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

Shares of Genco Shipping & Trading Limited (NYSE:GNK) have been given a consensus rating of “Moderate Buy” by the six analysts that are covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $24.20.

A number of equities analysts have commented on the stock. StockNews.com cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Deutsche Bank Aktiengesellschaft initiated 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 target on the stock. Stifel Nicolaus downgraded 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. Finally, Jefferies Financial Group restated a “buy” rating and set a $25.00 price objective on shares of Genco Shipping & Trading in a report on Thursday, November 7th.

Institutional Investors Weigh In On Genco Shipping & Trading

A number of large investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. lifted its position in shares of Genco Shipping & Trading by 155.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 285,091 shares of the shipping company’s stock valued at $5,559,000 after acquiring an additional 173,270 shares during the period. B. Riley Wealth Advisors Inc. bought a new stake in Genco Shipping & Trading during the third quarter worth about $662,000. Tidal Investments LLC grew its stake in Genco Shipping & Trading by 13.4% during the third quarter. Tidal Investments LLC now owns 24,587 shares of the shipping company’s stock worth $479,000 after buying an additional 2,898 shares in the last quarter. Hohimer Wealth Management LLC bought a new position in Genco Shipping & Trading in the 3rd quarter valued at about $243,000. Finally, Geode Capital Management LLC raised its position 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 buying an additional 11,151 shares in the last quarter. Institutional investors and hedge funds own 58.62% of the company’s stock.

Genco Shipping & Trading Stock Down 0.9 %

Genco Shipping & Trading stock opened at $13.91 on Friday. Genco Shipping & Trading has a fifty-two week low of $13.51 and a fifty-two week high of $23.43. The firm has a market capitalization of $594.76 million, a PE ratio of 8.86, a P/E/G ratio of 0.24 and a beta of 0.96. The company’s 50-day moving average is $15.90 and its 200-day moving average is $17.90. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.09 and a quick ratio of 2.49.

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

Genco Shipping & Trading Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, November 25th. Stockholders of record on Monday, November 18th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Monday, November 18th. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.34. This represents a $1.60 annualized dividend and a dividend yield of 11.50%. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently 101.91%.

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.