Insider Selling: Genco Shipping & Trading Limited (NYSE: GNK) CEO Sells 45,000 Shares
Genco Shipping & Trading Limited (NYSE: GNK – Get Rating) CEO John C. Wobensmith sold 45,000 shares in a trade on Friday, May 27. The shares were sold at an average price of $25.15, for a total value of $1,131,750.00. Following the completion of the sale, the CEO now directly owns 399,099 shares of the company, valued at $10,037,339.85. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.
GNK lost $0.04 during Friday trading hours, hitting $25.18. The stock had a trading volume of 1,246,681 shares, against an average volume of 1,068,097. The company’s fifty-day simple moving average is $22.89 and its 200-day simple moving average is $22.89. $18.84. Genco Shipping & Trading Limited has a 1 year minimum of $13.21 and a 1 year maximum of $26.00. The stock has a market capitalization of $1.06 billion, a PE ratio of 4.85 and a beta of 0.85. The company has a quick ratio of 2.16, a current ratio of 2.78 and a debt ratio of 0.20.
Genco Shipping & Trading (NYSE: GNK – Get Rating) last reported quarterly earnings data on Thursday, February 24. The shipping company reported earnings per share of $1.99 for the quarter, beating the consensus estimate of $1.89 by $0.10. Genco Shipping & Trading achieved a return on equity of 25.50% and a net margin of 37.21%. The company posted revenue of $146.67 million in the quarter, compared to analyst estimates of $129.28 million. In the same quarter last year, the company posted EPS of $0.22. As a group, stock analysts expect Genco Shipping & Trading Limited to post EPS of 4.73 for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 24. Investors of record on Monday, May 16 received a dividend of $0.79. The ex-dividend date was Friday, May 13. This represents an annualized dividend of $3.16 and a yield of 12.55%. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.67. Genco Shipping & Trading’s dividend payout ratio (DPR) is 60.89%.
A number of institutional investors and hedge funds have recently changed their positions in the stock. Acadian Asset Management LLC bought a new position in Genco Shipping & Trading in Q1 worth approximately $26,000. Edmond DE Rothschild Holding SA bought a new position in Genco Shipping & Trading in the 1st quarter for a value of approximately $28,000. Ensign Peak Advisors Inc bought a new position in Genco Shipping & Trading in Q4 worth around $25,000. Penserra Capital Management LLC bought a new position in Genco Shipping & Trading in Q1 worth around $47,000. Finally, Meeder Asset Management Inc. bought a new position in Genco Shipping & Trading in Q1 worth around $54,000. 75.90% of the shares are held by institutional investors.
GNK has been the subject of several research analyst reports. Zacks Investment Research downgraded Genco Shipping & Trading from a “buy” to a “hold” rating in a Tuesday, April 26 research report. StockNews.com upgraded Genco Shipping & Trading from a “hold” rating to a “buy” rating in a Wednesday, May 18 research report. B. Riley raised his price target on Genco Shipping & Trading from $27.00 to $31.00 in a Friday, May 6 research report. TheStreet upgraded Genco Shipping & Trading from a “c” to a “b-” rating in a Wednesday, February 2 research report. Finally, Jefferies Financial Group launched coverage on Genco Shipping & Trading in a research report on Wednesday, April 27. They set a “buy” rating for the company. One investment analyst gave the stock a hold rating and four gave the company’s stock a buy rating. According to MarketBeat, Genco Shipping & Trading has an average rating of “Buy” and an average target price of $27.00.
Genco Shipping & Trading Company Profile (Get an evaluation)
Genco Shipping & Trading Limited, together with its subsidiaries, engages in the shipping of dry bulk cargoes worldwide. The Company owns and operates dry bulk carriers to transport iron ore, coal, grain, steel products and other dry bulk cargoes. It charters its vessels mainly to trading houses, including commodity traders; producers; and public entities.
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