Genco Shipping & Trading (NYSE:GNK) Reaches New 52-Week Low – What’s Next?

Genco Shipping & Trading Limited (NYSE:GNK) shares hit 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 changing hands. The stock had previously closed at $13.53.

Analysts Set New Price Targets

GNK has been the topic of several research analyst reports. Jefferies Financial Group lowered their target price on shares of Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, February 20th. StockNews.com lowered shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Finally, Pareto Securities upgraded Genco Shipping & Trading to a “strong-buy” rating in a research report on Monday, March 31st. 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 stock. 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 7.8 %

The firm has a market capitalization of $499.41 million, a price-to-earnings ratio of 6.67, a price-to-earnings-growth ratio of 5.64 and a beta of 0.99. The company has a quick ratio of 2.49, a current ratio of 3.09 and a debt-to-equity ratio of 0.08. The firm’s 50 day moving average is $14.05 and its 200 day moving average is $15.38.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings data on Wednesday, February 19th. The shipping company reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.27). The company had revenue of $67.95 million for 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%. Equities analysts forecast that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current year.

Genco Shipping & Trading Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 18th. Investors of record on Tuesday, March 11th were given a $0.30 dividend. The ex-dividend date was Tuesday, March 11th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 10.27%. Genco Shipping & Trading’s dividend payout ratio (DPR) is 68.57%.

Insiders Place Their Bets

In other Genco Shipping & Trading news, insider Jesper Christensen sold 13,602 shares of Genco Shipping & Trading stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $13.96, for a total transaction of $189,883.92. Following the transaction, the insider now directly owns 57,322 shares in the company, valued at approximately $800,215.12. The trade was a 19.18 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Peter George Allen sold 8,984 shares of the stock in a transaction on 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 sale, the chief financial officer now owns 45,251 shares of the company’s stock, valued at $631,703.96. The trade was a 16.56 % 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 worth $402,216. Company insiders own 2.08% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Genco Shipping & Trading by 54.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 17,287 shares of the shipping company’s stock valued at $241,000 after acquiring an additional 6,097 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Genco Shipping & Trading by 36.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 127,852 shares of the shipping company’s stock valued at $1,782,000 after purchasing an additional 33,949 shares during the last quarter. Vident Advisory LLC grew its stake in Genco Shipping & Trading by 20.7% in the fourth quarter. Vident Advisory LLC now owns 31,904 shares of the shipping company’s stock valued at $445,000 after purchasing an additional 5,476 shares in the last quarter. Squarepoint Ops LLC increased its position in Genco Shipping & Trading by 55.8% in the 4th quarter. Squarepoint Ops LLC now owns 198,673 shares of the shipping company’s stock worth $2,770,000 after purchasing an additional 71,122 shares during the last quarter. Finally, Teza Capital Management LLC raised its stake in shares of Genco Shipping & Trading by 792.0% during the 4th quarter. Teza Capital Management LLC now owns 110,520 shares of the shipping company’s stock worth $1,541,000 after purchasing an additional 98,130 shares in the last quarter. 58.62% of the stock is owned by hedge funds and other institutional investors.

About Genco Shipping & Trading

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.