Genco Shipping & Trading Limited (NYSE:GNK) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Genco Shipping & Trading Limited (NYSE:GNK) has been assigned an average rating of “Moderate Buy” from the six research firms that are covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $24.60.

A number of analysts have weighed in on the company. Stifel Nicolaus cut Genco Shipping & Trading from a “buy” rating to a “hold” rating and lowered their price target for the company from $26.00 to $17.00 in a research report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft assumed coverage on Genco Shipping & Trading in a research report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price target on the stock.

Genco Shipping & Trading Stock Performance

Shares of NYSE GNK opened at $15.74 on Friday. The business has a fifty day simple moving average of $17.43 and a 200 day simple moving average of $19.61. The company has a current ratio of 3.59, a quick ratio of 2.94 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $673.01 million, a price-to-earnings ratio of 262.33, a PEG ratio of 0.23 and a beta of 0.95. Genco Shipping & Trading has a one year low of $12.65 and a one year high of $23.43.

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

Genco Shipping & Trading Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 26th. Stockholders of record on Monday, August 19th were issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 8.64%. The ex-dividend date of this dividend was Monday, August 19th. Genco Shipping & Trading’s payout ratio is presently 2,266.67%.

Institutional Trading of Genco Shipping & Trading

Several large investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP grew its holdings in shares of Genco Shipping & Trading by 1.2% during the second quarter. Dimensional Fund Advisors LP now owns 2,869,297 shares of the shipping company’s stock worth $61,145,000 after purchasing an additional 33,150 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Genco Shipping & Trading by 6,233.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,199,945 shares of the shipping company’s stock valued at $24,395,000 after acquiring an additional 1,181,000 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Genco Shipping & Trading by 4.3% in the first quarter. Vanguard Group Inc. now owns 1,147,377 shares of the shipping company’s stock valued at $23,326,000 after acquiring an additional 47,060 shares during the last quarter. American Century Companies Inc. boosted its holdings in Genco Shipping & Trading by 16.4% in the second quarter. American Century Companies Inc. now owns 1,096,741 shares of the shipping company’s stock valued at $23,372,000 after acquiring an additional 154,339 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in Genco Shipping & Trading by 66.6% in the second quarter. Renaissance Technologies LLC now owns 1,050,030 shares of the shipping company’s stock valued at $22,376,000 after acquiring an additional 419,730 shares during the last quarter. Institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Company Profile

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.