Peter George Allen Sells 8,984 Shares of Genco Shipping & Trading Limited (NYSE:GNK) Stock

Genco Shipping & Trading Limited (NYSE:GNK) CFO Peter George Allen sold 8,984 shares of the stock in a transaction on Monday, February 24th. The shares were sold at an average price of $13.96, for a total transaction of $125,416.64. Following the completion of the transaction, the chief financial officer now owns 45,251 shares of the company’s stock, valued at approximately $631,703.96. This represents a 16.56 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Genco Shipping & Trading Trading Up 1.6 %

Shares of GNK stock opened at $14.43 on Thursday. Genco Shipping & Trading Limited has a 12-month low of $13.51 and a 12-month high of $23.43. The company has a market capitalization of $616.78 million, a P/E ratio of 8.24, a P/E/G ratio of 5.64 and a beta of 0.97. The firm has a 50-day moving average price of $14.29 and a 200 day moving average price of $16.05. The company has a quick ratio of 2.49, a current ratio of 3.09 and a debt-to-equity ratio of 0.08.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings results on Wednesday, February 19th. The shipping company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.27). Genco Shipping & Trading had a net margin of 18.06% and a return on equity of 7.82%. The firm had revenue of $67.95 million for the quarter, compared to the consensus estimate of $67.36 million. Research analysts forecast that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 11th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 8.32%. The ex-dividend date is Tuesday, March 11th. Genco Shipping & Trading’s dividend payout ratio is presently 68.57%.

Hedge Funds Weigh In On Genco Shipping & Trading

A number of institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its stake in shares of Genco Shipping & Trading by 0.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,838,759 shares of the shipping company’s stock worth $39,572,000 after acquiring an additional 10,193 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Genco Shipping & Trading by 8.9% in the fourth quarter. American Century Companies Inc. now owns 1,361,597 shares of the shipping company’s stock worth $18,981,000 after acquiring an additional 111,564 shares during the last quarter. State Street Corp raised its stake in shares of Genco Shipping & Trading by 1.0% in the third quarter. State Street Corp now owns 1,190,467 shares of the shipping company’s stock worth $23,214,000 after acquiring an additional 12,001 shares during the last quarter. Townsend & Associates Inc raised its stake in shares of Genco Shipping & Trading by 2.2% in the fourth quarter. Townsend & Associates Inc now owns 1,071,959 shares of the shipping company’s stock worth $15,318,000 after acquiring an additional 23,101 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Genco Shipping & Trading by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 990,357 shares of the shipping company’s stock worth $13,809,000 after acquiring an additional 10,260 shares during the last quarter. 58.62% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Jefferies Financial Group dropped their price objective on shares of Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, February 20th. StockNews.com downgraded shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Genco Shipping & Trading presently has an average rating of “Moderate Buy” and an average price target of $23.00.

About Genco Shipping & Trading

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. The company was founded on September 27, 2004 and is headquartered in New York, NY.