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

Genco Shipping & Trading Limited (NYSE:GNK) has been assigned a consensus rating of “Moderate Buy” from the six research firms that are currently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $24.20.

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

Genco Shipping & Trading Stock Performance

Shares of GNK stock opened at $13.74 on Friday. The stock has a market cap of $587.49 million, a PE ratio of 8.75, a price-to-earnings-growth ratio of 0.24 and a beta of 0.96. Genco Shipping & Trading has a 52-week low of $13.51 and a 52-week high of $23.43. The business has a 50-day simple moving average of $16.14 and a 200-day simple moving average of $18.12. 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 EPS for the quarter, hitting the consensus estimate of $0.41. The business had revenue of $99.33 million for the quarter, compared to analyst estimates of $72.02 million. Genco Shipping & Trading had a return on equity of 8.46% and a net margin of 15.63%. The business’s quarterly revenue was up 19.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.09) EPS. On average, equities analysts expect that Genco Shipping & Trading will post 1.74 EPS for the current 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 an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.34. This represents a $1.60 annualized dividend and a dividend yield of 11.64%. The ex-dividend date of this dividend was Monday, November 18th. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently 101.91%.

Institutional Trading of Genco Shipping & Trading

Several large investors have recently bought and sold shares of the business. Point72 Hong Kong Ltd purchased a new position in Genco Shipping & Trading in the 2nd quarter worth approximately $82,000. Quarry LP boosted its stake in Genco Shipping & Trading by 535.8% during the third quarter. Quarry LP now owns 4,266 shares of the shipping company’s stock worth $83,000 after buying an additional 3,595 shares during the last quarter. nVerses Capital LLC purchased a new stake in Genco Shipping & Trading in the 2nd quarter valued at $136,000. Point72 DIFC Ltd acquired a new stake in shares of Genco Shipping & Trading in the 2nd quarter worth $178,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Genco Shipping & Trading by 80.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,980 shares of the shipping company’s stock worth $191,000 after acquiring an additional 4,003 shares during the period. Hedge funds and other institutional investors own 58.62% of the company’s stock.

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.