Genco Shipping & Trading (NYSE:GNK) Cut to “Hold” at StockNews.com

StockNews.com downgraded shares of Genco Shipping & Trading (NYSE:GNK) from a buy rating to a hold rating in a research note released on Tuesday.

Several other equities analysts have also recently commented on GNK. Stifel Nicolaus cut Genco Shipping & Trading from a “buy” rating to a “hold” rating and reduced their target price for the company from $26.00 to $17.00 in a research note on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Genco Shipping & Trading in a research note on Wednesday, September 4th. They set a “buy” rating and a $22.00 price objective on the stock. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $25.00 target price on shares of Genco Shipping & Trading in a research report on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $24.20.

Genco Shipping & Trading Stock Down 2.0 %

Shares of Genco Shipping & Trading stock opened at $13.64 on Tuesday. The company has a fifty day moving average price of $16.22 and a 200 day moving average price of $18.18. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08. Genco Shipping & Trading has a twelve month low of $13.64 and a twelve month high of $23.43. The stock has a market cap of $583.22 million, a price-to-earnings ratio of 8.69, a price-to-earnings-growth ratio of 0.24 and a beta of 0.96.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings results on Wednesday, November 6th. The shipping company reported $0.41 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.41. Genco Shipping & Trading had a return on equity of 8.46% and a net margin of 15.63%. The firm had revenue of $99.33 million during the quarter, compared to analysts’ expectations of $72.02 million. During the same quarter in the prior year, the business earned ($0.09) EPS. Genco Shipping & Trading’s quarterly revenue was up 19.2% compared to the same quarter last year. Equities research analysts forecast that Genco Shipping & Trading will post 1.74 earnings per share for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, November 25th. Stockholders of record on Monday, November 18th were paid a $0.40 dividend. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Monday, November 18th. This represents a $1.60 annualized dividend and a dividend yield of 11.73%. Genco Shipping & Trading’s dividend payout ratio is presently 101.91%.

Institutional Trading of Genco Shipping & Trading

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC lifted its holdings in shares of 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 buying an additional 419,730 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Genco Shipping & Trading by 70.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 530,523 shares of the shipping company’s stock valued at $10,345,000 after acquiring an additional 219,907 shares during the last quarter. Algert Global LLC boosted its position in shares of Genco Shipping & Trading by 694.2% during the 2nd quarter. Algert Global LLC now owns 239,213 shares of the shipping company’s stock valued at $5,098,000 after purchasing an additional 209,093 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Genco Shipping & Trading by 16.4% in the 2nd quarter. American Century Companies Inc. now owns 1,096,741 shares of the shipping company’s stock worth $23,372,000 after purchasing an additional 154,339 shares during the last quarter. Finally, Marshall Wace LLP bought a new stake in shares of Genco Shipping & Trading in the 2nd quarter worth approximately $3,106,000. 58.62% of the stock is currently owned by institutional investors.

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.