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

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

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 Performance

Shares of GNK opened at $23.67 on Tuesday. The firm has a market cap of $1.03 billion, a P/E ratio of -215.18, a PEG ratio of 5.49 and a beta of 1.21. Genco Shipping & Trading Limited has a twelve month low of $11.20 and a twelve month high of $24.10. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.84 and a current ratio of 2.39. The firm’s 50 day moving average price is $20.05 and its two-hundred day moving average price is $18.35.

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. The business had revenue of $109.92 million for the quarter, compared to analyst estimates of $78.52 million. Genco Shipping & Trading had a negative net margin of 1.28% and a negative return on equity of 0.12%. The firm’s quarterly revenue was up 10.8% on a year-over-year basis. During the same period last year, the business posted $0.29 earnings per share. On average, analysts forecast that Genco Shipping & Trading Limited will post 0.48 EPS for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 11th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 8.4%. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.15. The ex-dividend date is Wednesday, March 11th. Genco Shipping & Trading’s dividend payout ratio is presently -1,818.18%.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Wall Street Zen cut Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research note on Sunday, December 14th. Alliance Global Partners downgraded shares of Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a report on Thursday, February 19th. Weiss Ratings restated a “hold (c-)” rating on shares of Genco Shipping & Trading in a report on Monday, December 29th. Finally, Zacks Research raised shares of Genco Shipping & Trading from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, February 17th. Three equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Genco Shipping & Trading presently has a consensus rating of “Buy” and an average price target of $21.00.

Hedge Funds Weigh In On Genco Shipping & Trading

Several hedge funds and other institutional investors have recently made changes to their positions in GNK. SG Americas Securities LLC raised its position in Genco Shipping & Trading by 0.3% during the second quarter. SG Americas Securities LLC now owns 218,684 shares of the shipping company’s stock worth $2,858,000 after acquiring an additional 617 shares in the last quarter. Bank of America Corp DE increased its stake in shares of Genco Shipping & Trading by 2.3% during the 3rd quarter. Bank of America Corp DE now owns 34,970 shares of the shipping company’s stock worth $622,000 after purchasing an additional 779 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Genco Shipping & Trading by 82.2% in 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 period. Invesco Ltd. lifted its stake in Genco Shipping & Trading by 0.8% in the 4th quarter. Invesco Ltd. now owns 125,535 shares of the shipping company’s stock valued at $2,314,000 after purchasing an additional 935 shares during the last quarter. Finally, CWM LLC grew its holdings 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 purchasing an additional 1,082 shares during the period. 58.62% of the stock is owned by institutional investors.

About Genco Shipping & Trading

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.