Genco Shipping & Trading (NYSE:GNK) Stock Passes Above 50 Day Moving Average – Should You Sell?

Genco Shipping & Trading Limited (NYSE:GNK)’s stock price crossed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $21.73 and traded as high as $23.03. Genco Shipping & Trading shares last traded at $22.7270, with a volume of 218,409 shares traded.

Analysts Set New Price Targets

GNK has been the subject of several recent research reports. 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 lowered Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a research note on Thursday, February 19th. Zacks Research upgraded Genco Shipping & Trading from a “hold” rating to a “strong-buy” rating in a report on Tuesday, February 17th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Genco Shipping & Trading in a research report on Monday, December 29th. Three analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $21.00.

Genco Shipping & Trading Price Performance

The firm has a market cap of $984.53 million, a P/E ratio of -206.59, a P/E/G ratio of 5.27 and a beta of 1.14. The company has a quick ratio of 1.84, a current ratio of 2.39 and a debt-to-equity ratio of 0.21. The business’s 50 day moving average is $21.73 and its two-hundred day moving average is $19.22.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings results on Tuesday, February 17th. The shipping company reported $0.39 EPS for the quarter, beating 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 business had revenue of $109.92 million for the quarter, compared to analysts’ expectations of $78.52 million. During the same quarter in the prior year, the firm posted $0.29 earnings per share. The business’s quarterly revenue was up 10.8% compared to the same quarter last year. As a group, analysts anticipate that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current year.

Genco Shipping & Trading Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 18th. Investors of record on Wednesday, March 11th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 8.8%. The ex-dividend date was Wednesday, March 11th. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.15. Genco Shipping & Trading’s dividend payout ratio is currently -1,818.18%.

Insider Buying and Selling

In related news, CAO Joseph Adamo sold 6,340 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $23.67, for a total transaction of $150,067.80. Following the completion of the sale, the chief accounting officer owned 38,519 shares of the company’s stock, valued at $911,744.73. This trade represents a 14.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Peter George Allen sold 13,315 shares of Genco Shipping & Trading stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $23.66, for a total value of $315,032.90. Following the completion of the sale, the chief financial officer owned 66,702 shares of the company’s stock, valued at approximately $1,578,169.32. The trade was a 16.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 55,824 shares of company stock valued at $1,313,949 over the last 90 days. Company insiders own 2.37% of the company’s stock.

Institutional Trading of Genco Shipping & Trading

Several hedge funds have recently modified their holdings of the stock. PNC Financial Services Group Inc. lifted its position in shares of Genco Shipping & Trading by 82.2% during the 2nd 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. Atlantic Union Bankshares Corp bought a new position in Genco Shipping & Trading during the third quarter worth $30,000. Advisory Services Network LLC acquired a new stake in Genco Shipping & Trading in the third quarter worth $30,000. Strengthening Families & Communities LLC acquired a new stake in Genco Shipping & Trading in the fourth quarter worth $31,000. Finally, Kemnay Advisory Services Inc. bought a new stake in Genco Shipping & Trading in the fourth quarter valued at $32,000. Institutional investors own 58.62% of the company’s stock.

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.