Analysts Set Genco Shipping & Trading Limited (NYSE:GNK) Price Target at $24.20

Genco Shipping & Trading Limited (NYSE:GNK) has been assigned a consensus recommendation of “Moderate Buy” from the six research firms that are covering the firm, Marketbeat reports. Two analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $24.20.

A number of analysts have weighed in on GNK shares. Deutsche Bank Aktiengesellschaft began coverage on Genco Shipping & Trading in a report on Wednesday, September 4th. They set a “buy” rating and a $22.00 price target for the company. Jefferies Financial Group restated a “buy” rating and set a $25.00 target price on shares of Genco Shipping & Trading in a research report on Thursday, November 7th. Finally, Stifel Nicolaus downgraded 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.

Institutional Investors Weigh In On Genco Shipping & Trading

Several hedge funds and other institutional investors have recently modified their holdings of GNK. Tidal Investments LLC grew its position in Genco Shipping & Trading by 13.4% in the 3rd quarter. Tidal Investments LLC now owns 24,587 shares of the shipping company’s stock valued at $479,000 after purchasing an additional 2,898 shares during the period. Hohimer Wealth Management LLC bought a new position in shares of Genco Shipping & Trading in the third quarter valued at $243,000. Geode Capital Management LLC lifted its stake in shares of Genco Shipping & Trading by 1.2% in the third 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. Barclays PLC grew its holdings in shares of Genco Shipping & Trading by 499.7% during the third quarter. Barclays PLC now owns 103,387 shares of the shipping company’s stock valued at $2,016,000 after buying an additional 86,147 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd increased its position in shares of Genco Shipping & Trading by 32.8% during the third quarter. Y Intercept Hong Kong Ltd now owns 33,996 shares of the shipping company’s stock worth $663,000 after acquiring an additional 8,401 shares in the last quarter. Institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Price Performance

Genco Shipping & Trading stock opened at $16.03 on Tuesday. The stock’s 50 day moving average is $17.32 and its 200 day moving average is $18.96. Genco Shipping & Trading has a one year low of $14.02 and a one year high of $23.43. The firm has a market cap of $685.44 million, a P/E ratio of 10.21, a P/E/G ratio of 0.27 and a beta of 0.98. 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 issued its quarterly earnings results on Wednesday, November 6th. The shipping company reported $0.41 earnings per share (EPS) 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) EPS. The company’s revenue for the quarter was up 19.2% on a year-over-year basis. As a group, research analysts expect that Genco Shipping & Trading will post 1.74 EPS for the current year.

Genco Shipping & Trading Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 25th. Stockholders of record on Monday, November 18th were paid a $0.40 dividend. The ex-dividend date of this dividend was Monday, November 18th. 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 9.98%. 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.