Joseph Adamo Sells 3,227 Shares of Genco Shipping & Trading (NYSE:GNK) Stock

Genco Shipping & Trading Limited (NYSE:GNK) CAO Joseph Adamo sold 3,227 shares of the company’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $23.27, for a total transaction of $75,092.29. Following the completion of the sale, the chief accounting officer directly owned 30,772 shares in the company, valued at approximately $716,064.44. This represents a 9.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Genco Shipping & Trading Stock Performance

Shares of GNK opened at $23.54 on Friday. The company has a current ratio of 2.36, a quick ratio of 1.98 and a debt-to-equity ratio of 0.18. The firm’s fifty day simple moving average is $19.83 and its two-hundred day simple moving average is $18.22. Genco Shipping & Trading Limited has a 12 month low of $11.20 and a 12 month high of $23.90. The stock has a market capitalization of $1.02 billion, a P/E ratio of -213.99, a price-to-earnings-growth ratio of 6.31 and a beta of 1.21.

Genco Shipping & Trading (NYSE:GNK) last issued its earnings results on Tuesday, February 17th. The shipping company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.04. The business had revenue of $109.92 million during the quarter, compared to the consensus estimate of $78.52 million. Genco Shipping & Trading had a negative return on equity of 0.12% and a negative net margin of 1.28%.The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.29 earnings per share. As a group, analysts predict that Genco Shipping & Trading Limited will post 0.48 EPS for the current year.

Genco Shipping & Trading Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Wednesday, March 11th will be paid a dividend of $0.50 per share. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.15. This represents a $2.00 annualized dividend and a yield of 8.5%. The ex-dividend date of this dividend is Wednesday, March 11th. Genco Shipping & Trading’s payout ratio is currently -352.94%.

Institutional Investors Weigh In On Genco Shipping & Trading

A number of institutional investors and hedge funds have recently made changes to their positions in the business. PNC Financial Services Group Inc. boosted its stake in Genco Shipping & Trading by 82.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,942 shares of the shipping company’s stock valued at $25,000 after purchasing an additional 876 shares during the last quarter. Atlantic Union Bankshares Corp purchased a new position in shares of Genco Shipping & Trading during the third quarter valued at approximately $30,000. Advisory Services Network LLC purchased a new position in shares of Genco Shipping & Trading during the third quarter valued at approximately $30,000. Strengthening Families & Communities LLC bought a new stake in Genco Shipping & Trading during the fourth quarter worth $31,000. Finally, Kemnay Advisory Services Inc. purchased a new stake in Genco Shipping & Trading in the 4th quarter valued at $32,000. Institutional investors and hedge funds own 58.62% of the company’s stock.

Analysts Set New Price Targets

GNK has been the topic of several research reports. Zacks Research upgraded shares of Genco Shipping & Trading from a “hold” rating to a “strong-buy” rating in a report on Tuesday. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Genco Shipping & Trading in a research report on Monday, December 29th. Alliance Global Partners lowered Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a report on Thursday. Finally, Wall Street Zen cut Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research note on Sunday, December 14th. Three analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Genco Shipping & Trading presently has a consensus rating of “Buy” and a consensus target price of $21.00.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company’s fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco’s focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions.

In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety.