Genco Shipping & Trading (NYSE:GNK) Shares Gap Down – Here’s Why

Genco Shipping & Trading Limited (NYSE:GNK) shares gapped down prior to trading on Friday . The stock had previously closed at $24.32, but opened at $23.14. Genco Shipping & Trading shares last traded at $22.8220, with a volume of 4,814 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Zacks Research lowered shares of Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a report on Monday, March 30th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Genco Shipping & Trading in a report on Friday, March 27th. Alliance Global Partners lowered shares of Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a report on Thursday, February 19th. Finally, Wall Street Zen lowered shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a report on Sunday, December 14th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Genco Shipping & Trading has a consensus rating of “Moderate Buy” and an average target price of $21.00.

Genco Shipping & Trading Trading Down 0.1%

The business’s fifty day simple moving average is $22.46 and its 200 day simple moving average is $19.60. The company has a current ratio of 2.39, a quick ratio of 1.84 and a debt-to-equity ratio of 0.21. The stock has a market cap of $997.01 million, a P/E ratio of -209.21, a price-to-earnings-growth ratio of 5.57 and a beta of 1.17.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings data on Tuesday, February 17th. The shipping company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates 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 quarter in the prior year, the firm earned $0.29 EPS. The company’s revenue was up 10.8% on a year-over-year basis. As a group, analysts expect that Genco Shipping & Trading Limited will post 0.48 EPS for the current year.

Genco Shipping & Trading Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 18th. Shareholders of record on Wednesday, March 11th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Wednesday, March 11th. This represents a $2.00 dividend on an annualized basis and a yield of 8.7%. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.15. Genco Shipping & Trading’s payout ratio is currently -1,818.18%.

Insiders Place Their Bets

In other Genco Shipping & Trading news, CAO Joseph Adamo sold 6,340 shares of the stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $23.67, for a total transaction of $150,067.80. Following the sale, the chief accounting officer owned 38,519 shares of the company’s stock, valued at $911,744.73. This represents a 14.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Peter George Allen sold 13,315 shares of the company’s stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $23.66, for a total transaction of $315,032.90. Following the transaction, the chief financial officer owned 66,702 shares in the company, valued at approximately $1,578,169.32. The trade was a 16.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 55,824 shares of company stock valued at $1,313,949 in the last 90 days. 2.37% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. American Century Companies Inc. lifted its position in Genco Shipping & Trading by 4.0% during the 3rd quarter. American Century Companies Inc. now owns 1,611,227 shares of the shipping company’s stock valued at $28,680,000 after purchasing an additional 62,030 shares during the period. Townsend & Associates Inc lifted its position in Genco Shipping & Trading by 0.7% during the 4th quarter. Townsend & Associates Inc now owns 1,276,311 shares of the shipping company’s stock valued at $25,373,000 after purchasing an additional 8,488 shares during the period. Focus Partners Wealth lifted its position in Genco Shipping & Trading by 3.1% during the 4th quarter. Focus Partners Wealth now owns 863,101 shares of the shipping company’s stock valued at $15,385,000 after purchasing an additional 26,326 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Genco Shipping & Trading by 14.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 748,707 shares of the shipping company’s stock valued at $13,799,000 after purchasing an additional 96,703 shares during the period. Finally, Millennium Management LLC lifted its position in Genco Shipping & Trading by 100.3% during the 4th quarter. Millennium Management LLC now owns 543,290 shares of the shipping company’s stock valued at $10,013,000 after purchasing an additional 272,094 shares during the period. 58.62% of the stock is currently owned by institutional investors and hedge funds.

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.