Genco Shipping & Trading (NYSE:GNK) Price Target Increased to $27.00 by Analysts at Alliance Global Partners

Genco Shipping & Trading (NYSE:GNK) had its target price raised by Alliance Global Partners from $25.00 to $27.00 in a report released on Monday, Benzinga reports. They currently have a buy rating on the shipping company’s stock.

A number of other research firms have also recently weighed in on GNK. StockNews.com raised Genco Shipping & Trading from a sell rating to a hold rating in a report on Friday, May 10th. B. Riley upped their target price on Genco Shipping & Trading from $27.00 to $30.00 and gave the company a buy rating in a research note on Friday, May 10th. Stifel Nicolaus upped their target price on Genco Shipping & Trading from $22.00 to $23.00 and gave the company a buy rating in a research note on Friday, April 19th. Finally, Jefferies Financial Group upped their target price on Genco Shipping & Trading from $26.00 to $27.00 and gave the company a buy rating in a research note on Thursday, May 9th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Genco Shipping & Trading presently has a consensus rating of Moderate Buy and an average price target of $25.40.

Genco Shipping & Trading Stock Performance

NYSE GNK opened at $22.06 on Monday. Genco Shipping & Trading has a fifty-two week low of $12.65 and a fifty-two week high of $23.43. The stock has a market cap of $943.29 million, a price-to-earnings ratio of 367.67 and a beta of 0.96. The business has a fifty day moving average of $21.86 and a 200-day moving average of $19.76. The company has a quick ratio of 2.94, a current ratio of 3.72 and a debt-to-equity ratio of 0.18.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings results on Wednesday, May 8th. The shipping company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03. Genco Shipping & Trading had a return on equity of 5.15% and a net margin of 0.81%. The company had revenue of $117.44 million during the quarter, compared to analysts’ expectations of $77.31 million. During the same period in the previous year, the firm posted $0.06 earnings per share. The business’s revenue for the quarter was up 24.4% compared to the same quarter last year. As a group, analysts predict that Genco Shipping & Trading will post 2.34 earnings per share for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 30th. Shareholders of record on Wednesday, May 22nd were given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 7.62%. The ex-dividend date of this dividend was Tuesday, May 21st. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.41. Genco Shipping & Trading’s payout ratio is 2,800.00%.

Insider Buying and Selling

In other Genco Shipping & Trading news, Director Arthur L. Regan sold 1,400 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $22.86, for a total transaction of $32,004.00. Following the sale, the director now owns 104,414 shares in the company, valued at $2,386,904.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 2.08% of the company’s stock.

Institutional Trading of Genco Shipping & Trading

Several institutional investors and hedge funds have recently bought and sold shares of GNK. Mirae Asset Global Investments Co. Ltd. raised its stake in Genco Shipping & Trading by 6,233.8% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,199,945 shares of the shipping company’s stock valued at $24,395,000 after buying an additional 1,181,000 shares in the last quarter. Townsend & Associates Inc raised its position in shares of Genco Shipping & Trading by 64.6% during the 4th quarter. Townsend & Associates Inc now owns 1,004,426 shares of the shipping company’s stock worth $17,728,000 after purchasing an additional 394,234 shares during the period. Elevatus Welath Management acquired a new stake in shares of Genco Shipping & Trading during the 1st quarter worth approximately $5,850,000. AQR Capital Management LLC raised its position in shares of Genco Shipping & Trading by 78.4% during the 3rd quarter. AQR Capital Management LLC now owns 612,440 shares of the shipping company’s stock worth $8,568,000 after purchasing an additional 269,138 shares during the period. Finally, Foundry Partners LLC acquired a new stake in shares of Genco Shipping & Trading during the 1st quarter worth approximately $3,812,000. Institutional investors and hedge funds 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.