Genco Shipping & Trading (NYSE:GNK) Stock Passes Below 50 Day Moving Average – Here’s Why

Genco Shipping & Trading Limited (NYSE:GNK)’s stock price crossed below its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $17.74 and traded as low as $17.24. Genco Shipping & Trading shares last traded at $17.25, with a volume of 295,463 shares changing hands.

Analyst Upgrades and Downgrades

GNK has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft began coverage on shares of Genco Shipping & Trading in a report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 target price on the stock. Alliance Global Partners increased their price objective on Genco Shipping & Trading from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Monday, July 1st. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Genco Shipping & Trading currently has an average rating of “Moderate Buy” and a consensus target price of $25.80.

Genco Shipping & Trading Price Performance

The company has a debt-to-equity ratio of 0.10, a current ratio of 3.59 and a quick ratio of 2.94. The company has a market cap of $737.36 million, a PE ratio of 287.42, a price-to-earnings-growth ratio of 0.25 and a beta of 0.95. The stock has a fifty day moving average price of $17.74 and a 200-day moving average price of $19.98.

Genco Shipping & Trading (NYSE:GNK) last issued its earnings results on Wednesday, August 7th. The shipping company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.04. The company had revenue of $107.00 million for the quarter, compared to the consensus estimate of $74.86 million. Genco Shipping & Trading had a return on equity of 6.11% and a net margin of 3.59%. The firm’s quarterly revenue was up 18.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.27 EPS. On average, equities analysts expect that Genco Shipping & Trading Limited will post 2.1 earnings per share for the current year.

Genco Shipping & Trading Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 26th. Shareholders of record on Monday, August 19th were paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 7.89%. The ex-dividend date of this dividend was Monday, August 19th. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently 2,266.67%.

Institutional Trading of Genco Shipping & Trading

Several hedge funds and other institutional investors have recently modified their holdings of the company. Inspire Investing LLC acquired a new position in Genco Shipping & Trading in the 3rd quarter worth about $413,000. SG Americas Securities LLC bought a new stake in shares of Genco Shipping & Trading in the 3rd quarter valued at approximately $521,000. Point72 Asset Management L.P. raised its position in Genco Shipping & Trading by 7.6% during the second quarter. Point72 Asset Management L.P. now owns 18,300 shares of the shipping company’s stock valued at $390,000 after acquiring an additional 1,300 shares in the last quarter. Algert Global LLC lifted its stake in Genco Shipping & Trading by 694.2% in the second quarter. Algert Global LLC now owns 239,213 shares of the shipping company’s stock valued at $5,098,000 after acquiring an additional 209,093 shares during the last quarter. Finally, Point72 Hong Kong Ltd bought a new stake in Genco Shipping & Trading in the second quarter worth approximately $82,000. 58.62% of the stock is currently owned by hedge funds and other institutional investors.

About Genco Shipping & Trading

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of drybulk cargoes worldwide. The company owns and operates dry bulk vessels to transports iron ore, grains, coal, steel products, and other drybulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.