Genco Shipping & Trading (NYSE:GNK) Downgraded to Hold Rating by StockNews.com

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

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

Genco Shipping & Trading Price Performance

Shares of GNK stock opened at $14.03 on Tuesday. The company has a market capitalization of $599.89 million, a P/E ratio of 8.91, a P/E/G ratio of 0.24 and a beta of 0.96. 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 12 month low of $13.91 and a 12 month high of $23.43. The stock has a 50 day moving average of $16.47 and a two-hundred day moving average of $18.30.

Genco Shipping & Trading (NYSE:GNK) last posted 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 net margin of 15.63% and a return on equity of 8.46%. The firm had revenue of $99.33 million for the quarter, compared to the consensus estimate of $72.02 million. During the same quarter in the previous year, the company earned ($0.09) earnings per share. The business’s revenue was up 19.2% compared to the same quarter last year. As a group, equities analysts expect that Genco Shipping & Trading will post 1.74 EPS for the current 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 given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 11.40%. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.34. The ex-dividend date was Monday, November 18th. Genco Shipping & Trading’s dividend payout ratio (DPR) is presently 101.91%.

Hedge Funds Weigh In On Genco Shipping & Trading

Hedge funds have recently added to or reduced their stakes in the company. Moors & Cabot Inc. lifted its stake in Genco Shipping & Trading by 2.0% in the second quarter. Moors & Cabot Inc. now owns 31,404 shares of the shipping company’s stock valued at $669,000 after buying an additional 628 shares during the period. SummerHaven Investment Management LLC raised its position in shares of Genco Shipping & Trading by 1.3% in the 2nd quarter. SummerHaven Investment Management LLC now owns 54,318 shares of the shipping company’s stock valued at $1,158,000 after acquiring an additional 682 shares during the period. CWM LLC boosted its stake in Genco Shipping & Trading by 109.5% during the 2nd quarter. CWM LLC now owns 1,909 shares of the shipping company’s stock worth $41,000 after acquiring an additional 998 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Genco Shipping & Trading by 12.6% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 11,453 shares of the shipping company’s stock valued at $244,000 after purchasing an additional 1,279 shares during the period. Finally, Point72 Asset Management L.P. increased its stake in Genco Shipping & Trading by 7.6% in the second quarter. Point72 Asset Management L.P. now owns 18,300 shares of the shipping company’s stock valued at $390,000 after purchasing an additional 1,300 shares in the last quarter. Institutional investors own 58.62% of the company’s stock.

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.