Insider Selling: Genco Shipping & Trading (NYSE:GNK) CAO Sells 6,340 Shares of Stock

Genco Shipping & Trading Limited (NYSE:GNK) CAO Joseph Adamo sold 6,340 shares of the company’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $23.67, for a total transaction of $150,067.80. Following the transaction, the chief accounting officer owned 38,519 shares of the company’s stock, valued at approximately $911,744.73. This represents a 14.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Joseph Adamo also recently made the following trade(s):

• On Wednesday, February 18th, Joseph Adamo sold 3,227 shares of Genco Shipping & Trading stock. The shares were sold at an average price of $23.27, for a total transaction of $75,092.29.

Genco Shipping & Trading Price Performance

GNK stock traded down $0.29 during mid-day trading on Monday, hitting $23.67. The company had a trading volume of 885,568 shares, compared to its average volume of 378,540. The company has a 50-day moving average price of $20.05 and a 200 day moving average price of $18.35. Genco Shipping & Trading Limited has a 12-month low of $11.20 and a 12-month high of $24.10. The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of -215.18, a P/E/G ratio of 5.49 and a beta of 1.21. The company has a quick ratio of 1.84, a current ratio of 2.39 and a debt-to-equity ratio of 0.21.

Genco Shipping & Trading (NYSE:GNK) last issued its earnings results on Tuesday, February 17th. The shipping company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.04. The firm had revenue of $109.92 million for the quarter, compared to analysts’ expectations of $78.52 million. Genco Shipping & Trading had a negative return on equity of 0.12% and a negative net margin of 1.28%.The business’s revenue was up 10.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.29 earnings per share. On average, research 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 paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 8.4%. The ex-dividend date of this dividend is Wednesday, March 11th. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.15. Genco Shipping & Trading’s dividend payout ratio is presently -545.45%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Strengthening Families & Communities LLC bought a new stake in Genco Shipping & Trading during the 4th quarter valued at about $31,000. Atlantic Union Bankshares Corp bought a new position in Genco Shipping & Trading in the 3rd quarter worth about $30,000. Advisory Services Network LLC purchased a new position in shares of Genco Shipping & Trading during the third quarter worth approximately $30,000. Kemnay Advisory Services Inc. purchased a new position in shares of Genco Shipping & Trading during the fourth quarter worth approximately $32,000. Finally, PNC Financial Services Group Inc. raised its stake in shares of Genco Shipping & Trading by 82.2% during the second quarter. PNC Financial Services Group Inc. now owns 1,942 shares of the shipping company’s stock valued at $25,000 after acquiring an additional 876 shares in the last quarter. Institutional investors own 58.62% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on GNK shares. Weiss Ratings reissued 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 report on Tuesday, February 17th. Alliance Global Partners cut shares of Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a research note on Thursday. Finally, Wall Street Zen cut shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research report on Sunday, December 14th. Three equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $21.00.

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.