and a net margin of 15.63%. The firm’s quarterly revenue was up 19.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.09) earnings per share. As a group, research analysts anticipate that Genco Shipping & Trading Limited will post 1.74 earnings per share for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, November 25th. Stockholders of record on Monday, November 18th were issued a dividend of $0.40 per share. The ex-dividend date was Monday, November 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 11.37%. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.34. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently 101.91%.

Institutional Trading of Genco Shipping & Trading

Institutional investors and hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP increased its position in shares of Genco Shipping & Trading by 1.2% during the second quarter. Dimensional Fund Advisors LP now owns 2,869,297 shares of the shipping company’s stock valued at $61,145,000 after purchasing an additional 33,150 shares during the period. State Street Corp boosted its stake in Genco Shipping & Trading by 1.0% in the 3rd quarter. State Street Corp now owns 1,190,467 shares of the shipping company’s stock valued at $23,214,000 after buying an additional 12,001 shares in the last quarter. American Century Companies Inc. grew its position in Genco Shipping & Trading by 16.4% in the second quarter. American Century Companies Inc. now owns 1,096,741 shares of the shipping company’s stock valued at $23,372,000 after acquiring an additional 154,339 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Genco Shipping & Trading by 66.6% in the 2nd quarter. Renaissance Technologies LLC now owns 1,050,030 shares of the shipping company’s stock valued at $22,376,000 after purchasing an additional 419,730 shares in the last quarter. Finally, Townsend & Associates Inc grew its holdings in shares of Genco Shipping & Trading by 2.7% in the 3rd quarter. Townsend & Associates Inc now owns 1,048,858 shares of the shipping company’s stock worth $20,453,000 after purchasing an additional 27,783 shares during the last quarter. 58.62% of the stock is currently owned by institutional investors and hedge funds.

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.