Genco Shipping & Trading Limited (NYSE:GNK) Short Interest Down 13.7% in March

Genco Shipping & Trading Limited (NYSE:GNK) was the target of a significant decline in short interest during the month of March. As of March 13th, there was short interest totaling 1,018,256 shares, a decline of 13.7% from the February 26th total of 1,179,344 shares. Based on an average daily volume of 756,078 shares, the short-interest ratio is currently 1.3 days. Approximately 2.4% of the shares of the company are sold short.

Analysts Set New Price Targets

GNK has been the subject of a number of research analyst reports. Weiss Ratings restated a “hold (c-)” rating on shares of Genco Shipping & Trading in a report on Friday, March 27th. Alliance Global Partners downgraded shares of Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a research report on Thursday, February 19th. Zacks Research lowered shares of Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a research note on Monday. Finally, Wall Street Zen cut shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a report on Sunday, December 14th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Genco Shipping & Trading has an average rating of “Moderate Buy” and a consensus price target of $21.00.

Insiders Place Their Bets

In other news, CFO Peter George Allen sold 13,315 shares of Genco Shipping & Trading stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $23.66, for a total transaction of $315,032.90. Following the sale, the chief financial officer directly owned 66,702 shares in the company, valued at $1,578,169.32. The trade was a 16.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Joseph Adamo sold 6,340 shares of the business’s stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $23.67, for a total transaction of $150,067.80. Following the completion of the transaction, the chief accounting officer directly owned 38,519 shares in the company, valued at $911,744.73. This trade represents a 14.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 55,824 shares of company stock valued at $1,313,949. Insiders own 2.37% of the company’s stock.

Hedge Funds Weigh In On Genco Shipping & Trading

Several hedge funds have recently made changes to their positions in GNK. Strengthening Families & Communities LLC bought a new stake in shares of Genco Shipping & Trading during the 4th quarter valued at $31,000. Atlantic Union Bankshares Corp purchased a new position in Genco Shipping & Trading during the 3rd quarter valued at about $30,000. Advisory Services Network LLC bought a new stake in shares of Genco Shipping & Trading during the third quarter valued at about $30,000. Kemnay Advisory Services Inc. bought a new stake in shares of Genco Shipping & Trading during the fourth quarter valued at about $32,000. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Genco Shipping & Trading by 82.2% in the second quarter. PNC Financial Services Group Inc. now owns 1,942 shares of the shipping company’s stock worth $25,000 after buying an additional 876 shares in the last quarter. 58.62% of the stock is currently owned by hedge funds and other institutional investors.

Genco Shipping & Trading Price Performance

Shares of NYSE:GNK opened at $23.18 on Thursday. The firm has a market capitalization of $1.00 billion, a PE ratio of -210.69, a P/E/G ratio of 5.16 and a beta of 1.17. The company has a quick ratio of 1.84, a current ratio of 2.39 and a debt-to-equity ratio of 0.21. The company has a 50-day moving average price of $22.03 and a two-hundred day moving average price of $19.38. Genco Shipping & Trading has a twelve month low of $11.20 and a twelve month high of $24.81.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings results on Tuesday, February 17th. The shipping company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.04. The company 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 quarter in the previous year, the firm posted $0.29 earnings per share. Equities analysts forecast that Genco Shipping & Trading will post 0.48 EPS for the current year.

Genco Shipping & Trading Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 18th. Shareholders of record on Wednesday, March 11th were given a dividend of $0.50 per share. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.15. This represents a $2.00 annualized dividend and a dividend yield of 8.6%. The ex-dividend date was Wednesday, March 11th. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently -1,818.18%.

Genco Shipping & Trading Company Profile

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.