Genco Shipping & Trading (NYSE:GNK) Reaches New 1-Year Low – Time to Sell?

Genco Shipping & Trading Limited (NYSE:GNK) reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $13.01 and last traded at $13.16, with a volume of 206799 shares trading hands. The stock had previously closed at $13.53.

Analyst Ratings Changes

A number of research analysts have recently weighed in on GNK shares. Pareto Securities upgraded shares of Genco Shipping & Trading to a “strong-buy” rating in a report on Monday. StockNews.com lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. Finally, Jefferies Financial Group reduced their target price on Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, February 20th. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.00.

Genco Shipping & Trading Trading Down 3.0 %

The company has a debt-to-equity ratio of 0.08, a current ratio of 3.09 and a quick ratio of 2.49. The business’s 50 day simple moving average is $14.14 and its 200 day simple moving average is $15.44. The stock has a market cap of $560.98 million, a P/E ratio of 7.50, a PEG ratio of 5.64 and a beta of 0.99.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings results on Wednesday, February 19th. The shipping company reported $0.29 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.27). The company had revenue of $67.95 million during the quarter, compared to analyst estimates of $67.36 million. Genco Shipping & Trading had a net margin of 18.06% and a return on equity of 7.82%. On average, analysts expect that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 11th were given a dividend of $0.30 per share. The ex-dividend date was Tuesday, March 11th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 9.15%. Genco Shipping & Trading’s payout ratio is 68.57%.

Insider Activity

In other Genco Shipping & Trading news, CAO Joseph Adamo sold 6,226 shares of the company’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $13.96, for a total transaction of $86,914.96. Following the completion of the sale, the chief accounting officer now owns 26,829 shares in the company, valued at approximately $374,532.84. The trade was a 18.84 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jesper Christensen sold 13,602 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $13.96, for a total value of $189,883.92. Following the completion of the transaction, the insider now directly owns 57,322 shares in the company, valued at $800,215.12. The trade was a 19.18 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,812 shares of company stock valued at $402,216. 2.08% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Genco Shipping & Trading

Several hedge funds have recently bought and sold shares of the company. Intech Investment Management LLC acquired a new position in Genco Shipping & Trading in the third quarter valued at about $202,000. Charles Schwab Investment Management Inc. lifted its stake in Genco Shipping & Trading by 70.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 530,523 shares of the shipping company’s stock valued at $10,345,000 after buying an additional 219,907 shares in the last quarter. Verition Fund Management LLC bought a new stake in shares of Genco Shipping & Trading during the third quarter worth $257,000. Point72 Asset Management L.P. raised its holdings in shares of Genco Shipping & Trading by 39.0% during the third quarter. Point72 Asset Management L.P. now owns 25,439 shares of the shipping company’s stock worth $496,000 after acquiring an additional 7,139 shares during the period. Finally, Petrus Trust Company LTA acquired a new position in Genco Shipping & Trading in the 3rd quarter worth $661,000. 58.62% of the stock is currently owned by institutional investors and hedge funds.

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, steel products, and other drybulk cargoes. The company was founded on September 27, 2004 and is headquartered in New York, NY.