Genco Shipping & Trading (NYSE:GNK) Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of Genco Shipping & Trading (NYSE:GNK) from a hold rating to a sell rating in a research note released on Wednesday morning.

A number of other equities research analysts have also recently weighed in on GNK. Dnb Nor Markets upgraded Genco Shipping & Trading to a “strong-buy” rating in a research note on Thursday, May 1st. Jefferies Financial Group restated a “buy” rating and set a $17.00 price objective on shares of Genco Shipping & Trading in a research note on Thursday, May 8th. Finally, Pareto Securities upgraded Genco Shipping & Trading to a “strong-buy” rating in a research note on Monday, March 31st. One research analyst has rated the stock with a sell rating, one has given a hold rating, three have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $20.75.

Genco Shipping & Trading Price Performance

GNK opened at $13.27 on Wednesday. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $569.85 million, a price-to-earnings ratio of 7.58, a PEG ratio of 5.64 and a beta of 1.17. Genco Shipping & Trading has a 12-month low of $11.20 and a 12-month high of $22.68. The business’s fifty day simple moving average is $13.15 and its 200-day simple moving average is $14.29.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings data on Wednesday, May 7th. The shipping company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.02). The company had revenue of $41.64 million for the quarter, compared to analysts’ expectations of $43.49 million. Genco Shipping & Trading had a return on equity of 7.82% and a net margin of 18.06%. The company’s revenue for the quarter was down 39.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.49 earnings per share. On average, equities research analysts anticipate that Genco Shipping & Trading will post 0.48 earnings per share for the current fiscal year.

Genco Shipping & Trading Dividend Announcement

The firm also recently declared a dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 23rd will be paid a $0.15 dividend. This represents a yield of 4.28%. The ex-dividend date is Thursday, May 22nd. Genco Shipping & Trading’s dividend payout ratio (DPR) is presently 57.69%.

Insider Buying and Selling at Genco Shipping & Trading

In other news, CAO Joseph Adamo sold 6,226 shares of the stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $13.96, for a total value of $86,914.96. Following the transaction, the chief accounting officer now directly owns 26,829 shares of the company’s stock, valued at approximately $374,532.84. This represents a 18.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Peter George Allen sold 8,984 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 $125,416.64. Following the completion of the transaction, the chief financial officer now directly owns 45,251 shares in the company, valued at $631,703.96. This represents a 16.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,812 shares of company stock worth $402,216. 2.37% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Banque Transatlantique SA acquired a new stake in Genco Shipping & Trading during the fourth quarter worth about $28,000. R Squared Ltd acquired a new stake in Genco Shipping & Trading during the fourth quarter worth about $29,000. Summit Securities Group LLC acquired a new stake in Genco Shipping & Trading during the first quarter worth about $39,000. New Age Alpha Advisors LLC acquired a new stake in Genco Shipping & Trading during the fourth quarter worth about $56,000. Finally, GAMMA Investing LLC grew its holdings in Genco Shipping & Trading by 1,119.1% during the first quarter. GAMMA Investing LLC now owns 4,462 shares of the shipping company’s stock worth $60,000 after acquiring an additional 4,096 shares during the period. 58.62% of the stock is 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, 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.