Genco Shipping & Trading Limited (NYSE:GNK) Insider Robert E. Hughes Sells 2,572 Shares of Stock

Posted by on Feb 28th, 2023

Genco Shipping & Trading Limited (NYSE:GNK – Get Rating) insider Robert E. Hughes sold 2,572 shares of Genco Shipping & Trading stock in a transaction that occurred on Thursday, February 23rd. The stock was sold at an average price of $19.36, for a total transaction of $49,793.92. Following the transaction, the insider now directly owns 3,529 shares in the company, valued at approximately $68,321.44. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Genco Shipping & Trading Stock Performance

NYSE GNK opened at $19.39 on Tuesday. Genco Shipping & Trading Limited has a 52-week low of $11.92 and a 52-week high of $27.15. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.84 and a current ratio of 3.43. The company has a market capitalization of $820.78 million, a P/E ratio of 5.25 and a beta of 1.07. The company has a fifty day moving average of $16.86 and a 200-day moving average of $15.22.

Genco Shipping & Trading (NYSE:GNK – Get Rating) last posted its quarterly earnings results on Wednesday, February 22nd. The shipping company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.08. The business had revenue of $127.00 million during the quarter, compared to the consensus estimate of $76.22 million. Genco Shipping & Trading had a net margin of 29.53% and a return on equity of 16.76%. The firm’s revenue for the quarter was down 30.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.99 earnings per share. As a group, equities research analysts predict that Genco Shipping & Trading Limited will post 2.48 EPS for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 14th. Shareholders of record on Tuesday, March 7th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 10.31%. The ex-dividend date is Monday, March 6th. Genco Shipping & Trading’s dividend payout ratio is presently 84.55%.

Hedge Funds Weigh In On Genco Shipping & Trading

A number of hedge funds have recently modified their holdings of the company. Lazard Asset Management LLC increased its position in shares of Genco Shipping & Trading by 8.5% in the first quarter. Lazard Asset Management LLC now owns 6,728 shares of the shipping company’s stock valued at $158,000 after acquiring an additional 526 shares during the period. Legal & General Group Plc increased its position in shares of Genco Shipping & Trading by 4.5% during the fourth quarter. Legal & General Group Plc now owns 14,524 shares of the shipping company’s stock valued at $223,000 after buying an additional 630 shares during the period. SummerHaven Investment Management LLC increased its position in shares of Genco Shipping & Trading by 1.7% during the fourth quarter. SummerHaven Investment Management LLC now owns 48,041 shares of the shipping company’s stock valued at $738,000 after buying an additional 788 shares during the period. Ensign Peak Advisors Inc increased its position 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 valued at $30,000 after buying an additional 840 shares during the period. Finally, Fulcrum Equity Management increased its position in shares of Genco Shipping & Trading by 5.2% during the fourth quarter. Fulcrum Equity Management now owns 18,922 shares of the shipping company’s stock valued at $291,000 after buying an additional 940 shares during the period. Hedge funds and other institutional investors own 67.67% of the company’s stock.

Analyst Ratings Changes

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

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.

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Insider Buying and Selling by Quarter for Genco Shipping & Trading (NYSE:GNK)

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