Genco Shipping & Trading Limited (NYSE:GNK) Insider Robert E. Hughes Sells 1,888 Shares

Posted by Defense World Staff on Feb 28th, 2023

Genco Shipping & Trading Limited (NYSE:GNK – Get Rating) insider Robert E. Hughes sold 1,888 shares of the stock in a transaction on Monday, February 27th. The shares were sold at an average price of $19.39, for a total value of $36,608.32. Following the completion of the transaction, the insider now owns 5,576 shares in the company, valued at $108,118.64. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Genco Shipping & Trading Trading Up 1.4 %

Shares of GNK stock opened at $19.39 on Tuesday. The company has a current ratio of 3.43, a quick ratio of 2.84 and a debt-to-equity ratio of 0.17. The stock has a market cap of $820.78 million, a P/E ratio of 5.25 and a beta of 1.07. The stock has a 50 day simple moving average of $16.86 and a 200 day simple moving average of $15.22. Genco Shipping & Trading Limited has a 1 year low of $11.92 and a 1 year high of $27.15.

Genco Shipping & Trading (NYSE:GNK – Get Rating) last announced its quarterly earnings data on Wednesday, February 22nd. The shipping company reported $0.67 EPS for the quarter, beating the consensus estimate of $0.59 by $0.08. Genco Shipping & Trading had a net margin of 29.53% and a return on equity of 16.76%. The business had revenue of $127.00 million during the quarter, compared to the consensus estimate of $76.22 million. During the same period in the previous year, the business earned $1.99 earnings per share. The company’s revenue was down 30.7% on a year-over-year basis. On average, research analysts predict that Genco Shipping & Trading Limited will post 2.48 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 14th. Shareholders of record on Tuesday, March 7th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, March 6th. This represents a $2.00 annualized dividend and a yield of 10.31%. Genco Shipping & Trading’s dividend payout ratio is currently 84.55%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Alliance Global Partners dropped their price objective on Genco Shipping & Trading to $27.00 in a research note on Wednesday, November 16th. BTIG Research lowered their target price on Genco Shipping & Trading to $22.00 in a research report on Tuesday, November 15th. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $20.00 price target on shares of Genco Shipping & Trading in a report on Thursday, February 23rd. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $23.20.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in GNK. Allspring Global Investments Holdings LLC acquired a new position in Genco Shipping & Trading during the second quarter valued at approximately $25,000. Acadian Asset Management LLC acquired a new position in shares of Genco Shipping & Trading during the first quarter worth $26,000. Ensign Peak Advisors Inc increased its holdings in shares of Genco Shipping & Trading by 53.2% during the third quarter. Ensign Peak Advisors Inc now owns 2,420 shares of the shipping company’s stock worth $30,000 after buying an additional 840 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of Genco Shipping & Trading by 114.1% during the third quarter. Tower Research Capital LLC TRC now owns 2,603 shares of the shipping company’s stock worth $32,000 after buying an additional 1,387 shares in the last quarter. Finally, Parallel Advisors LLC increased its holdings in shares of Genco Shipping & Trading by 38,300.0% during the fourth quarter. Parallel Advisors LLC now owns 2,304 shares of the shipping company’s stock worth $35,000 after buying an additional 2,298 shares in the last quarter. 67.67% of the stock is currently owned by institutional investors and hedge funds.

Genco Shipping & Trading Company Profile

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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. It operates through the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels segment.