Genco Shipping & Trading (NYSE:GNK) Reaches New 12-Month High – Should You Buy?

Genco Shipping & Trading Limited (NYSE:GNK) shares reached a new 52-week high during trading on Monday . The stock traded as high as $24.11 and last traded at $23.4950, with a volume of 505452 shares trading hands. The stock had previously closed at $23.55.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Genco Shipping & Trading in a report on Monday, December 29th. Zacks Research upgraded shares of Genco Shipping & Trading from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, February 17th. Alliance Global Partners lowered shares of Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a research report on Thursday. 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. Three equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Genco Shipping & Trading has an average rating of “Buy” and a consensus target price of $21.00.

Genco Shipping & Trading Stock Performance

The company’s fifty day moving average price is $19.94 and its two-hundred day moving average price is $18.29. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.84 and a current ratio of 2.39. The firm has a market capitalization of $1.01 billion, a PE ratio of -212.58, a price-to-earnings-growth ratio of 5.49 and a beta of 1.21.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings results on Tuesday, February 17th. The shipping company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.35 by $0.04. The firm had revenue of $109.92 million during 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%. Genco Shipping & Trading’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.29 earnings per share. As a group, equities analysts expect 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 announced a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 11th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 8.6%. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.15. The ex-dividend date is Wednesday, March 11th. Genco Shipping & Trading’s payout ratio is currently -545.45%.

Insider Buying and Selling

In other news, insider Jesper Christensen sold 8,260 shares of Genco Shipping & Trading stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $23.27, for a total transaction of $192,210.20. Following the sale, the insider directly owned 78,311 shares of the company’s stock, valued at approximately $1,822,296.97. The trade was a 9.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Joseph Adamo sold 3,227 shares of the business’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $23.27, for a total value of $75,092.29. Following the completion of the transaction, the chief accounting officer owned 30,772 shares in the company, valued at approximately $716,064.44. This trade represents a 9.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 17,719 shares of company stock valued at $412,321 in the last quarter. Company insiders own 2.08% of the company’s stock.

Institutional Investors Weigh In On Genco Shipping & Trading

Several hedge funds and other institutional investors have recently bought and sold shares of GNK. PNC Financial Services Group Inc. boosted its stake in shares of Genco Shipping & Trading by 82.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,942 shares of the shipping company’s stock valued at $25,000 after buying an additional 876 shares during the last quarter. Atlantic Union Bankshares Corp acquired a new position in Genco Shipping & Trading during the 3rd quarter worth $30,000. Advisory Services Network LLC bought a new stake in shares of Genco Shipping & Trading in the 3rd quarter worth about $30,000. Strengthening Families & Communities LLC acquired a new stake in shares of Genco Shipping & Trading in the 4th quarter valued at about $31,000. Finally, Kemnay Advisory Services Inc. bought a new position in shares of Genco Shipping & Trading during the fourth quarter worth about $32,000. 58.62% of the stock is currently owned by hedge funds and other institutional investors.

About Genco Shipping & Trading

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.