Insider Selling: Genco Shipping & Trading Limited (NYSE:GNK) CAO Sells 6,226 Shares of Stock

Genco Shipping & Trading Limited (NYSE:GNK) CAO Joseph Adamo sold 6,226 shares of the stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $13.96, for a total transaction of $86,914.96. Following the sale, the chief accounting officer now owns 26,829 shares in the company, valued at $374,532.84. The trade was a 18.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Genco Shipping & Trading Trading Up 1.6 %

GNK opened at $14.43 on Thursday. The company has a market cap of $616.78 million, a P/E ratio of 8.24, a PEG ratio of 5.64 and a beta of 0.97. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08. The company’s 50 day moving average is $14.29 and its 200-day moving average is $16.05. Genco Shipping & Trading Limited has a 1-year low of $13.51 and a 1-year high of $23.43.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings data on Wednesday, February 19th. The shipping company reported $0.29 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.27). The company had revenue of $67.95 million during the quarter, compared to the consensus estimate of $67.36 million. Genco Shipping & Trading had a net margin of 18.06% and a return on equity of 7.82%. Equities research 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 company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 18th. Investors of record on Tuesday, March 11th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, March 11th. This represents a $1.20 dividend on an annualized basis and a yield of 8.32%. Genco Shipping & Trading’s dividend payout ratio is currently 68.57%.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On Genco Shipping & Trading

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its holdings in shares of Genco Shipping & Trading by 0.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,838,759 shares of the shipping company’s stock worth $39,572,000 after purchasing an additional 10,193 shares during the last quarter. American Century Companies Inc. raised its holdings in Genco Shipping & Trading by 8.9% in the 4th quarter. American Century Companies Inc. now owns 1,361,597 shares of the shipping company’s stock valued at $18,981,000 after buying an additional 111,564 shares during the last quarter. State Street Corp boosted its position in Genco Shipping & Trading by 1.0% during the 3rd quarter. State Street Corp now owns 1,190,467 shares of the shipping company’s stock worth $23,214,000 after buying an additional 12,001 shares during the period. Townsend & Associates Inc grew its holdings in Genco Shipping & Trading by 2.2% during the 4th quarter. Townsend & Associates Inc now owns 1,071,959 shares of the shipping company’s stock worth $15,318,000 after acquiring an additional 23,101 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Genco Shipping & Trading by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 990,357 shares of the shipping company’s stock valued at $13,809,000 after acquiring an additional 10,260 shares during the period. Institutional investors and hedge funds own 58.62% of the company’s stock.

Genco Shipping & Trading Company Profile

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.