Genco Shipping & Trading Limited (NYSE:GNK) CFO Peter George Allen Sells 8,984 Shares

Genco Shipping & Trading Limited (NYSE:GNK) CFO Peter George Allen sold 8,984 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $13.96, for a total transaction of $125,416.64. Following the transaction, the chief financial officer now owns 45,251 shares in the company, valued at $631,703.96. The trade was a 16.56 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link.

Genco Shipping & Trading Stock Up 2.1 %

GNK traded up $0.30 during trading hours on Tuesday, hitting $14.18. 757,177 shares of the company’s stock were exchanged, compared to its average volume of 487,427. Genco Shipping & Trading Limited has a 1-year low of $13.51 and a 1-year high of $23.43. The stock’s 50-day moving average is $14.29 and its two-hundred day moving average is $16.05. The stock has a market cap of $606.09 million, a price-to-earnings ratio of 8.10, a PEG ratio of 5.64 and a beta of 0.97. The company has a quick ratio of 2.49, a current ratio of 3.09 and a debt-to-equity ratio of 0.08.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings results 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 firm had revenue of $67.95 million during 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%. Sell-side analysts predict that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 11th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 8.47%. The ex-dividend date is Tuesday, March 11th. Genco Shipping & Trading’s dividend payout ratio is presently 68.57%.

Institutional Trading of Genco Shipping & Trading

Hedge funds have recently modified their holdings of the stock. Banque Transatlantique SA acquired a new stake in shares of Genco Shipping & Trading during the 4th quarter worth about $28,000. R Squared Ltd acquired a new stake in shares of Genco Shipping & Trading during the 4th quarter worth about $29,000. New Age Alpha Advisors LLC bought a new position in Genco Shipping & Trading during the fourth quarter worth about $56,000. Quarry LP increased its position in Genco Shipping & Trading by 535.8% during the third quarter. Quarry LP now owns 4,266 shares of the shipping company’s stock worth $83,000 after acquiring an additional 3,595 shares during the period. Finally, Intech Investment Management LLC bought a new position in Genco Shipping & Trading during the third quarter worth about $202,000. Institutional investors and hedge funds own 58.62% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on GNK. Jefferies Financial Group dropped their price target on shares of Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, February 20th. StockNews.com downgraded shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $23.00.

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.