Peter George Allen Sells 6,232 Shares of Genco Shipping & Trading (NYSE:GNK) Stock

by · The Markets Daily

Genco Shipping & Trading Limited (NYSE:GNK – Get Free Report) CFO Peter George Allen sold 6,232 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $23.27, for a total transaction of $145,018.64. Following the completion of the transaction, the chief financial officer directly owned 52,002 shares in the company, valued at $1,210,086.54. This represents a 10.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Genco Shipping & Trading Trading Up 3.6%

Genco Shipping & Trading stock traded up $0.81 during trading hours on Wednesday, hitting $23.35. The company had a trading volume of 796,381 shares, compared to its average volume of 322,592. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.98 and a current ratio of 2.36. The firm has a market cap of $1.01 billion, a P/E ratio of -212.21, a P/E/G ratio of 6.08 and a beta of 1.21. The company has a 50-day moving average price of $19.72 and a two-hundred day moving average price of $18.18. Genco Shipping & Trading Limited has a 1 year low of $11.20 and a 1 year high of $23.68.

Genco Shipping & Trading (NYSE:GNK – Get Free Report) last issued its earnings results 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 company’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period last year, the company posted $0.29 earnings per share. On average, sell-side analysts anticipate that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current year.

Genco Shipping & Trading Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Wednesday, March 11th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 8.6%. The ex-dividend date is Wednesday, March 11th. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.15. Genco Shipping & Trading’s dividend payout ratio (DPR) is -352.94%.

More Genco Shipping & Trading News

Here are the key news stories impacting Genco Shipping & Trading this week:

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. American Century Companies Inc. lifted its stake in shares of Genco Shipping & Trading by 4.0% during the 3rd quarter. American Century Companies Inc. now owns 1,611,227 shares of the shipping company’s stock worth $28,680,000 after purchasing an additional 62,030 shares during the last quarter. Townsend & Associates Inc lifted its position in shares of Genco Shipping & Trading by 0.7% during the fourth quarter. Townsend & Associates Inc now owns 1,276,311 shares of the shipping company’s stock valued at $25,373,000 after buying an additional 8,488 shares during the last quarter. Focus Partners Wealth lifted its position in shares of Genco Shipping & Trading by 3.1% during the fourth quarter. Focus Partners Wealth now owns 863,101 shares of the shipping company’s stock valued at $15,385,000 after buying an additional 26,326 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Genco Shipping & Trading by 14.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 748,707 shares of the shipping company’s stock valued at $13,799,000 after buying an additional 96,703 shares in the last quarter. Finally, Millennium Management LLC grew its position in shares of Genco Shipping & Trading by 100.3% in the 4th quarter. Millennium Management LLC now owns 543,290 shares of the shipping company’s stock worth $10,013,000 after buying an additional 272,094 shares during the last quarter. 58.62% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Weiss Ratings restated a “hold (c-)” rating on shares of Genco Shipping & Trading in a research note on Monday, December 29th. Wall Street Zen cut shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a report on Sunday, December 14th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $21.00.

Read Our Latest Research Report on Genco Shipping & Trading

Genco Shipping & Trading Company Profile

(Get Free Report)

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.

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