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

Genco Shipping & Trading Limited (NYSE:GNK) has earned a consensus recommendation of “Moderate Buy” from the six analysts that are covering the firm, Marketbeat reports. Two analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $24.20.

A number of equities research analysts have recently commented on GNK shares. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Genco Shipping & Trading in a research report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 target price for the company. Jefferies Financial Group restated a “buy” rating and set a $25.00 price objective on shares of Genco Shipping & Trading in a research report on Thursday, November 7th. Finally, Stifel Nicolaus cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and cut their price objective for the stock from $26.00 to $17.00 in a research report on Wednesday, October 23rd.

Genco Shipping & Trading Stock Performance

GNK opened at $17.04 on Tuesday. The company has a quick ratio of 2.49, a current ratio of 3.09 and a debt-to-equity ratio of 0.08. The company has a market cap of $728.63 million, a price-to-earnings ratio of 10.85, a PEG ratio of 0.27 and a beta of 0.98. Genco Shipping & Trading has a 52-week low of $14.02 and a 52-week high of $23.43. The firm’s fifty day simple moving average is $17.41 and its two-hundred day simple moving average is $19.08.

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

Genco Shipping & Trading Increases Dividend

The business 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 represents a $1.60 dividend on an annualized basis and a dividend yield of 9.39%. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Monday, November 18th. Genco Shipping & Trading’s payout ratio is 101.91%.

Institutional Investors Weigh In On Genco Shipping & Trading

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Tidal Investments LLC raised its stake in shares of Genco Shipping & Trading by 13.4% in the 3rd quarter. Tidal Investments LLC now owns 24,587 shares of the shipping company’s stock valued at $479,000 after acquiring an additional 2,898 shares during the period. Hohimer Wealth Management LLC purchased a new stake in shares of Genco Shipping & Trading in the 3rd quarter valued at approximately $243,000. Geode Capital Management LLC raised its stake in shares of Genco Shipping & Trading by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 980,097 shares of the shipping company’s stock valued at $19,116,000 after acquiring an additional 11,151 shares during the period. Barclays PLC raised its stake in shares of Genco Shipping & Trading by 499.7% in the 3rd quarter. Barclays PLC now owns 103,387 shares of the shipping company’s stock valued at $2,016,000 after acquiring an additional 86,147 shares during the period. Finally, Y Intercept Hong Kong Ltd raised its stake in shares of Genco Shipping & Trading by 32.8% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 33,996 shares of the shipping company’s stock valued at $663,000 after acquiring an additional 8,401 shares during the period. 58.62% of the stock is owned by hedge funds and other 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.