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

Genco Shipping & Trading Limited (NYSE:GNK) has received an average recommendation of “Moderate Buy” from the five brokerages that are presently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and four have issued a buy rating on the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $24.20.

Several research firms recently issued reports on GNK. Stifel Nicolaus cut Genco Shipping & Trading from a “buy” rating to a “hold” rating and cut their target price for the stock from $26.00 to $17.00 in a research note on Wednesday, October 23rd. StockNews.com lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Finally, Jefferies Financial Group reissued a “buy” rating and set a $25.00 target price on shares of Genco Shipping & Trading in a research note on Thursday, November 7th.

Institutional Investors Weigh In On Genco Shipping & Trading

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Point72 Hong Kong Ltd bought a new stake in shares of Genco Shipping & Trading during the 2nd quarter valued at $82,000. Quarry LP lifted its position in Genco Shipping & Trading by 535.8% during the 3rd quarter. Quarry LP now owns 4,266 shares of the shipping company’s stock valued at $83,000 after acquiring an additional 3,595 shares during the period. Point72 DIFC Ltd bought a new stake in Genco Shipping & Trading during the second quarter worth about $178,000. Intech Investment Management LLC purchased a new stake in Genco Shipping & Trading in the third quarter worth about $202,000. Finally, Evergreen Capital Management LLC bought a new position in shares of Genco Shipping & Trading during the second quarter valued at approximately $221,000. 58.62% of the stock is owned by hedge funds and other institutional investors.

Genco Shipping & Trading Trading Up 0.1 %

NYSE GNK opened at $14.60 on Wednesday. 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 stock has a 50-day moving average of $15.41 and a 200-day moving average of $17.23. The firm has a market cap of $624.27 million, a PE ratio of 9.30, a price-to-earnings-growth ratio of 0.23 and a beta of 0.99. Genco Shipping & Trading has a 1-year low of $13.51 and a 1-year high of $23.43.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings data on Wednesday, November 6th. The shipping company reported $0.41 earnings per share for the quarter, meeting analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $72.02 million. During the same quarter in the prior year, the firm posted ($0.09) earnings per share. The business’s quarterly revenue was up 19.2% compared to the same quarter last year. As a group, sell-side analysts forecast 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. This represents a $1.60 dividend on an annualized basis and a dividend yield of 10.96%. The ex-dividend date was Monday, November 18th. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.34. Genco Shipping & Trading’s dividend payout ratio (DPR) is presently 101.91%.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, steel products, and other drybulk cargoes. The company was founded on September 27, 2004 and is headquartered in New York, NY.