Genco Shipping & Trading (NYSE:GNK) CFO Peter George Allen Sells 13,315 Shares

Genco Shipping & Trading Limited (NYSE:GNK) CFO Peter George Allen sold 13,315 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $23.66, for a total transaction of $315,032.90. Following the transaction, the chief financial officer directly owned 66,702 shares of the company’s stock, valued at $1,578,169.32. This represents a 16.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Peter George Allen also recently made the following trade(s):

• On Wednesday, February 18th, Peter George Allen sold 6,232 shares of Genco Shipping & Trading stock. The stock was sold at an average price of $23.27, for a total transaction of $145,018.64.

Genco Shipping & Trading Stock Down 1.2%

GNK traded down $0.29 during trading hours on Monday, hitting $23.67. 885,568 shares of the company’s stock were exchanged, compared to its average volume of 378,540. The stock has a market cap of $1.03 billion, a price-to-earnings ratio of -215.18, a PEG ratio of 5.49 and a beta of 1.21. Genco Shipping & Trading Limited has a 1-year low of $11.20 and a 1-year high of $24.10. The stock’s 50-day moving average is $20.05 and its two-hundred day moving average is $18.35. The company has a quick ratio of 1.84, a current ratio of 2.39 and a debt-to-equity ratio of 0.21.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings results on Tuesday, February 17th. The shipping company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.04. Genco Shipping & Trading had a negative net margin of 1.28% and a negative return on equity of 0.12%. The firm had revenue of $109.92 million for the quarter, compared to analyst estimates of $78.52 million. During the same period in the previous year, the business earned $0.29 EPS. The company’s revenue was up 10.8% compared to the same quarter last year. Sell-side analysts predict that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current fiscal 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 issued a dividend of $0.50 per share. The ex-dividend date is Wednesday, March 11th. 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 8.4%. Genco Shipping & Trading’s dividend payout ratio is currently -545.45%.

Institutional Trading of Genco Shipping & Trading

A number of hedge funds have recently made changes to their positions in GNK. SG Americas Securities LLC grew its holdings in Genco Shipping & Trading by 0.3% in the 2nd quarter. SG Americas Securities LLC now owns 218,684 shares of the shipping company’s stock valued at $2,858,000 after buying an additional 617 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of Genco Shipping & Trading by 2.3% during the third quarter. Bank of America Corp DE now owns 34,970 shares of the shipping company’s stock worth $622,000 after buying an additional 779 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Genco Shipping & Trading by 82.2% in the second quarter. PNC Financial Services Group Inc. now owns 1,942 shares of the shipping company’s stock valued at $25,000 after acquiring an additional 876 shares during the period. Invesco Ltd. grew its stake in shares of Genco Shipping & Trading by 0.8% in the fourth quarter. Invesco Ltd. now owns 125,535 shares of the shipping company’s stock valued at $2,314,000 after acquiring an additional 935 shares in the last quarter. Finally, CWM LLC increased its position in Genco Shipping & Trading by 61.4% during the third quarter. CWM LLC now owns 2,843 shares of the shipping company’s stock worth $51,000 after acquiring an additional 1,082 shares during the period. 58.62% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

GNK has been the subject of a number of analyst reports. Alliance Global Partners downgraded Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a research note on Thursday. Wall Street Zen downgraded Genco Shipping & Trading from a “hold” rating to a “sell” rating in a report on Sunday, December 14th. Zacks Research raised shares of Genco Shipping & Trading from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, February 17th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Genco Shipping & Trading in a research report on Monday, December 29th. Three equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average 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.