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

Genco Shipping & Trading Limited (NYSE:GNK) has been given a consensus recommendation of “Moderate Buy” by the six brokerages that are presently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1 year target price among brokers that have covered the stock in the last year is $24.20.

Several equities research analysts recently weighed in on GNK shares. StockNews.com downgraded shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. Jefferies Financial Group reissued a “buy” rating and issued a $25.00 price objective on shares of Genco Shipping & Trading in a research note on Thursday, November 7th. Deutsche Bank Aktiengesellschaft started coverage on shares of Genco Shipping & Trading in a report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price target for the company. Finally, Stifel Nicolaus cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $26.00 to $17.00 in a research note on Wednesday, October 23rd.

Genco Shipping & Trading Stock Up 0.1 %

Shares of Genco Shipping & Trading stock opened at $14.06 on Friday. The business has a 50-day moving average price of $16.02 and a 200 day moving average price of $17.95. Genco Shipping & Trading has a fifty-two week low of $13.51 and a fifty-two week high of $23.43. The firm has a market cap of $601.18 million, a P/E ratio of 8.96, a P/E/G ratio of 0.24 and a beta of 0.96. 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 released its quarterly earnings data 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 net margin of 15.63% and a return on equity of 8.46%. The business had revenue of $99.33 million for the quarter, compared to analysts’ expectations of $72.02 million. During the same quarter last year, the company earned ($0.09) EPS. The company’s revenue for the quarter was up 19.2% compared to the same quarter last year. On average, sell-side analysts forecast that Genco Shipping & Trading will post 1.74 earnings per share for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 25th. Shareholders of record on Monday, November 18th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Monday, November 18th. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.34. This represents a $1.60 dividend on an annualized basis and a yield of 11.38%. Genco Shipping & Trading’s dividend payout ratio is currently 101.91%.

Hedge Funds Weigh In On Genco Shipping & Trading

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC grew its stake in Genco Shipping & Trading by 12.6% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 11,453 shares of the shipping company’s stock valued at $244,000 after acquiring an additional 1,279 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Genco Shipping & Trading by 10.6% during the second quarter. Bank of New York Mellon Corp now owns 161,788 shares of the shipping company’s stock worth $3,448,000 after purchasing an additional 15,529 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Genco Shipping & Trading by 80.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,980 shares of the shipping company’s stock valued at $191,000 after purchasing an additional 4,003 shares in the last quarter. TrueMark Investments LLC acquired a new position in Genco Shipping & Trading in the 2nd quarter valued at approximately $533,000. Finally, Commonwealth Equity Services LLC lifted its position in Genco Shipping & Trading by 127.5% in the 2nd quarter. Commonwealth Equity Services LLC now owns 25,166 shares of the shipping company’s stock worth $536,000 after buying an additional 14,102 shares in the last quarter. 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.