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

Genco Shipping & Trading Limited (NYSE:GNK) has earned a consensus rating of “Moderate Buy” from the four research firms that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a hold rating and three have issued a buy rating on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $25.00.

GNK has been the topic of a number of research reports. B. Riley boosted their target price on shares of Genco Shipping & Trading from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, May 10th. Stifel Nicolaus boosted their target price on shares of Genco Shipping & Trading from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, April 19th. Jefferies Financial Group boosted their target price on shares of Genco Shipping & Trading from $26.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. Finally, StockNews.com upgraded shares of Genco Shipping & Trading from a “sell” rating to a “hold” rating in a report on Friday, May 10th.

Insider Activity at Genco Shipping & Trading

In other Genco Shipping & Trading news, Director Arthur L. Regan sold 1,400 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $22.86, for a total value of $32,004.00. Following the transaction, the director now directly owns 104,414 shares in the company, valued at approximately $2,386,904.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Genco Shipping & Trading

A number of hedge funds have recently added to or reduced their stakes in the stock. Tidal Investments LLC grew its stake in Genco Shipping & Trading by 18.4% in the 1st quarter. Tidal Investments LLC now owns 19,743 shares of the shipping company’s stock worth $401,000 after acquiring an additional 3,068 shares in the last quarter. Paloma Partners Management Co purchased a new stake in shares of Genco Shipping & Trading in the 1st quarter worth approximately $400,000. Price T Rowe Associates Inc. MD lifted its position in shares of Genco Shipping & Trading by 17.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,058 shares of the shipping company’s stock worth $246,000 after purchasing an additional 1,782 shares during the period. Elevatus Welath Management purchased a new stake in shares of Genco Shipping & Trading in the 1st quarter worth approximately $5,850,000. Finally, Vanguard Group Inc. lifted its position in shares of Genco Shipping & Trading by 4.3% in the 1st quarter. Vanguard Group Inc. now owns 1,147,377 shares of the shipping company’s stock worth $23,326,000 after purchasing an additional 47,060 shares during the period. 58.62% of the stock is currently owned by institutional investors.

Genco Shipping & Trading Stock Down 0.2 %

Shares of GNK stock opened at $21.31 on Friday. The stock has a market cap of $911.22 million, a P/E ratio of 355.17 and a beta of 1.00. Genco Shipping & Trading has a 52 week low of $12.65 and a 52 week high of $23.43. The company has a quick ratio of 2.94, a current ratio of 3.72 and a debt-to-equity ratio of 0.18. The company’s fifty day simple moving average is $21.81 and its two-hundred day simple moving average is $19.58.

Genco Shipping & Trading (NYSE:GNK) last posted its 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 net margin of 0.81% and a return on equity of 5.15%. The firm had revenue of $117.44 million for the quarter, compared to the consensus estimate of $77.31 million. During the same period in the previous year, the firm posted $0.06 EPS. The business’s quarterly revenue was up 24.4% on a year-over-year basis. Analysts predict that Genco Shipping & Trading will post 2.34 EPS 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. Investors of record on Wednesday, May 22nd were issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 7.88%. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.41. The ex-dividend date of this dividend was Tuesday, May 21st. Genco Shipping & Trading’s dividend payout ratio is presently 2,800.00%.

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.