Genco Shipping & Trading Limited (NYSE:GNK) Receives $24.20 Average PT from Analysts

Genco Shipping & Trading Limited (NYSE:GNK) has received a consensus recommendation of “Moderate Buy” from the six analysts that are currently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $24.20.

Several research firms have commented on GNK. Jefferies Financial Group reiterated a “buy” rating and issued a $25.00 price objective on shares of Genco Shipping & Trading in a report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft initiated coverage on Genco Shipping & Trading in a research note on Wednesday, September 4th. They set a “buy” rating and a $22.00 target price on the stock. Stifel Nicolaus cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and reduced their target price for the company from $26.00 to $17.00 in a research report on Wednesday, October 23rd. Finally, StockNews.com downgraded Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research report on Tuesday, December 17th.

Genco Shipping & Trading Stock Up 2.2 %

Shares of GNK stock opened at $14.04 on Friday. The firm’s fifty day moving average price is $16.07 and its two-hundred day moving average price is $18.01. Genco Shipping & Trading has a 1 year low of $13.51 and a 1 year high of $23.43. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $600.32 million, a P/E ratio of 8.94, a PEG ratio of 0.24 and a beta of 0.96.

Genco Shipping & Trading (NYSE:GNK) last issued its 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. The business had revenue of $99.33 million for the quarter, compared to the consensus estimate of $72.02 million. Genco Shipping & Trading had a net margin of 15.63% and a return on equity of 8.46%. The firm’s revenue for the quarter was up 19.2% on a year-over-year basis. During the same period in the previous year, the company earned ($0.09) earnings per share. On average, equities analysts predict that Genco Shipping & Trading will post 1.74 EPS for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, November 25th. Stockholders of record on Monday, November 18th were paid a $0.40 dividend. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.34. The ex-dividend date was Monday, November 18th. This represents a $1.60 annualized dividend and a dividend yield of 11.40%. Genco Shipping & Trading’s dividend payout ratio (DPR) is presently 101.91%.

Institutional Investors Weigh In On Genco Shipping & Trading

A number of hedge funds have recently made changes to their positions in the stock. Renaissance Technologies LLC grew its stake in shares of Genco Shipping & Trading by 66.6% during the second quarter. Renaissance Technologies LLC now owns 1,050,030 shares of the shipping company’s stock worth $22,376,000 after buying an additional 419,730 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Genco Shipping & Trading by 70.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 530,523 shares of the shipping company’s stock valued at $10,345,000 after acquiring an additional 219,907 shares during the last quarter. Algert Global LLC increased its holdings in Genco Shipping & Trading by 694.2% in the second quarter. Algert Global LLC now owns 239,213 shares of the shipping company’s stock worth $5,098,000 after purchasing an additional 209,093 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Genco Shipping & Trading by 16.4% in the 2nd quarter. American Century Companies Inc. now owns 1,096,741 shares of the shipping company’s stock valued at $23,372,000 after acquiring an additional 154,339 shares in the last quarter. Finally, Marshall Wace LLP bought a new stake in Genco Shipping & Trading in the second quarter valued at $3,106,000. 58.62% of the stock is currently owned by institutional investors and hedge funds.

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.