Genco Shipping & Trading (NYSE:GNK) Downgraded by Stifel Nicolaus to “Hold”

Stifel Nicolaus cut shares of Genco Shipping & Trading (NYSE:GNK) from a buy rating to a hold rating in a research report released on Wednesday, MarketBeat Ratings reports. Stifel Nicolaus currently has $17.00 target price on the shipping company’s stock, down from their prior target price of $26.00.

Several other research firms have also recently issued reports on GNK. Alliance Global Partners increased their price objective on Genco Shipping & Trading from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday, July 1st. Deutsche Bank Aktiengesellschaft began coverage on shares of Genco Shipping & Trading in a research note on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $24.60.

Genco Shipping & Trading Stock Up 1.3 %

GNK stock opened at $15.87 on Wednesday. Genco Shipping & Trading has a one year low of $12.65 and a one year high of $23.43. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.94 and a current ratio of 3.59. The company has a fifty day moving average of $17.53 and a 200-day moving average of $19.72. The stock has a market capitalization of $678.36 million, a PE ratio of 264.42, a price-to-earnings-growth ratio of 0.25 and a beta of 0.95.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings data 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 analyst estimates 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 revenue for the quarter was up 18.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.27 EPS. As a group, analysts expect that Genco Shipping & Trading will post 2.1 EPS for the current year.

Genco Shipping & Trading Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 26th. Stockholders of record on Monday, August 19th were paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 8.57%. The ex-dividend date was Monday, August 19th. Genco Shipping & Trading’s dividend payout ratio (DPR) is presently 2,266.67%.

Institutional Investors Weigh In On Genco Shipping & Trading

Large investors have recently added to or reduced their stakes in the business. CWM LLC lifted its holdings in shares of Genco Shipping & Trading by 109.5% in the second quarter. CWM LLC now owns 1,909 shares of the shipping company’s stock valued at $41,000 after purchasing an additional 998 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in Genco Shipping & Trading in the 2nd quarter valued at approximately $82,000. nVerses Capital LLC acquired a new stake in Genco Shipping & Trading during the 2nd quarter valued at $136,000. Point72 DIFC Ltd acquired a new stake in Genco Shipping & Trading during the 2nd quarter valued at $178,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased 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 worth $191,000 after buying an additional 4,003 shares in the last quarter. 58.62% of the stock is owned by institutional investors and hedge funds.

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.