Insider Selling: Genco Shipping & Trading Limited (NYSE:GNK) CAO Sells $86,914.96 in Stock

Genco Shipping & Trading Limited (NYSE:GNK) CAO Joseph Adamo sold 6,226 shares of Genco Shipping & Trading 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 $86,914.96. Following the completion of the sale, the chief accounting officer now directly owns 26,829 shares of the company’s stock, valued at approximately $374,532.84. This trade represents a 18.84 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Genco Shipping & Trading Stock Down 0.7 %

NYSE GNK opened at $14.35 on Friday. Genco Shipping & Trading Limited has a 52 week low of $13.51 and a 52 week high of $23.43. The firm has a market capitalization of $613.41 million, a price-to-earnings ratio of 8.20, 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. The company has a fifty day moving average of $14.30 and a two-hundred day moving average of $16.04.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings results on Wednesday, February 19th. The shipping company reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.27). Genco Shipping & Trading had a return on equity of 7.82% and a net margin of 18.06%. The business had revenue of $67.95 million for the quarter, compared to the consensus estimate of $67.36 million. On average, analysts predict that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current year.

Genco Shipping & Trading Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 11th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 8.36%. The ex-dividend date is Tuesday, March 11th. Genco Shipping & Trading’s payout ratio is 68.57%.

Analysts Set New Price Targets

A number of analysts have commented on the stock. StockNews.com cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. Jefferies Financial Group reduced their price objective on 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. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Genco Shipping & Trading presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.00.

Institutional Trading of Genco Shipping & Trading

Hedge funds have recently added to or reduced their stakes in the business. LPL Financial LLC lifted its position in shares of Genco Shipping & Trading by 3.1% during the fourth quarter. LPL Financial LLC now owns 24,566 shares of the shipping company’s stock valued at $342,000 after buying an additional 736 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Genco Shipping & Trading by 4.0% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,001 shares of the shipping company’s stock worth $335,000 after acquiring an additional 924 shares in the last quarter. Wells Fargo & Company MN grew its stake in shares of Genco Shipping & Trading by 1.8% during the fourth quarter. Wells Fargo & Company MN now owns 57,506 shares of the shipping company’s stock worth $802,000 after acquiring an additional 1,040 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of Genco Shipping & Trading by 3.9% during the fourth quarter. Legal & General Group Plc now owns 42,402 shares of the shipping company’s stock valued at $591,000 after acquiring an additional 1,607 shares in the last quarter. Finally, Rhumbline Advisers raised its position in shares of Genco Shipping & Trading by 2.7% in the 4th quarter. Rhumbline Advisers now owns 68,136 shares of the shipping company’s stock valued at $950,000 after purchasing an additional 1,800 shares during 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.